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. Uh, sorry Johnnie, but you are incorrect. Despite the assertions by yourself and various defenders and captains, sports attendance is NOT off significantly at most sporting events in the US. Variances in attendance has been in the range of single digits, both + & - for years now. MLB has had most of its best overall attendance nubers in the last decade, and that trend has been consistent for most major sporting events. The number one issue cited by most fans when asked about attendance is the overall cost of attending. The presence of HD and big screen televisions in home doesn't even register, as a factor for not attending an event. VALUE in the product is the key, and apparently is something lacking in the current ICS. What other explanation is there when with what is routinely touted as the "best" racing on the planet, fans are staying away in DROVES. A "close" title battle into the last event at Fontana, with the "cars and stars" of the ICS, and who showed up? MAYBE 8K. Sorry, but HD TV isn't to blame for that kind of fan apathy.

  2. Do you need finance to establish your business ? Are you interested in getting a loan at 3% from our private company? If so please Email: suntrust_oil@blumail.org

  3. If she was worth the $ the public outcry over direct tv dropping them would have kept them on their dishes as we have seen with other companies. I too quit watching channel 13 after she showed up since I left channel 8 because of her all show rather than production results. When Randy on 8 corrected her she had a big head and incorrectly challenged his correction for pronunciation of a city. Other antics while she matures was too much for me with her very inaccurate forecasts. All the forecasters were predicting rain until Thursday except Chris. They predicted sunny on Thursday but instead of rain until Thursday upon which the sun would finally make it out in full glory Chris was right on the money just as I too predicted looking at the radar on weather.gov. One thing I love about Angela is the fear you can see in her every time it thunders in the winter. It far exceeds the entertainment value of her body language (high heel noise drags, depression, etc) when her forecasts are so incorrect. Her hair stands on end, you have to see it!!!

  4. Good Day, Apply For A Loan I am Mr Fernadez Antonio, a private Loan lender and a cooperate financial for real estate and any kinds of business financing. I also offer Loans to individuals, Firms and cooperate bodies at 3% interest rate We offer any kind of loans. email us via fernadezloaninvest@outlook.com LOAN APPLICATION FORM First name:......................... Middle name:......................... Last name:........................................ Date of birth (yyyy-mm-dd):....................... Gender:........................................... Marital status:................................... Total Amount Needed............................... Loan Duration.................................... Address:.......................................... City:............................................. State/province:................................... Zip/postal code:.................................. Country:.......................................... Phone:............................................ Fax:.............................................. Mobile/cellular:.................................. Monthly Income.................................... Occupation:....................................... Best Regard, Mr Fernadez Antonio.

  5. i will love to share my testimony to you all the people in world i got married to my husband about 2 year ago we start having problems at home like we stop sleeping on the same bed,fighting about little things he always comes home late at night,drinking too much and sleeping with other women out side i have never love any man in my life except him. he is the father of my child and i don't want to loose him because we have worked so hard together to become what we are and have today .few month ago he now decided to live me and the kid,being a single mother can be hard sometimes and so i have nobody to turn to and i was heart broken.i called my mom and explain every thing to her,my mother told me about DR.okoro how he helped her solve the problem between her and my dad i was surprise about it because they have been without each other for three and a half years and it was like a miracle how they came back to each other. i was directed to DR. okoro on his email:okorospell@gmail.com and explain everything to him,so he promise me not to worry that he will cast a spell and make things come back to how we where so much in love again and that it was another female spirit that was controlling my husband he told me that my problem will be solved within two days if i believe i said OK So he cast a spell for me and after two days my love came back asking me to forgive him i Am so happy now. so that why i decided to share my experience with every body that have such problem contact Dr okoro the great spell caster on his email addresses spellcasterforlove@outlook.com

ADVERTISEMENT