IBJNews

Developer seeks rezoning for Canal apartments

Back to TopCommentsE-mailPrintBookmark and Share

A Valparaiso developer that wants to build a 150-unit apartment complex along the Central Canal in downtown Indianapolis is seeking to get the property rezoned to allow for mixed-use development.

Owners of Investment Property Advisors LLC were set to appear at a city Division of Planning meeting Thursday afternoon to get the 1.2-acre parcel’s current industrial zoning status changed.

The developer is interested in the site, at 335 W. Ninth St., where the offices and warehouse of B.B. Kirkbride Bible Co. are located.

Investment Property Advisors plans to market the apartments to IUPUI students. The building also would include about 4,000 square feet of canal-level space that could house a few tenants such as a restaurant and coffee shop, said Chase Sorrick, co-owner of the development firm.

“I know the canal area is a popular place for students to live,” he said. “With that target market, it [should be a] real good location for us.”

Locally based Acorn Group Inc. is listing the 52,000-square-foot building occupied by Kirkbride for $3.8 million. Investment Property Advisors would tear down the building to make room for its development.

Investment Property Advisors has the property under contract and is expected to close on the sale once the project receives city approval.

If rezoning is granted, the Metropolitan Development Commission could grant final approval in October. Construction would start next year, with an occupancy date of summer 2012, Sorrick said.

The owner of the property and building is Canal Partners Association, controlled by J. Marshall Gage of Indianapolis. His son, Michael, is president of Kirkbride, which publishes the popular Thompson study Bible.

Kirkbride would move its offices and warehouse, if the property is sold, and is looking at space closer to its bindery near Shelby and Washington streets, Michael Gage said. Kirkbride has roughly a dozen employees and has used the building since 1984.

The canal project would be Investment Property Advisors’ first in Indianapolis. It has a similar development in Valparaiso and broke ground on another in Louisville earlier this month. The two projects in total have about 4,000 apartment units.

Sorrick and a partner formed the company in 2005 to focus on residential, mixed-used projects geared toward college students.
 
 

ADVERTISEMENT

  • YES!
    While they are at it, they might as well rezone the entire canal (besides the museums) to mixed use... This will actually allow more people to experience the canal than just those who live there and visit the museums. This could be Indiana's "Bourbon Street" in terms of local activity and pride if we could just get people using it.

Post a comment to this story

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

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
thisissue1-092914.jpg 092914

Subscribe to IBJ
  1. Here are a few candidates for this new group, "ripped from the headlines." First up, that bizzaro State Senator Brent Waltz; secondly, the unethical Todd Huston, and his contractual arrangements scheme; Finally, but not least of all, the dishonorable Eric Turner. What sayeth you Greg Zoeller?

  2. Good day. I can't hide this great testimony that take place in my life I will love everyone to know it and be partaker that is why I always place it on answer, I am Mrs,Natalie Cuttaia by name, I live in Texas, United State Of America, I want to thank (Mr.Bruce Brandon) for his kindness upon my family life. I never knew that there is still nice lender like this on internet and earth here. Just some Months Back, I was in search for a loan of $100,000,00 as I was running out of money for feeding and rent. I was scammed $6,800 Dollars and I decided not to involve my self in such business again but a Friend of my introduced me to a loan firm due to my appearance and doings. And I told him that I am not interested of any loan deal anymore but he told me that there is still a nice lender who he will recommend me to, and I made a trial and I am most grateful lucky am I today, I was given a loan amount of $100,000.00usd, by this great Company (Bruce Brandon Loan Company) managed by (Mr.Bruce Brandon) If you are in need of a genuine or legit loan or financial assistance and you can be reliable and trusted of capable of paying back at the due time of the funds I will advice you to, contact him via: ( bruce.brandon071@gmail.com ) And you will be free from scams in the internet. All thanks to Mr.Bruce Brandon You are the one who remove me and my family out of poverty. The reason why i am doing this is that, i promise Mr.Bruce Brandon that if i truly got my loan, i will advertize his company and bring customers to his company. Contact him via ( bruce.brandon071@gmail.com )for the Loan you have been looking for..

  3. Hello, We are firm Organization formed to help people in needs of helps,such as financial help. So if you are going through financial difficulty or you are in any financial mess,and you need funds to start up your own business,or you need loan to settle your debt or pay off your bills,start a nice business, or you are finding it hard to obtain capital loan from local banks,contact us today via email mrsroseberrywilkinsfunds.usa@gmail.com So do not let these opportunity pass you by because Jesus is the same yesterday, today and forever more. Please these is for serious minded and God fearing People. Your Name: Loan Amount: Loan Duration: Valid Cell Phone Number: Thanks for your understanding to your contact as we Await Regards Management Email:mrsroseberrywilkinsfunds.usa@gmail.com

  4. The question is, where could they build a new stadium? It seems in the past year, all the prime spots have been spoken for with potential projects. Maybe in the industrial wasteland area a block past Lucas Oil? I think it needs to be close to the core, if a new stadium is built.

  5. Aldi is generally a great shopping experience. Still, I'm sure YOU wouldn't want to shop there, which I consider a positive.

ADVERTISEMENT