Will suburban apartment market stay hot?

April 5, 2013
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Marah Development’s plans for a 491-unit multifamily housing project in Noblesville’s Corporate Campus aren’t surprising, given the red-hot apartment market in central Indiana.

Occupancy rates in the Fishers and Noblesville area almost reached 95 percent last year, according to local apartment brokerage and advisory firm Tikijian Associates, and developers have $94 million in apartment projects planned for Fishers alone.

Still, getting the Noblesville Common Council to OK Marah’s Chapel Pointe preliminary proposal was hardly a sure thing.

Council members tabled discussion of the project twice this year before approving it in a 5-1 vote. They expressed concerns over housing density, property aesthetics and the cost of providing city services to the community planned for the southwest corner of Promise Road and Greenfield Avenue.

The city hopes the $40 million project, which will include apartment and townhouses renting for $800-$1,600 a month, will help draw commercial development to the shovel-ready Corporate Campus—and boost existing businesses.

“More rooftops usually increase the success rates of close or adjacent retail development, so additional multifamily housing in that area should have an impact,” Noblesville Planning Director Christy Langley told IBJ.

Tikijian Associates principal George Tikijian, who was not familiar with the Chapel Pointe proposal, said it remains to be seen how the apartment market will respond to the growing inventory—especially as single-family housing rebounds.

“It’s pretty strong now, but by the time [new units] are delivered in two years or whatever, will we still be saying that?” he asked.

What do you think? Is there enough demand from apartment dwellers North of 96th to justify the building boom?
 
 

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  1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

  2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

  3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

  4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

  5. Look at the bright side. With the new Lowe's call center, that means 1000 jobs at $10 bucks an hour. IMS has to be drooling over all that disposable income. If those employees can save all their extra money after bills, in five years they can go to the race LIVE. Can you say attendance boost?

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