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Developer seeks rezoning for Canal apartments

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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.
 
 

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  • 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.

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  1. With Pence running the ship good luck with a new government building on the site. He does everything on the cheap except unnecessary roads line a new beltway( like we need that). Things like state of the art office buildings and light rail will never be seen as an asset to these types. They don't get that these are the things that help a city prosper.

  2. Does the $100,000,000,000 include salaries for members of Congress?

  3. "But that doesn't change how the piece plays to most of the people who will see it." If it stands out so little during the day as you seem to suggest maybe most of the people who actually see it will be those present when it is dark enough to experience its full effects.

  4. That's the mentality of most retail marketers. In this case Leo was asked to build the brand. HHG then had a bad sales quarter and rather than stay the course, now want to go back to the schlock that Zimmerman provides (at a considerable cut in price.) And while HHG salesmen are, by far, the pushiest salesmen I have ever experienced, I believe they are NOT paid on commission. But that doesn't mean they aren't trained to be aggressive.

  5. The reason HHG's sales team hits you from the moment you walk through the door is the same reason car salesmen do the same thing: Commission. HHG's folks are paid by commission they and need to hit sales targets or get cut, while BB does not. The sales figures are aggressive, so turnover rate is high. Electronics are the largest commission earners along with non-needed warranties, service plans etc, known in the industry as 'cheese'. The wholesale base price is listed on the cryptic price tag in the string of numbers near the bar code. Know how to decipher it and you get things at cost, with little to no commission to the sales persons. Whether or not this is fair, is more of a moral question than a financial one.

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