Developer plans apartments at 707

May 23, 2009
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707 E. North St. A local developer hopes to convert the unfinished eight-story 707 E. North St. condo project into a mostly affordable apartment building with offices on the top floor. The Whitsett Group has agreed to buy the building from Beilouny Luxury Properties, but the deal still must be approved by Cincinnati-based Fifth Third Bank, which has launched foreclosure proceedings. The exterior of the building is finished, but work on the interior stopped in late 2008. The Whitsett plan calls for 40 apartments on the third through seventh floors, with 57-percent affordable and the rest at market rates. The top floor plan would house the company's headquarters, along with community and exercise rooms for apartment tenants. For more on this story, pick up a copy of this weekend's IBJ.
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  • Sounds like a great plan. Downtown is in need of more affordable apartments. Being so close to Mass Ave, these will sell fast.
  • I agree. Affordable housing is just what downtown needs. Putting all your chips in on high priced condos doesn't seem to be working out (market square)...
  • Does anyone know the occupancy rate of Reily Towers(sp)?
  • I do not know. I see ads for them all over IUPUI campus. Honestly Riley Towers is a bit overpriced for what you get. Many of my friends took a look and were not too impressed besides the view. I guess the view is what you are paying strictly for.
  • Any word on what they're doing with the first and second floors?
  • Ablerock: The first two floors are parking.
  • I like this plan. Anything residential on that side of college is a good thing.
  • As a neighbor, I'm very happy to hear this news. I had earlier been told that Fifth Third planned to hold on to the building for awhile until property values began to rebound. I thought apartments made more sense than luxury condos at this location. We have too many luxury condos as it is.
  • Whatever they do, PLEASE don't keep the name Beilouny. 707 could be a cool name, but anything that looks or sounds similar to a processed meat product probably isn't apt for a Luxury Development namesake.

    The half-finished projects are potential steals for these companies. There is no more better example of Buy Low, Sell High than virtually stealing these properties during the market low finishing them out catered toward a more realistic market right as the real estate crunch turns around. Hope it goes through.
  • Apartments are great. The name sucks. I could think of a dozen that would be memorable (and pronouceable) than Beilouny. Big plus to see the first two floors were parking and will not require a surface lot (though it would be better to have SOMETHING to engage the street such as first floor apts right off College.) This seems to really be a nice template of what more MASS AVE area infill could resemble.
  • The name is 707, not Beilouny.
  • JG, Flaherty & Collins last week were chosen to lead the development of the Barton Tower and Lugar Tower parcels. They are building market rate apartments ON Mass Ave. I'm surprised Cory didn't pick up on this story.
  • I actually wrote the story on Barton and Lugar. You can check it out here. Waiting to post on the blog until I can get a rendering.
  • Thanks Cory.

    I hope you'll get a rendering of the Perkins VonDeylen building on Virginia Avenue as well.
  • From what I've read and heard from others in the neighborhood the group purchasing this project specializes in subsidized apartments. Can anyone confirm if this is what their plan is for this building?

    Affordable is a vague term that can mean lots of things.
  • Friends who were looking at Riley Towers last week were told the apartments are at appx. 95% occupancy.
  • Opening Soon~
    707 North Apartments will open June 2010 & is now leasing! Call Jamie 514-9298 for leasing information or any additional questions.
  • WHY LOW INCOME HOUSING?
    Why low income for this area? Why could they not follow what Barrett and Stokely followed when they took over the Maxwell...they maintained the initial integrity of the buidling...keeping higher end condo finishes...with a higher monthly rent to reflect the buidling. This is a huge mistake for downtown...esp the Mass Ave Area!
  • Chicago Apartments for Rent
    Great stuff. I found this while I was looking for Chicago Apartments for Rent

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  1. How much you wanna bet, that 70% of the jobs created there (after construction) are minimum wage? And Harvey is correct, the vast majority of residents in this project will drive to their jobs, and to think otherwise, is like Harvey says, a pipe dream. Someone working at a restaurant or retail store will not be able to afford living there. What ever happened to people who wanted to build buildings, paying for it themselves? Not a fan of these tax deals.

  2. Uh, no GeorgeP. The project is supposed to bring on 1,000 jobs and those people along with the people that will be living in the new residential will be driving to their jobs. The walkable stuff is a pipe dream. Besides, walkable is defined as having all daily necessities within 1/2 mile. That's not the case here. Never will be.

  3. Brad is on to something there. The merger of the Formula E and IndyCar Series would give IndyCar access to International markets and Formula E access the Indianapolis 500, not to mention some other events in the USA. Maybe after 2016 but before the new Dallara is rolled out for 2018. This give IndyCar two more seasons to run the DW12 and Formula E to get charged up, pun intended. Then shock the racing world, pun intended, but making the 101st Indianapolis 500 a stellar, groundbreaking event: The first all-electric Indy 500, and use that platform to promote the future of the sport.

  4. No, HarveyF, the exact opposite. Greater density and closeness to retail and everyday necessities reduces traffic. When one has to drive miles for necessities, all those cars are on the roads for many miles. When reasonable density is built, low rise in this case, in the middle of a thriving retail area, one has to drive far less, actually reducing the number of cars on the road.

  5. The Indy Star announced today the appointment of a new Beverage Reporter! So instead of insightful reports on Indy pro sports and Indiana college teams, you now get to read stories about the 432nd new brewery open or some obscure Hoosier winery winning a county fair blue ribbon. Yep, that's the coverage we Star readers crave. Not.

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