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:
 
Subscribe to IBJ
  1. By the way, the right to work law is intended to prevent forced union membership, not as a way to keep workers in bondage as you make it sound, Italiano. If union leadership would spend all of their funding on the workers, who they are supposed to be representing, instead of trying to buy political favor and living lavish lifestyles as a result of the forced membership, this law would never had been necessary.

  2. Unions once served a noble purpose before greed and apathy took over. Now most unions are just as bad or even worse than the ills they sought to correct. I don't believe I have seen a positive comment posted by you. If you don't like the way things are done here, why do you live here? It would seem a more liberal environment like New York or California would suit you better?

  3. just to clear it up... Straight No Chaser is an a capella group that formed at IU. They've toured nationally typically doing a capella arangements of everything from Old Songbook Standards to current hits on the radio.

  4. This surprises you? Mayor Marine pulled the same crap whenhe levered the assets of the water co up by half a billion $$$ then he created his GRAFTER PROGRAM called REBUILDINDY. That program did not do anything for the Ratepayors Water Infrastructure Assets except encumber them and FORCE invitable higher water and sewer rates on Ratepayors to cover debt coverage on the dough he stole FROM THE PUBLIC TRUST. The guy is morally bankrupt to the average taxpayer and Ratepayor.

  5. There is no developer on the planet that isn't aware of what their subcontractors are doing (or not doing). They hire construction superintendents. They have architects and engineers on site to observe construction progress. If your subcontractor wasn't doing their job, you fire them and find someone who will. If people wonder why more condos aren't being built, developers like Kosene & Kosene are the reason. I am glad the residents were on the winning end after a long battle.

ADVERTISEMENT