IBJNews

Developers unleash blitz of apartment projects

 IBJ Staff
December 28, 2012
Back to TopCommentsE-mailPrintBookmark and Share
Year In Review
More
Stories
City successfully stages Super Bowl, shoots for another Indiana adopts right to work WellPoint investors force Braly ouster Judge lays into Durham, sentences him to 50 years ISO reaches new contract, launches fundraising spree Developers unleash blitz of apartment projects Hoosier voters tap Pence to continue Daniels' legacy Daniels wins presidency—at Purdue City projects move ahead, following clash over TIF Indy airport sends CEO Clark packing In election shocker, voters bounce schools chief Bennett Bernard bounced as IndyCar Series CEO Digital marketer ExactTarget splashed onto NYSE


Newsmakers
2012
                              NEWSMAKER: School librarian Ritz won with grass-roots campaign 2012
                              NEWSMAKER: Crime stance returns Hogsett to political spotlight 2012 NEWSMAKER:
                              Council Dem Mahern plays role of antagonist 2012 NEWSMAKER: CEO keeps Simon stock surging 2012 NEWSMAKER:
                              Miles adds to diverse business, sports career Other 2012 news
                              of note

Optimism grew among developers of all types of real estate in 2012, but the undisputed sector leader continued to be apartments.

Construction began or was to begin soon on dozens of projects with thousands of units, most quite upscale and aimed at one of two growing segments of the population who increasingly see no stigma in renting: aging boomers and young families.

apartments The first of CityWay’s apartments leased quickly. (Rendering courtesy of CityWay)

Downtown was the king of new apartments, as the first phase of units in the $155 million CityWay leased up quickly and workers began constructing hundreds of additional units.

Among the notable downtown apartment projects under way or scheduled to launch soon:

• Flaherty & Collins Properties plans to develop an $85 million mixed-use project at Capitol Avenue and Michigan Street called Block 400. The development plan, which incorporates a Marsh grocery store, calls for almost 500 apartments.

• Developers led by J.C. Hart Co. are planning a $43 million redevelopment of a Mass Ave parcel occupied by the Indianapolis Fire Department. The proposal calls for up to 235 market-rate apartments, along with 40,000 square feet of first-floor retail space.

• Flaherty & Collins Properties and Insight Development Corp. have begun construction on a $23 million residential and retail development called Millikan on Mass Ave planned for the land surrounding the Barton Tower apartments. It calls for a mix of 144 affordable and market-rate apartments and retail/restaurant space along Mass Ave.

• Milhaus Development has begun construction on the $31 million 451 Market project on the site of the former Bank One operations center at East and Washington streets. The first phase calls for 256 apartments and 13,000 square feet of commercial space.

• The Whitsett Group was working on several projects, including a 72-unit rehab of the American Building, 333 N. Pennsylvania St., an office building Whitsett is converting to apartments in partnership with Ambrose Property Group. Whitsett and Ambrose also closed on a deal to buy the 15-story Consolidated Building at 115 N. Pennsylvania St. with plans to convert it into 98 apartments.

yir-apartment-stats.gifAlong with downtown, Fishers was a particular hot spot for apartments, with more than $94 million of projects on the drawing board.

The $22 million Watermark on Cumberland apartment community will be the first Indiana project for Indianapolis-based Watermark Residential, whose ownership includes the principals in Thompson Thrift.

The plans call for 220 units in three three-story buildings with frontage along 116th Street and Cumberland Road, wrapping around a Chase Bank branch at the corner, said Eric Garrett, a Watermark principal. The project is slated for completion by December 2013.

Other major apartment projects in the works in Fishers included a $24 million, 233-unit project called The Hamilton along Hoosier Road south of 116th Street. The project by J.C. Hart Co. is under construction. The first phase of Bella Vista by locally based Edward Rose & Sons calls for 180 units at 106th Street and Lantern Road, just west of Interstate 69.

Finally, a $33 million project by Indianapolis-based Flaherty & Collins Properties called for 203 apartments, 25,000 square feet of retail space, and a 406-space parking garage on 3.4 acres north of 116th Street and west of Municipal Drive, in front of Fishers Town Hall.•

ADVERTISEMENT

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. 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.

ADVERTISEMENT