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Developer unveils 16-home project just east of downtown

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A developer known for building high-end, single-family housing in the urban core has assembled a site 10 blocks east of Monument Circle where it intends to build 16 custom homes.

The Re-Development Group Inc. bought the 1.6-acre site at the southeast corner of New York Street and Highland Avenue last May and in mid-December will raze three 1960s-era office/warehouse buildings to make way for home construction in 2013.

Lot/home packages will cost $250,000 to $350,000, resulting in a total investment of almost $5 million in the Holy Cross neighborhood, which is just south and west of the East 10th Street neighborhoods that benefitted from the city's multi-million-dollar Super Bowl Legacy project.

"This is a great segue from the Super Bowl," said Patrick Dubach, president of Re-Development Group. "To sustain that momentum, market rate development is very important .. especially market rate that isn't displacing people."

The project would continue Re-Development Group's own momentum. The firm has been building and rehabbing single-family homes in downtown neighborhoods since 1998, and much of its activity has focused on the near-east side, where Dubach lives. In recent years, it has built nine houses and rehabbed 13 others in a two-block stretch of Highland Avenue between New York and Michigan streets.

Now, the firm is hoping to spread investment south of New York Street, where it will use proximity to downtown and adjacent Highland Park as selling points.

The core site sits on a bluff that overlooks downtown and is bordered on the west by the 4-acre, wooded park, which is one of the highest points in the city. The seven lots that face the park and downtown are priced at $55,000 each. Five more lots face south, along Marlowe Avenue, and are priced at $39,000. One of two lots facing north, along New York Street, is reserved and will house a duplex. The other lot along New York also will be marketed as a duplex site. The remaining two lots are across Marlowe Avenue from the core site and will be marketed to single-family buyers.

The master plan for the project was designed by Mark Demerly of Demerly Architects. Re-Development Group will steer buyers to Demerly and Rottman Collier Architects to do individual house plans.

Dubach thinks the location will appeal to both young professionals and empty nesters. Though the site is close to downtown, there are some amenities within the neighborhood that could be a draw. Flat 12 Bierworks, a local microbrewery, and the Smoking Goose, which sells fresh meats, are both a few blocks away.

Joe Everhart, a real estate broker who specializes in downtown and surrounding neighborhoods, thinks the scale of the project will help address a shortage of inventory in the price range Re-Development Group is advertising. "It's rare to find such a large development all at one time," he said. "That's exciting."

He's also enthusiastic about the location. "You have a quick, almost walkable commute to downtown businesses," Everhart said.

 

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  • Great News...
    If History is any guide, this will be just another great project by The Redevelopment Group and Mark Demerly. They have a great resumé backed up with an amazing body of work in the downtown area.

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  1. I think the poster was being sarcastic and only posting or making fun of what is usually posted on here about anything being built in BR or d'town for that matter.

  2. Great news IRL fans: TURBO the IMS sanctioned movie about slugs running the Indy 500 has caught the Securities and Exchange Commission because Dreamworks had to take a $132MILLION write down...because the movie was such a flop. See, the Indy/IMS magic soiled another pair of drawers. Bwahahahahahaha! How's CARTOWN doing? HAHAHAHA...Indy is for losers.

  3. So disappointed in WIBC. This is the last straw to lose a good local morning program. I used to be able to rely on WIBC to give me good local information, news, weather and traffic on my 45 minute commute.Two incidents when I needed local, accurate information regarding severe weather were the first signs I could not now rely on WIBC. I work weekend 12 hour nights for a downtown hospital. This past winter when we had the worst snowfall in my 50 years of life, I came home on a Sunday morning, went to sleep (because I was to go back in Sunday night for another 12 hour shift), and woke up around 1 p.m. to a house with no electricity. I keep an old battery powered radio around and turned on WIBC to see what was going on with the winter storm and the roads and the power outage. Sigh. Only policital stuff. Not even a break in to update on the winter storm warning. The second weather incident occurred when I was driving home during a severe thunderstorm a few months ago. I had already gotten a call from my husband that a tornado warning was just southwest of where I had been. I turned to WIBC to find out what direction the storm was headed so I could figure out a route home, only to find Rush on the air, and again, no breaking away from this stupidity to give me information. Thank God for my phone, which gave me the warning that I was driving in an area where a tornado was seen. Thanks for nothing WIBC. Good luck to you, Steve! We need more of you and not the politics of hatred that WIBC wants to shove at us. Good thing I have Satellite radio.

  4. I read the retail roundup article and tried Burritos and Beers tonight. I'm glad I did, for the food was great. Fresh authentic Mexican food. Great seasoning on the carne asada. A must try!!! Thanks for sharing.

  5. John, unfortunately CTRWD wants to put the tank(s) right next to a nature preserve and at the southern entrance to Carmel off of Keystone. Not exactly the kind of message you want to send to residents and visitors (come see our tanks as you enter our city and we build stuff in nature preserves...

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