IBJNews

Herman & Kittle plans $28M downtown apartment project

Back to TopCommentsE-mailPrintBookmark and Share

Two South College Avenue properties across the street from one another are in various stages of selling, with one slated for a $28 million apartment project.

Herman & Kittle Properties Inc. has the vacant strip of land at the southeast corner of College and Maryland Street under contract and plans to build 211 units on the 2.6-acre parcel.

REW Georgioa College apartment mapMeanwhile, the owner of a building that's across College and north of Georgia Street is accepting sealed bids on that property. The building last housed Arena Sporting Goods. The site is attracting interest from “multiple parties,” said Ray Simons, a broker at Cassidy Turley who is coordinating the sale.

The lot Herman & Kittle is pursuing is owned by sisters Gina and Tina LaGrotte and is listed for $1.85 million. The LaGrottes are well known in the neighborhood as the longtime operators of the landmark Milano Inn at 231 S. College Ave., one of the city’s oldest Italian eateries.

They also own an old school building behind the restaurant that they converted to office space, in addition to Angelo’s neighborhood grocery, 201 S. College Ave., which is named after their grandfather.

The sisters bought the lot in 2008 from a subsidiary of Eli Lilly and Co., said Gina LaGrotte, with the intention of holding onto it until it attracted interest from a residential developer.

“It just seems like, over in our area of the city, more and more people are moving in this direction,” she said, citing the resurgence of Fountain Square.
 
The apartment project, dubbed The Vue, represents Herman & Kittle’s first foray into the booming downtown residential market. It’s partnered on a few developments on the near-north side, along Meridian Street near 38th Street, but most of its work is in the suburbs.

One of its projects outside Indianapolis is Casey Acres, a 244-unit apartment complex in Spring Mill Trails, a 900-acre mixed-use development north of State Road 32 between Spring Mill Road and Eagletown Road in Westfield.

What attracted Herman & Kittle to the downtown lot is its location within a “quiet neighborhood with great views and close proximity to Circle,” Mike Rodriguez, Herman & Kittle’s development director, said in an email.

Rents will range from $950 to $1,650 per month for studios to two-bedroom units, Rodriguez said. A pool, dog park, rooftop deck, coffee lounge, fitness center, conference and game rooms, and bicycle storage are among amenities that will be included in the project.

Ross Reller, director of land services for the Indiana region of real estate brokerage Colliers International, is listing the property for the LaGrotte sisters.

“The southeast quadrant is obviously a popular area for a lot of new apartments,” he said. “There’s just an awful lot of interest from developers for a site like this.”
   
The Metropolitan Development Commission’s hearing examiner is slated to hear Herman & Kittle’s request later this month to rezone the property to allow for multi-family construction.

The building that Simons of Cassidy Turley is listing is owned by Janet Dible. She acquired the property, at 140 S. College Ave., in 2000 and operated Arena Sporting Goods there until it closed in April.

The store, which provided equipment and uniforms to area Little League teams, previously had been on Market Street.

“There’s no question in my mind that it will be redeveloped,” Simons said of the property. “The question is, how much will they pay for it while they wait for the project to come to fruition?”

The southern portion of the 8,700-square-foot building was constructed in 1940 and the northern was constructed in 1979.

Simons declined to speculate how much the building might fetch. He said it’s difficult to put a price on the property.

“On one hand, you could look at it as a small industrial building,” he said. “As a redevelopment site, it’s got significantly more value. We are looking for something in the middle.”
 

ADVERTISEMENT

  • Many developed areas once were sketchy
    To those commenting on the "sketchy" nature of this area, the same statement was probably made for many areas of downtown that are now thriving. Part of living in an urban environment is that you mix with people from all walks of life. So long as you feel safe doing so, people willingly live in areas that others would pejoratively label as a ghetto.
  • Location
    I agree that the downtown market will support the price range and somehow there are enough people with this type of income to support it. However, the location is not as great from the standpoint of "scary". You have a lot of homeless people and questionable characters from the other side of the interstate walking through this area. In the other direction, you have the Wheeler Mission and the jail. The whole point to living downtown is to walk everywhere, but I don't know if you want to walk this route after dark.
  • RIP Elvis...
    In the ghettooooo.....
  • Not pricey at all
    Anyone who understands the current state of the downtown rental market knows that there is PLENTY of demand for units in this price range. The location is not exactly terrible, very near to high paying employment centers and still and not far from Mass Ave or Fountain Square. Nice announcement.
  • Answer
    Coincidence
  • Kittle
    Anyone know if Kittle has any relation to Kittle's Furniture or just a coincidence?
  • pricey to say the least
    This is pricey in that area, perhaps the property values will go down where the new Jail is placed, in a rather awkward location, right across from the Zoo, animals caged on one side of the street and prisoners on the other side of the street. Would have been better near the old airport location.
  • high rent district
    wow, nearly 1000-1800 per month, hope they have a nice view seems that every property they develop or acquire, the rent goes up 20-30 percent or becomes a high rent district suddenly
  • Very diverse area
    This is such an interesting part of town. Within 100 yards of this property: Indianapolis Women's Prison, Salvation Army Mission, Marion County Jail II, enormous tent city with hundreds of homeless, heliport, freight train tracks..... But it's really not that scary. Also within 100 yards are The Waverley apartments (nice), Milano Inn (nice), Farm Bureau HQ (nice), I-65 ramp (convenient). If the jails leave downtown this should be a decent place to be.

    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. In reality, Lilly is maintaining profit by cutting costs such as Indiana/US citizen IT workers by a significant amount with their Tata Indian consulting connection, increasing Indian H1B's at Lillys Indiana locations significantly and offshoring to India high paying Indiana jobs to cut costs and increase profit at the expense of U.S. workers.

    2. I think perhaps there is legal precedence here in that the laws were intended for family farms, not pig processing plants on a huge scale. There has to be a way to squash this judges judgment and overrule her dumb judgement. Perhaps she should be required to live in one of those neighbors houses for a month next to the farm to see how she likes it. She is there to protect the people, not the corporations.

    3. http://www.omafra.gov.on.ca/english/engineer/facts/03-111.htm Corporate farms are not farms, they are indeed factories on a huge scale. The amount of waste and unhealthy smells are environmentally unsafe. If they want to do this, they should be forced to buy a boundary around their farm at a premium price to the homeowners and landowners that have to eat, sleep, and live in a cesspool of pig smells. Imagine living in a house that smells like a restroom all the time. Does the state really believe they should take the side of these corporate farms and not protect Indiana citizens. Perhaps justifiable they should force all the management of the farms to live on the farm itself and not live probably far away from there. Would be interesting to investigate the housing locations of those working at and managing the corporate farms.

    4. downtown in the same area as O'malia's. 350 E New York. Not sure that another one could survive. I agree a Target is needed d'town. Downtown Philly even had a 3 story Kmart for its downtown residents.

    5. Indy-area residents... most of you have no idea how AMAZING Aurelio's is. South of Chicago was a cool pizza place... but it pales in comparison to the heavenly thin crust Aurelio's pizza. Their deep dish is pretty good too. My waistline is expanding just thinking about this!

    ADVERTISEMENT