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. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

ADVERTISEMENT