A 23-year-old entrepreneur plans to
spend $3 million to transform the 82-unit Penn Arts apartment building at 16th and Pennsylvania streets into 45 upscale apartments,
Tracy Donhardt reports in today's IBJ Real Estate Weekly. Chris Piazza also is planning to add a gym and sauna and will
give the outside a new façade with old-style double doors and awnings. Locally based Halstead Architects is designing the
units. Piazza bought the building from JAB Real Estate Investment Group LLC in January for $1.4 million. The Penn Arts is
Piazza's seventh apartment building since launching his company, Reverie Estates, 18 months ago. Piazza, a 2005 graduate of
the Indiana University Kelley School of Business at IUPUI, hopes to have an open house within five months. He also owns Village
at Fall Creek, Monon Court and Essex Apartments. Piazza would not name his financial backer.
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Welcome to Property Lines, Indy's source for neighborhood real estate news. Your host is Scott Olson, IBJ's real estate beat
reporter. Edited by Cory Schouten.
A 23-year-old entrepreneur plans to
spend $3 million to transform the 82-unit Penn Arts apartment building at 16th and Pennsylvania streets into 45 upscale apartments,
Tracy Donhardt reports in today's IBJ Real Estate Weekly. Chris Piazza also is planning to add a gym and sauna and will
give the outside a new façade with old-style double doors and awnings. Locally based Halstead Architects is designing the
units. Piazza bought the building from JAB Real Estate Investment Group LLC in January for $1.4 million. The Penn Arts is
Piazza's seventh apartment building since launching his company, Reverie Estates, 18 months ago. Piazza, a 2005 graduate of
the Indiana University Kelley School of Business at IUPUI, hopes to have an open house within five months. He also owns Village
at Fall Creek, Monon Court and Essex Apartments. Piazza would not name his financial backer.
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liek the rest of America
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These quaint,obsessed musings by the stalkers are certainly entertaining, but I'm trying to figure out what, if anything, all the yelping below has to do with Zak Brown.
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It's evident that Moffett was pushing the right buttons and corporate America is now trying to squash him. He just wanted to withdraw the free pilot services provided to the company by the pilots to try and put some pressure on a company that has not been interested in negotiating a contract in over 5 years. The company does not provide a contract because not having one has saved them a bundle of money. Shame on any Republic pilots not standing behind their union leader just because things are getting tough, can you not see such strategic moves by the company as putting the last union president in a corporate position and into THEIR pocket. Do you really believe the last union president is so appalled at the attempts by Moffett, do you not remember his oppositions to the company? We stood behind him. It has been proven over and over again for thousands of years without fail, a man cannot serve two masters. Anyone that believes people vote contrary to their paycheck and livelihood deserve to be taken advantage of, the recent statements by the former union president are laughable as he denounces the current union president from his new corporate position. Have you ever seen a drafted sports player score points for his previous team, it cannot be done, he is not on the pilots side anymore, he gets his money a different way now than you and I do, and he should not be allowed to remain on the seniority list. A drafted player brings strength, credibility, tactical knowledge, and a strategic advantage to his NEW team, he would not be drafted or paid were it otherwise. We are all forced to choose only one side to play for and support, not doing so has many references in life such as insider trading and shaving points, all illegal for good reason. This basic fact is why corporate moguls, scientist, and engineers all sign non-discloser agreements and non-compete clauses, as protection in case they are lured into switching sides as our former union president has done. No NFL coach ever drafted a player so that both teams could benefit and better understand each other, they are recruited to win the game against that former team, period. Likewise the company does not recruit the former union president by accident or mutual understanding, its strategy. Don't confuse playing the game with good sportsman-like conduct in support of common business and prosperity goals, with the requirement to only play for one side. Good men we all love and favor fall subject to this manipulation, often without their knowledge, and it is not a betrayal of their friendship to oppose them when they switch sides. If we did not love and trust them, they would not have been chosen and lured to the other side in the first place. The deception by the drafted player is not made at a conscious level, it's just human nature and it's all about money and power which corrupts our ability to be objective and loyal to two masters. This is why our court system created the defense attorney, and why our military created counter intelligence. Its strategy and its propaganda, and it works, and that's why the "powers to be" manipulate the chess pieces by sometimes changing their colors. Some players know they are being manipulated when their color is changed, but it brings them more money and power so they do not care. The rest have good intentions but do not even realize they are being manipulated. This tactic is also known by another name, Divide and Conquer. In battle sending an imperfect message with an imperfect team is obviously not ideal, but it's still being sent by YOUR team, your union leader, a leader that has common goals and common rewards with you, they are the best, because we have elected them to do a job for us. If you are not backing Moffett but believing the spin by those that have recently switched sides, you are taking food out of your own mouth. Showing unity and backing an imperfect situation still results in taking just as much ground, it's about unity and bargaining power. It's not necessary to wait around for that perfect attack because it will never come, the company will spin and attempt to destroy anyone that gets in their way. Ultimately it's not about any specific attack anyway, ASAP or whatever it makes no difference, it is and always has been only about power. If this company cared about safety it would not build pairings with 8 hour overnights, come on, are you that naive? Besides, do you really think Hoffa cares, no, he got a call from corporate America and was squeezed into denouncing Moffett. If he didn't they would spin the safety card against him and the Teamsters National with implication for truckers, future contracts, insurance rates etc...saying something like the Teamsters use safety as a bargaining chip, blah blah blah... Do you really think any pilot is going to do something unsafe for the contract, absolutely not, the only ones threatening safety here is the company with reduced rest, fatigue, and poverty. Do you not find it odd that Hoffa and the Teamsters are opposing a Teamster president publicly? Would the Teamsters National not normally support and work with one of their own? Why did they not sit down and help him strategize, correct any mistakes, and charge ahead? Would the Teamsters National not normally support and leverage a contract for all those pilots that have been paying Teamster dues, isn't that why we have all been paying Teamster dues in the first place? I sure haven't been paying dues so that the Teamsters National could come along and write this kind of an article undercutting our union leader and our unity. Whose side is the Teamsters National really on, it's obviously not the Republic pilots side.
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No matter what Moffatt does the company is going to spin it like he is the terrorist and brainwash people like you into believing it, wake up, back your players that are trying to change things for you and your livelihood. Where has Hoffa been for the last 6 years, except collecting our dues. Seriously, do you really think an FO going for upgrade, signed off by a checkairman ready for the upgrade, who then fails, is not even capable of returning as a First Officer.
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whoa!
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And thanks for ruining my day....I'm sitting at a desk and he's 23 and buying buildings!
Its either mom & dad's money, or mom & dad's friends' money. Must be nice...
You have the world by the tail when you come from money.
99% of the rest of us 20-somethings are just your servants and cube monkeys in this world.
However, I sort of want to smack the look off that kid's face. :)
What's wrong with the early 20th century facade? Its beautiful. The first floor isn't amazing but why not keep the facade of this old apartment building with its lovely cornice? It seems like a bad move to remove a beautiful old facade for something 'new'. Its not falling down and its in good condition. What is their motivation of redoing the facade? =/
I'm glad to see more apartments, everyones all 'condos' this or 'condos' that.
But the money might be coming from Mrs. Halsteads parents.....
This is great news. Who cares where the money comes from. The guy's got ambition and connections, good for him.
I agree with the facade concerns, although I doubt they're going to totally replace it. The article states that the IHPC approved the plans. I seriously doubt they would approve a complete overhaul. I imagine the most significant changes will be at street level.
Sounds like another win for uptown.
There's plenty of reason to be suspicious.
Piazza claims to be 23, yet also claims to be a 2005 alumni of Kelley School of Business. Did he start at IUPUI at age 16? What accounts for his graduation at age 20?
The IU Alumni Association doesn't have him listed in their records as being a graduate. According to their records, the only Piazza who graduated in 2005 was female, and no Piazza with the first or middle name of Christoper (or Chris) has earned an IU degree.
According to the article, the guy worked as a First Mate after graduation. An FCC permit is required to operate the radios on a vessel of that size, and no Piazza with the first or middle name of Chris or Christopher is listed in the FCC's database.
I hope the investors have done their due diligence.
I graduated with an Undergrad from Purdue in 2005, at age 23. Keep in mind, that's may of 2005, and he could very well have just turned 21 at that point. It sounds like someone is just a tad jealous.
I bet his financial backer's name starts with a D and ends with addy
I'd love to see some cool retail or a restaurant in the ground floor!
Nick: I'd love for you to come by the office once we set up shop there. I'll also be inviting the neighbors to the grand opening celebration.
JohnC: My investors are actually not my parents or friends of my parents. I now have partners in Oregon, Colorado, and California. I offer a good return and I have no problem finding people to invest in my company.
Helen: Not to worry. The facade improvements take into consideration the historical integrity of the building. This is something that is very important to me. I am also keeping a lot of the interior historic details intact.
Steve: Thanks for the support!
CrossedWires: Halstead Architects is a great company and it's a pleasure working with them. In fact, I suggest them to other companies whenever the opportunity arises. And no, Halstead parents are not investors in my company, although if they are interested, I may be able to work something out :)
rush4ever: My second uncle is the owner of Piazza Produce, although I have not seen him in years. I am not affiliated with the company.
My Life in a Cube: Schouten is not involved with the property.
indyfan: Thanks for the comments indyfan.
Ablerock: The article misstated that IHPC approved the plans. They have approved my parking lot designs, while I'm still working on the plans for the exterior. As I said, I am going to keep everything as original as possible. The building is beautiful the way it is; it just needs a little work.
John: Well hello John... My name is Chris Piazza and I am the person under your personal investigation :) No hard feelings though. I will clear things up for you. I graduated from Beech Grove High School at 17 in 2002. I graduated with my undergraduate from IUPUI at 20 in 2005. I completed my 4 year degree in 3 years by taking 19-22 credit hours each semester, as well as summer courses. I was able to pull of an average gpa 3.85, so that worked out decently. As far as the IU Alumni Association, look up Christopher Klinge. I recently changed my last name due to adopting my half brother and sister who are the most important people in my life. I wanted them and I to share names, especially my little brother. As far as the FCC permit; there is no requirement that I was made aware of when I was on the ocean, but you may be right. Also, I was on a foreign flagged vessel sailing through the Caribbean, so the FCC regulations may not apply there. Lastly John, if you're interested in investing and have over one million in liquid cash, shoot me an email!
Steve: I’m sorry to disappoint you, but my “daddy†is not an investor in my company. I actually grew up in the Garfield Park area, and if you’re familiar, there’s not a lot of money around there. I have been working since I was 14, more for myself as I got older and older. I wrote my first business plan my junior year in high school. I’m not from money, but I’m looking forward to having the ability to make a positive difference in this world in the near future, with my money and my time.
All the best,
Christopher Piazza
I wish him the best of luck.
CORRECTION on the fluorescent lighting comment:
Compact fluorescent lighting will actually be used and required throughout the Penn Arts building, while the traditional fluorescent tube lighting will not be used, which currently lights the unrenovated hallways and offices.
CORRECTION on the comment on IHPC:
IHPC has only approved the parking lot plans for the Penn Arts renovations. Christopher Piazza is still working on the facade designs and will soon seek approval for those as well.
CORRECTION about how the initial conversation went regarding the start of the company, an important and interesting part of the history of my company :
It was when I was driving the yacht to St. Kitts, with the island dominating the horizon, when my friend and the owner of the boat asked me if I may be interested in partnering up with him on a real estate venture (he was looking to diversify). I told him yes. I went on to develop a business plan and decided to found the company. At this point, I have investors in Oregon, California, and Colorado. Even though I lost sleep considering whether or not to start this company at such an early age, I am thankful I have done so and I look forward to further expansion.
All the best,
Christopher Piazza
My wife happens to have graduated from Beech Grove in 1999, as well as the Kelley School of Business at IUPUI in 2004. I'll have to see if she remembers you from back in the day. :)
- Michael
Thanks for the info!
Actually when making this statement, there would always be comments following such as he will help his family . He promised my youngest sister a LeBaron convertible which should tell you how long ago he has had such ambition.
Another quality that makes me extremely proud;
Christopher is making a difference within communities.He has renovated quite a few of his properties already.Tenants and community residents are feeling a sense of self worth and a sense of hope as one of my Coworkers said, who has been a long time home owner in the Irvington area.
I will close my blog with, you are already a success as a person, now you on your way to being a success in the business world
Always Love,
Your Mother
Love Always,
Mom
:-)
Chris has the vision to take a neglected property and see its potential. Although he is young (chronologically) he has a good business sense and has surrounded himself with a staff of good people. I can tell you he is not related to his business partner (the primary equity provider) but his business partner is a well respected businessman who is very astute and saw an opportunity to generate a good return.
Based on past experience, I would expect that Chris will do a good job with the rehab of the Penn Arts Apartments. His success is also a success for our city because he has brought new lives to these properties (and the surrounding neighborhood) that have been eyesores in the past.
I wish him only the best!
MS
btw... can you brief an update on Penn Arts? I have some real estate interests in the neighborhood! thanks! Pamela