IBJNews

Downtown projects face crucial hurdles

Back to TopCommentsE-mailPrintBookmark and Share

Two downtown apartment projects seek critical government approvals in the next month, while  another commercial project is on track to start this year.

The following are updates on the projects, all of which were previously reported in Real Estate Weekly.

— Milhaus Development's plan to add apartments to the 600 block of North College Avenue was sketchy back in early October, shortly after Milhaus put the former Mitchell & Scott industrial site just south of Massachusetts Avenue under contract.

Since then Milhaus has hammered out the details of a $26 million development that would house 236 studio, one-, two- and three-bedroom apartments. The apartments, the majority of which would be one and two bedroom, are to rent for between $900 and $2,000 a month.  

The apartments would be spread among five buildings, four of which would be new and between four and five stories in height. The new buildings would line College and North and Fulton streets. A fifth building is a historic structure at the site that Milhaus plans to incorporate into the complex. Some of the first-floor units along College would be marketed for live/work space.

Before work can begin, Milhaus must get design approval and have the site rezoned from industrial to mixed use. That could come as soon as March 6, when Milhaus' case will be heard by the Indianapolis Historic Preservation Commission, which has jurisdiction because the site is in the Chatham Arch Massachusetts Avenue historic district.

Plans call for the complex to have one parking space per unit. The adequacy of the parking plan has been questioned by some neighbors of the project.

Milhaus' goal is to clear the site and begin construction in the third quarter and have units ready to lease by the fourth quarter of next year.

— Two obstacles stand in the way of locally based Englewood Development's breaking ground on a 50-unit apartment and retail project at 460 Virginia Ave.

One is zoning. Englewood won what could be a decisive battle in its quest to rezone the site from industrial to commercial when the city's Metropolitan Development Commission voted 7-1 in favor of the request Feb. 6. Now the matter goes before the City-County Council, which could approve the rezoning at its Feb. 25 meeting.

The other obstacle is financing, which Englewood should get word on late this month. That's when the Indiana Housing and Community Development Authority will announce which projects from around the state have been chosen this year to receive housing tax credits, which Englewood would sell to raise money for the project.

Besides apartments, the project  would include about 5,000 square feet of retail space and an underground parking garage. Some neighbors of the project strongly oppose the apartment component, which they say would pack too many residential units onto the site. But they might have to save that fight for another day. The issue on the table now is zoning. And city planning documents for years have recommend the site be zoned for commercial development.

If the rezoning is finalized and Englewood wins tax credits from the state, the project itself would have to win support from the city before it could be built, possibly beginning later this year with an opening in 2014.

— A 1927 retail strip near 11th Street and College Avenue that's been vacant for at least 30 years is still in line to be purchased and redeveloped by Larry Jones, who has plenty of experience with infill retail projects in urban neighborhoods.

Jones  was a partner in the redevelopment of the Murphy Art Center at 1043 Virginia Ave., and developed Chatham Center, a retail/apartment project at Ninth and East streets and Lincoln Park Shops at 25th and Central.

He said last fall he'd buy the dilapidated College Avenue retail strip, whose owner had sought permission to demolish it, if he could secure enough parking to serve the building and if environmental testing came back clean.

Though the 6,600-square-foot building once housed a laundry, soil samples didn't reveal contamination, Jones said. He's waiting for the state to certify those results.

On the parking front, Jones is working with the city's Department of Public Works to allow street parking on College Avenue and on the south side of 11th Street. He expects the City-County Council to take up the matter in late March. If the plan is approved, tenants and visitors to the building would have access to about 30 street spaces close to the building.

Jones expects to spend about $540,000 to buy and rehab the building and lease the space for $14 a square foot, less than what tenants pay on nearby Massachusetts Avenue.

If the environmental and parking issues can be resolved, he'll buy the building and start work on it this year.

 

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. Hello Dear Are you tired of Seeking Loans and Mortgages,have you Been Turned down constantly By your banks and Other Financial Institutions or Micro Finance scheme. This is let you know with 100% guarantee that we Offer loans ranging from $1,000 Minimum to $1,000,000.00 Maximum at 3% interest rate per Month. We give out LOANS for developing business. a competitive edge/business expansion. email address: michealscottloan124@gmail.com We offer the following kinds of loans and many more; * Personal Loans ( Unsecured Loan) * Business Loans ( Unsecured Loan) * Consolidation Loan * Combination Loan * Home Improvement * Xmas Loans for contact to seek for loan email this email address: michealscottloan124@gmail.com Thanks

  2. My name is Mr Henry Josh and i live in the USA California and life is worth living right now for me and my family and all this is because of one man sent by GOD to help me and my family, i once had a life filled with sorrow because my first SON needed a kidney transplant and all our savings were going towards his medications and this normally leaves us with no money to pay our bills or even put enough food on our table and our rent was due and no funds to pay these bills and life felt so unfair to me and every night my wife will cry herself to sleep every night until one day, i was browsing through yahoo answers and i saw a striking advert of a man that gives out personal loans and that the offer is opened to all and i have heard so many things about internet scams but at this point of my life, i was very desperate and ready to take any risk and at the end of the day, i applied for this loan and from one step to another, i got my loan within 12 hours through bank transfer and you know, it was all like a dream and i called Mr Daniel Jones A Man who is the GOD sent lender i found and said, i have received my loan and he smiled stating that to GOD be the glory and i was so shocked as i have never ever seen anyone with such a GOD fearing and kind heart and today, i am the happiest man on earth because by GOD’S grace, my SON kidney transplant was successful and today he is healthy, i and my family are living very comfortable and happy and if you are in my former situation or in serious and legitimate need of a loan, you can reach this GOD sent lender via fidelityloanfirm@outlook.com

  3. Greetings to everyone reading this comment!!! I am Greg William by name. I am out here to recommend the effort of Mark Oscar,I was in need of a consolidation loan amount of 50,000 and as soon as I got in contact with Mark Oscar Loan Firm on Wednesday last week and on Friday last week as well I receive an alert from my bank(Royal Bank of Scotland Group) that the fund was transferred,I want everybody on this site to contact Mark Oscar now via email on how to get a loan because I got my loan from them and I am very happy,so contact them now. Oscarloanfinance@hotmail.com Thanks!!!!!!

  4. Elected officials, like Mourdock, get vested in 8 years. It takes 10 years for all other public employees, most of whom make a lot less money. So much for the promise to finish out his term.

  5. Great state treasurer and a good man!! Just curious if the folks who didn't quite understand his quote would like to tell my daughter-in-law that God didn't intend her! Mourdock's comment was correct but twisted and the article didn't mention that his opponent and the press let the impression stand that Mourdock meant that the rape was intended. Stupid people!!

ADVERTISEMENT