IBJNews

Developer proposes $22M project for Keystone Towers site

Back to TopCommentsE-mailPrintBookmark and Share

Local affordable housing developer The Whitsett Group LLC is proposing a $22 million project that would include nearly 140 apartments and a retail component on the property where the demolished Keystone Towers formerly stood.

Bids to redevelop the land on the northeast side of Indianapolis were due to the city by noon on Tuesday. The Metropolitan Development Commission revealed at its Wednesday meeting that The Whitsett Group was the sole bidder.

The commission can accept or reject the proposal, though there’s no deadline for the group to make a decision, said a city spokeswoman.

The Whitsett Group wants to develop the property in three phases. Construction could start in late winter or early spring on 58 apartments, followed by another 80 apartments in which work could begin late next year, company principal Joseph E. Whitsett said.

The last stage, which would target a 1.5-acre parcel near Binford Boulevard and Allisonville Road at the southern most visible tip, would include retail space.

Whitsett said he doesn’t have retailers lined up, but thinks the property could be attractive once the commercial real estate market rebounds.

“It’s a fine area,” he said, “except for that hulk of a building that finally got torn down.”

About 750 pounds of explosives brought down the Keystone Towers' 15-story apartment building and eight-story office building in about 15 seconds on Aug. 28.

Whitsett said he’s surprised his company submitted the lone bid. The federal Neighborhood Stabilization Program, which will provide financing, is complicated and could have scared some developers away, he said.

Any new projects on the site must include mixed-income rental housing by the rules of the federal grant used to demolish the complex. Roughly half of the units under the Whitsett proposal would be considered affordable under federal guidelines.

Founded in 2007, The Whitsett Group also is working on a $27 million plan to build 190 apartments and more than 44,000 square feet of retail and office space on a parcel northwest of College Avenue and Michigan Street. The company plans to apply for affordable housing tax credits on Nov. 1.

Whitsett finished its 707 East North apartment building at North Street and College Avenue in summer 2010. The 40 units are fully occupied.



 

ADVERTISEMENT

  • Factually Inaccurate
    The RFP was posted to the DMD website. Packets were also available at the City/County Building. Proper Public Notice was filed by the city. Suggesting that there was insufficient notice or any other impropriety misleading.
  • really
    Is no one surprised that Whitsett was the sole bidder....no one else was informed to bid on it. just like every other project he does, he has no competition for bidding.

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. Kent's done a good job of putting together some good guests, intelligence and irreverence without the inane chatter of the other two shows. JMV is unlistenable, mostly because he doesn't do his homework and depends on non-sports stuff to keep HIM interested. Query and Shultz is a bit better, but lack of prep in their show certainly is evident. Sterling obviously workes harder than the other shows. We shall see if there is any way for a third signal with very little successful recent history to make it. I always say you have to give a show two years to grow into what it will become...

  2. Lafayette Square, Washington Square should be turned into office parks with office buildings, conversion, no access to the public at all. They should not be shopping malls and should be under tight security and used for professional offices instead of havens for crime. Their only useage is to do this or tear them down and replace them with high rise office parks with secured parking lots so that the crime in the areas is not allowed in. These are prime properties, but must be reused for other uses, professional office conversions with no loitering and no shopping makes sense, otherwise they have become hangouts long ago for gangs, groups of people who have no intent of spending money, and are only there for trouble and possibly crime, shoplifting, etc. I worked summers at SuperX Drugs in Lafayette Square in the 1970s and even then the shrinkage from shoplifting was 10-15 percent. No sense having shopping malls in these areas, they earn no revenue, attract crime, and are a blight on the city. All malls that are not of use should be repurposed or torn down by the city, condemned. One possibility would be to repourpose them as inside college campuses or as community centers, but then again, if the community is high crime, why bother.

  3. Straight No Chaser

  4. Seems the biggest use of TIF is for pet projects that improve Quality Of Life, allegedly, but they ignore other QOL issues that are of a more important and urgent nature. Keep it transparent and try not to get in ready, fire, Aim! mode. You do realize that business the Mayor said might be interested is probably going to want TIF too?

  5. Gary, I'm in complete agreement. The private entity should be required to pay IPL, and, if City parking meters are involved, the parking meter company. I was just pointing out how the poorly-structured parking meter deal affected the car share deal.

ADVERTISEMENT