IBJNews

Keystone plans mixed-use project on Madison Avenue

Back to TopCommentsE-mailPrintBookmark and Share

A local developer is planning a $2 million mixed-use project for a vacant parcel along Madison Avenue just south of downtown Indianapolis.

The plans from Keystone Group call for a three-story building immediately north of a new Bureau of Motor Vehicles license branch at the southwest corner of Madison and Terrace avenues. The first floor would be leased for office or retail uses, and upper floors would be apartments.

The developer won zoning approval this month from the Metropolitan Development Commission after making adjustments to an early site plan, said John Bartholomew, a spokesman for the Department of Metropolitan Development.

The plans filed with the city show a second three-story building to the north of the one the city approved. Keystone will add the second structure, also with apartments and retail space, at a later date if demand continues to grow in the neighborhood, said Tara Acton-Shaver, property manager for the privately held construction and development firm.

The company is partnering with Concord Community Development Corp. on the project, which could provide a residential boost to an area that had been zoned for light industrial.

The apartment portion will include units set aside for a variety of income levels since some funding will come from the federal Neighborhood Stabilization Program, said Mark Flanary, Concord's executive director. He said the first building will cost about $2 million.

"A mixed-use project like this is invaluable for revitalizing our neighborhood," Flanary said. "The impact is going to be fantastic, especially with the retail portion. We're hoping to see even more mixed-use, and we hope to springboard off this project."

Keystone acquired the 2.8-acre, triangle-shaped parcel in 2009. It was then home to three vacant industrial buildings and a remaining wall from an old brick warehouse, which the company tore down.

The site is across the street from Sisters' Place Restaurant, and just south of Madison Plaza, a 180,000-square-foot office conversion project also by Keystone.

Before Keystone made changes to its proposal, city planners had expressed concerns about the compatability of the project with the neighborhood and the suburban-style arrangement of the proposed buildings, set back from the street with large parking lots in front. The proposed buildings also would be taller than what is normally allowed under city code.

ADVERTISEMENT

  • Whole Story?
    I'd venture a guess that Keystone didn't tell the MDC that they were using the open parking spaces in the lot at Madison and Terrace for overflow for the poorly planned Madison Plaza lot.
  • New Urbanism Rules
    About time MetroIndy (non-Hamilton County) using some intelligence in urban/suburban planning. A mixed-use development is much better than the separate zoning uses (commercial over here, residential over there, etc.) found out in the 'burbs that prevent any pedestrian/non-motorized traffic and community interaction.
  • Say what?
    No site plan showing this mixed-use building in the middle of a parking lot?

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. With Pence running the ship good luck with a new government building on the site. He does everything on the cheap except unnecessary roads line a new beltway( like we need that). Things like state of the art office buildings and light rail will never be seen as an asset to these types. They don't get that these are the things that help a city prosper.

  2. Does the $100,000,000,000 include salaries for members of Congress?

  3. "But that doesn't change how the piece plays to most of the people who will see it." If it stands out so little during the day as you seem to suggest maybe most of the people who actually see it will be those present when it is dark enough to experience its full effects.

  4. That's the mentality of most retail marketers. In this case Leo was asked to build the brand. HHG then had a bad sales quarter and rather than stay the course, now want to go back to the schlock that Zimmerman provides (at a considerable cut in price.) And while HHG salesmen are, by far, the pushiest salesmen I have ever experienced, I believe they are NOT paid on commission. But that doesn't mean they aren't trained to be aggressive.

  5. The reason HHG's sales team hits you from the moment you walk through the door is the same reason car salesmen do the same thing: Commission. HHG's folks are paid by commission they and need to hit sales targets or get cut, while BB does not. The sales figures are aggressive, so turnover rate is high. Electronics are the largest commission earners along with non-needed warranties, service plans etc, known in the industry as 'cheese'. The wholesale base price is listed on the cryptic price tag in the string of numbers near the bar code. Know how to decipher it and you get things at cost, with little to no commission to the sales persons. Whether or not this is fair, is more of a moral question than a financial one.

ADVERTISEMENT