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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. So much for Eric Holder's conversation about race. If white people have got something to say, they get sued over it. Bottom line: white people have un-freer speech than others as a consequence of the misnamed "Civil rights laws."

  2. I agree, having seen three shows, that I was less than wowed. Disappointing!!

  3. Start drilling, start fracking, and start using our own energy. Other states have enriched their citizens and nearly elminated unemployment by using these resources that are on private land. If you are against the 'low prices' of discount stores, the best way to allow shoppers more choice is to empower them with better earnings. NOT through manipulated gov mandated min wage hikes, but better jobs and higher competitive pay. This would be direct result of using our own energy resources, yet Obama knows that Americans who arent dependent of gov welfare are much less likely to vote Dem, so he looks for ways to ensure America's decline and keep its citizens dependent of gov.

  4. Say It Loud, I'm Black and Ashamed: It's too bad that with certain "black" entertainment events, it seems violence and thuggery follows and the collateral damage that it leaves behinds continues to be a strain on the city in terms of people getting hurt, killed or becoming victims of crimes and/or stretching city resources. I remember shopping in the Meadows area years ago until violence and crime ended make most of the business pack you and leave as did with Lafayette Square and Washington Square. Over the past 10 to 12 years, I remember going to the Indiana Black Expo Soul Picnic in Washington Park. Violence, gang fights and homicides ended that. My great grandmother still bears the scares on her leg from when she was trampled by a group of thugs running from gun fire from a rival gang. With hundreds of police offices downtown still multiple shootings, people getting shot downtown during Black Expo. A number of people getting shots or murdered at black clubs around the city like Club Six on the west side, The Industry downtown, Jamal Tinsley's shot out in front of the Conrad, multiple fights and shootings at the skating rinks, shootings at Circle Center Mall and shooting and robberies and car jackings at Lafayette Mall. Shootings and gang violence and the State Fair. I can go on and on and on. Now Broad Ripple. (Shaking head side to side) Say It Loud, I'm Black and I'm Ashamed.

  5. Ballard Administration. Too funny. This is the least fiscally responsive administration I have ever seen. One thing this article failed to mention, is that the Hoosier State line delivers rail cars to the Amtrak Beech Grove maintenance facility for refurbishment. That's an economic development issue. And the jobs there are high-paying. That alone is worth the City's investment.

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