An iconic flatiron building on Massachusetts Avenue downtown has a new owner nearly three years
after the property first went on the market, IBJ's Chip Cutter reports in this week's Real Estate Weekly. Larry Browning of
Shelbyville-based Evergreen Investment Corp. paid $3.2 million for the historic three-story Argyle on Mass Ave building at
the corner of East Street and Massachusetts Avenue. He plans to spend between $200,000 and $300,000 over the next five years
to upgrade the mixed-use property, which contains 17,787 square feet of retail space on the basement and first floors and
36 mostly one-bedroom apartments on the upper levels. "It won't be dramatic," he said, "but there will be lots of little areas
where we're going to spend some money on just gradually improving the property." The ground-floor retail space is home to
Mediterranean restaurant Aesop's Tables, caterer Boun Gusto Unique Events, hair salon Michael's on Mass and local retailers
Interior Life and The Stamp Shop. The upstairs apartment units, which rent from $550 to $700 a month, rarely have vacancies,
Browning said. Key priorities will be sprucing up the apartment units and finding a tenant or two to occupy the 6,000 square
feet of vacant space in the building's basement. See the full story here.
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Welcome to Property Lines, Indy's source for neighborhood real estate news. Your host is Scott Olson, IBJ's real estate beat
reporter. Edited by Cory Schouten.
An iconic flatiron building on Massachusetts Avenue downtown has a new owner nearly three years
after the property first went on the market, IBJ's Chip Cutter reports in this week's Real Estate Weekly. Larry Browning of
Shelbyville-based Evergreen Investment Corp. paid $3.2 million for the historic three-story Argyle on Mass Ave building at
the corner of East Street and Massachusetts Avenue. He plans to spend between $200,000 and $300,000 over the next five years
to upgrade the mixed-use property, which contains 17,787 square feet of retail space on the basement and first floors and
36 mostly one-bedroom apartments on the upper levels. "It won't be dramatic," he said, "but there will be lots of little areas
where we're going to spend some money on just gradually improving the property." The ground-floor retail space is home to
Mediterranean restaurant Aesop's Tables, caterer Boun Gusto Unique Events, hair salon Michael's on Mass and local retailers
Interior Life and The Stamp Shop. The upstairs apartment units, which rent from $550 to $700 a month, rarely have vacancies,
Browning said. Key priorities will be sprucing up the apartment units and finding a tenant or two to occupy the 6,000 square
feet of vacant space in the building's basement. See the full story here.
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First, the Athenaeum is going to have to get past the hurdle with the Lockerbie residents and the agreement that the parcel would be residential. Second, and in my opinion, this prime piece of property should include parking, PLUS, a black box theater(s), some market rate and affordable artist housing and a plan to renovate and reconfigure the second story theater. I would negotiate to add the DeHaan property surface parking lot into the development mix, place a one story surface parking garage on the DeHaan lot on the street level (for the Dehaan tenants use during the daytime) and add a second story to the garage that would become an addition to the current second story theater and then change the direction of the theater by moving the stage across the alley and on top of the DeHaan lot parking. You can add all the stage elements that are currently missing from the Athenaeum stage to make it more attractive for use by Ballet, Opera and traveling productions. Plus, the theater changes would probably help solve some of the soundproofing issues. Alas,it does not seem to be a part of the strategic plan to conduct a study to determine best use of the property. Seems like the current plan is a quick and easy move that ignores the property best use/potential and any strategic property planning for the effect on future generations.
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I recall that MSA's pilings are still in the ground and hard to remove. It’s not likely any proposal will include significant underground construction/parking because of this. Start adding 2 floors of retail, 8 floors of parking and 5-10 floors of possible hotel, and/or 10-20 floors of residential, and you are at 30 floors already with possible expansion of all the uses. But then again I could be wrong.
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Accoriding to their website there is no deadline to the Do Not Call list. What is this article referring to??
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On what planet are they entitled to this largesse from the stockholders? These people make multi-million dollar salaries: Pay for your own personal travel.
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It matters because they're already paid enormously fat salaries: Pay for your own personal travel. Being "taxed on it" isn't a valid excuse--so what? They're still being gifted a raft of luxury perks from somebody else's money on top of an enormous, lavish salary.
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I love this building.
I could be wrong though.
Too bad most of them have been torn down.
It seems current developers aren't interested in taking advantage of such unique parcels.
Most recently, The Villagio at Paige Point had a chance to build a beautiful flatiron, but decided to build a tiny parking lot instead.
Hopefully, someday soon, there will be a flatiron renaissance in Indy. :-)
My Life with the Thrill Kill Kult played there. :)
Perhaps concrete and glass?
Perhaps at the foot of the Barton Tower on Mass Ave?
Also, if people haven't seen some of the picture of the great old flat irons indy used to have look for pictures of the Lincoln Hotel (Illinois/Washington/Kentucky Intersection) and the Knights of Pythias building (Mass/Penn/Ohio Intersection).