Developers are taking a new approach to a student housing project proposed
for a 2.3-acre parking lot a few blocks east of the Central Canal. The plan, which once called for a 16-story tower, now envisions
a 4- or 5-story structure including a ground-floor parking level and a small retail space at the corner of Capitol Avenue
and North Street. Each floor would contain 55 units of various sizes with a total of 140 beds. Two courtyards and a pool area
would be built atop the parking structure. The updated application, which names Minneapolis-based Opus as the developer, asks
the city to vacate a portion of Kankakee Street. The new plan calls for no surface parking and a structure built to the street
in every direction. Check out an earlier post here.
- Home
- NEWS
- REGIONAL
- THIS WEEK'S PAPER
- BLOGS
- Multimedia
- OPINION
- A&E
- LISTS
- PEOPLE
- EVENTS
- Classifieds
- Subscribe
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.
Developers are taking a new approach to a student housing project proposed
for a 2.3-acre parking lot a few blocks east of the Central Canal. The plan, which once called for a 16-story tower, now envisions
a 4- or 5-story structure including a ground-floor parking level and a small retail space at the corner of Capitol Avenue
and North Street. Each floor would contain 55 units of various sizes with a total of 140 beds. Two courtyards and a pool area
would be built atop the parking structure. The updated application, which names Minneapolis-based Opus as the developer, asks
the city to vacate a portion of Kankakee Street. The new plan calls for no surface parking and a structure built to the street
in every direction. Check out an earlier post here.
Sponsored by
ADVERTISEMENT
-
In my opinion the estridge companies are crooks. They filed bankruptcy on their 'track housing' side of the business two weeks before they closed on one of my clients' homes. When my client first interviewed Estridge as a builder 6 months before, they specifically ASKED about the solvency of their business, knowing that some builders were struggling. Estridge truly misrepresented their financial situation at that time. I suppose I am more unhappy with the whole system than I am with the builder because what the heck==you can file bankruptcy on 'track homes' but still keep building and make money off of 'custom built' homes??? How ridiculous! They are all homes. How can a company be allowed to bilk thousands of dollars from their subcontractors but still be allowed to build houses?? they should have been made to pay back all their unpaid contractors before being allowed to profit from building any more houses! This alone makes them and the system crooks in my eyes. I would never build an estridge home and I would not recommend for my clients either. If they were truly 'bankrupt' how could they afford to keep building homes anyway??? The whole system needs fixed.
-
I live a couple blocks east of the Angie's campus and my house is assessed for ~$160,000. If I could get that amount, let alone $384,000 (a 140% bonus), I'd sell in a minute. Either Angie's stockholders just got fleeced, or Angie's is getting about a 58% discount on their property taxes, if these properties are actually worth what they paid Mr. Oesterle for them. Which do you think is the case?
-
Perhaps the IMA board is really to blame! They agreed to hire Charles. They can't seemingly find donors among themselves, or bring in new blood that will support the museums operating budget with an expanded museum and money to provide curators with something to do (ie buy art). The headlines of disarray at the museum and mass firings are hurting the reputation of the museum for some time to come. If people on the board had misgivings, perhaps they shpuld have more forcefully opposed efforts that they have seemingly been unable to fund, like expansion and the costs it has created!
-
See, I told u Indyman and Dipsicle....this 8 days is overkill. It's barely worth a weekend....great job Tony George! Your dream has been fulfilled....he fans want the I r l back. Thats how good it was.....and that sucked.
-
I have been in training for a short time now but right off I can see that safety and quality are the number one issues, my experience as of late has been a positive one, the employees along with Jeff the plant manager and the operation supervisor as well as the engineers are a highly motivated group of people, what an asset for the area to have and for company's in need of a quality metal products.
ADVERTISEMENT
Back to TopCopyright © All Rights Reserved. Privacy Policy | Terms of Use.
Design, CMS, Hosting & Web Development :: ePublishing.
Additional Hosting & Delivery by
IBJ Conversations
42 Comments
Add Comment
A grocery store would be a great investment in that area of the city. With Paramount Tower and The Cosmopolitan going up, no to mention all the apartments already nearby, someone could make a killing.
The vacant first-floor of the building that AUL recently did a fantastic job of restoring would be a great location. It's got plenty of parking.
I checked out Opus' site as well. They've got some decent projects, but a lot of generic work as well.
I like this one in LA:
http://www.opuscorp.com/pages/project_detail.aspx?ProjectName=Canvas%20L.A.
However, the description of the ground floor is sending up red flags. It sounds to be like they want a parking garage at ground level around the vast majority of the building. At the very least, they should have retail spaces at the North/Capitol corner and Michigan/Capitol corner. I'd prefer retail wrapping a significant portion of the ground floor -- with in/out spaces for the parking garage of course -- but ignoring the Michigan/Capitol corner would be a huge mistake.
Funny you showed me that example, it was one I was impressed with, out of all their work. Most of their stuff looks to be a breath of fresh air compared with most of the architecture proposed around here. On a side note, I just read that 707 E North St is now on hold...good luck selling those $800,000 condos.
Here you go again, running your mouth as if it were one of significance. You don't live here anymore, but you sniff around like an attack dog. This project is one more example of something good happening to Indy and is still a work in progress. It's not something to be critical of especially from an outsider.
Perhaps you need a positive focus in your life. We can only hope.
I ride my bike around this area relatively often and I can't wait to see construction begin.
I still like Indy, I am from Indiana, I used to visit the city often when I lived an hour away from it, until I moved out on my own to downtown. I have happy memories of the time I lived downtown and to this day, I miss them. Yet I have already decided to move forward and think ahead, so therefore, along with this sense, I continue to hope for the city to strive for better and top and beyond. Apparently, I have been dissapointed and bitter, yes, of course, my feelings do not matter to anyone else, but I have the privilege to express my thoughts freely. Anyway, you two and everyone else on your page can sit there all you want and think up silly jokes or just be blatantly ridiculous, while I can still express my honest thoughts.
In Phoenix, the downtown is pretty large, but if one was in the metro driving around, they could see two separate clusters of high rise buildings and in between, are the lower high rises. Like Uptown New York through Central Park to Lower Manhattan. It looks like a bridge, I just think Indy could do this as well.
As I've said before, we'll be looking toward the future of the nation's number one conservative city! Here we come :)
At this point, it's up to the State and OneAmerica to decide the fate of that area. There's no waiting for something else to spark the area -- they're the ones holding essentially all the open land.
I believe the blog states 140 beds on each floor...
Each floor would contain 55 units of various sizes with a total of 140 beds. 1 ground parking floor + 4 floors x 55 units = 220 units at least.
If that doesn't entice someone to open a grocery store in the ground floor of the Gibson Building, I don't know what will. (Frankly, I'm amazed OneAmerica hasn't signed one yet.) Once you have a basic necessity like a grocery store in the area, it's a lot more appealing to build residential projects.
I have opted to speak up about a post from Dustin as I find his latest comment to be particularly misinformed and inaccurate (Indiana Avenue is dilapidated and scary after dark). Indiana Avenue is in no way dilapidated or scary; unless you are scared by relative quiet. It is accurate that the Avenue is by no means bustling 24/7, but there are no vacant, run-down structures on the Avenue from its terminus at the One America Tower to 11th Street (the historical core of the Avenue). In fact you will find newly renovated structures in additon to the home of Historic Landmarks of Indiana and the historically and culturally significant, Madame Walker Theatre Center.
The Indiana Avenue Cultural District area does not need a hulking 16-story, 2008 version of Lugar Tower, which is what this proposal was before being scaled down. Dustin is correct that Indiana Avenue is no Mass Avenue with respect to commercial development and the addition of the initial proposal would not have made Indiana Avenue any more like Massachusetts Avenue than it is now.
Dustin, I would recommend the next time you are in town you take another walk down Massachusetts Avenue from New York Street north and take note of what happens when you cross Michigan Street. I think you will find the vibrancy of Mass Avenue disappears as pedestrians are met with the 'back yard' of the John J. Barton apartment towers and the 'mass of concrete' in front of the IFD headquarters. Neither of these structures builds the pedestrian experience and in fact they deter it. The Barton Apartments in particular turns its back to Mass Avenue.
A lot remains to be seen with the proposed housing targeted for IUPUI students, but the positive change is the new design calls for construction of the building up to the sidewalks and the potential for street level retail. Additionally, the structure is more to scale with its surroundings. These are the types of developments the Indiana Avenue area needs to create a vibrant residential and commercial environment. Creating a 16 story concrete island does not accomplish this and aesthetically speaking the original design was about as conservative as you could get, so I am confused as to why some are so upset to see it go.
These are of course my opinions, but they are based on my experiences from living in the area, being familiar with the surrounding neighborhoods and interacting with the local residents and businesses. Our district is fortunate to have such cultural treasures as the Walker Theatre, Crispus Attucks, Bethel AME Church, IUPUI, and Ransom Place. We welcome the addition of well-planned and strategic development in the area.
I would encourage future posters like Dustin to base their arguments more on fact than fiction as your comments are out there for all to see. Inaccruate comments do not help local residents realize the positive economic development they are seeking and do nothing for the establishment of relationships with local stakeholders.
I would like to extend my thanks for your input regarding my last post.
Indiana Avenue is dilapidated. What I mean by this is, that the area after dark is dead and quiet. That to me is a dilapidated sense of aura. Who in their right mind would want to be there after dark? It's a joke to even call it a district because it doesn't lend a very characteristic feel at all. Sure the Madame Walker Theater is a good example of one, but as a whole, no.
Mr. Jones, I know what I am talking about, because I lived downtown. I already know the area you were referring to in the middle of Mass Ave. In fact I lived on Mass Ave and it is a definite smack in the face for someone who just finished dinner at Bazbeaux and decided to walk up to Metro for drinks.
I hardly think the new proposal for the student housing is ever going to become a boon to the area. The four-five story concept is boring. Yes, the 16 story preliminary design of the Paramount Tower was boring and conservative as well, but one thing about that building is that it would have possibly spawned more development nearby. A four to five story building is just like any other ordinary height building on the outside of the downtown core. That particular area is dead after dark as well. You are an apparent lover of Indiana Avenue, but literally speaking, who in the hell hears about Crispus Attucks, Bethel AME Church, and Ransom Place very often? Sure IUPUI is mentioned more often, because it's a college.
I think you need to get over yourself and face reality. Because the area you are so fond of is nothing to brag about.
A dilapidated sense of aura? Nice grammar. Nice word choice as well. Dilapidated-Dead and quiet? And what is lending a characteristic feel mean? Uh...nothing.
Dustin, Your communication skills are nothing to brag about.
Thanks for pointing out my lack of communication skills. Usually, when I pick something apart, I provide my contrast point of view. Would love to see how your communication skills are worth bragging about Dave.
Just a reminder though. Your sentencing structure fell apart.
Your question was, And what is 'lending a characteristic feel' mean? Instead, I would have said it this way... And what does 'lending a characteristic feel' mean?
Your last sentence was silly. I would have typed...
Dustin, your communication skills are nothing to brag about.
Then again, you probably just typed lazily and thought, I'm too good to prove myself to anyone while I point out someone else's language structure.
Have a nice day and go color.
Still didn't get it? I guess your comprehension skills rival your communication skills. Next time I'll type slower.
You have an issue with something? I'm sure your frustrations are getting the best of you. Now go play and don't hit, be a good boy.
As for the new proposal, I think the scaled down development should meet the demand for student housing while making for a more feasible project. Five-stories with 220 units over parking and retail is sufficient density for the area and also a wise response to the current tight credit market. High-rise development only makes sense when land costs and/or other development restrictions support such intensive development. Land is simply not that expensive in that area, nor are there any significant limits to building out, rather than up. Also, getting financing for a spec. project at this time is difficult, especially for high-rise housing, so a more modest proposal makes good sense.
The design could benefit from some tweaking, but I think with a few modest refinements, it could be a very nice addition to the neighborhood.