Developer plans apartments at 707

May 23, 2009
Back to TopCommentsE-mailPrintBookmark and Share
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.
ADVERTISEMENT
  • 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

Post a comment to this blog

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT
  1. I think the poster was being sarcastic and only posting or making fun of what is usually posted on here about anything being built in BR or d'town for that matter.

  2. Great news IRL fans: TURBO the IMS sanctioned movie about slugs running the Indy 500 has caught the Securities and Exchange Commission because Dreamworks had to take a $132MILLION write down...because the movie was such a flop. See, the Indy/IMS magic soiled another pair of drawers. Bwahahahahahaha! How's CARTOWN doing? HAHAHAHA...Indy is for losers.

  3. So disappointed in WIBC. This is the last straw to lose a good local morning program. I used to be able to rely on WIBC to give me good local information, news, weather and traffic on my 45 minute commute.Two incidents when I needed local, accurate information regarding severe weather were the first signs I could not now rely on WIBC. I work weekend 12 hour nights for a downtown hospital. This past winter when we had the worst snowfall in my 50 years of life, I came home on a Sunday morning, went to sleep (because I was to go back in Sunday night for another 12 hour shift), and woke up around 1 p.m. to a house with no electricity. I keep an old battery powered radio around and turned on WIBC to see what was going on with the winter storm and the roads and the power outage. Sigh. Only policital stuff. Not even a break in to update on the winter storm warning. The second weather incident occurred when I was driving home during a severe thunderstorm a few months ago. I had already gotten a call from my husband that a tornado warning was just southwest of where I had been. I turned to WIBC to find out what direction the storm was headed so I could figure out a route home, only to find Rush on the air, and again, no breaking away from this stupidity to give me information. Thank God for my phone, which gave me the warning that I was driving in an area where a tornado was seen. Thanks for nothing WIBC. Good luck to you, Steve! We need more of you and not the politics of hatred that WIBC wants to shove at us. Good thing I have Satellite radio.

  4. I read the retail roundup article and tried Burritos and Beers tonight. I'm glad I did, for the food was great. Fresh authentic Mexican food. Great seasoning on the carne asada. A must try!!! Thanks for sharing.

  5. John, unfortunately CTRWD wants to put the tank(s) right next to a nature preserve and at the southern entrance to Carmel off of Keystone. Not exactly the kind of message you want to send to residents and visitors (come see our tanks as you enter our city and we build stuff in nature preserves...

ADVERTISEMENT