IBJNews

Plans call for apartment conversion of 10-story American Building

Back to TopCommentsE-mailPrintBookmark and Share

Two local real estate firms are working on plans to convert a 10-story downtown office building along North Pennsylvania Street into market-rate apartments.

american Rents for apartments will range from $900 to $1,500 per month.

The Whitsett Group and Ambrose Property Group bought the American Building, a limestone structure built in 1929, from the parent company of The Indianapolis Star in a deal that closed in February.

They expect to spend $7 million to $10 million to retrofit the building at 333 N. Pennsylvania St. to accommodate 72 apartments. The ground floor will remain as commercial space. Construction is scheduled to begin in late summer or early fall.

Rents will range from $900 to $1,500 per month, depending on the size and view from the units, said Whitsett Group principal Joe Whitsett. Parts of the building, which sits a few blocks from Mass Ave, offer excellent views of the Indiana War Memorial Plaza, University Park and the American Legion Mall.

The seller was a subsidiary of Gannett Co. Inc., which owns The Indianapolis Star and the newspaper's headquarters building next door at 307 N. Pennsylvania St. Gannett was represented in the transaction by Mary Beth Kohart, a first vice president with the local office of CB Richard Ellis.

The building, which is only 47 percent occupied, had been up for sale for more than a year, Kohart said. Tenants include bankruptcy attorney Mark S. Zuckerberg, the Indianapolis Local Initiatives Support Corp., and the Greater Educational Opportunities, or GEO, Foundation.

The asking price had been $1.95 million, but the building ultimately sold for less than $1 million.

One challenge for the developers could be a lack of parking. Gannett will continue to provide garage parking for tenants of the American Building through their lease terms, but the company did not include any parking in the sale.

Patrick Chittenden, a vice president with Ambrose, said finding parking spaces to lease nearby shouldn't be a problem.

Whitsett is acting as lead developer because of the firm's multifamily expertise, while Ambrose is an equity investor and will continue to handle leasing for the building's commercial space, Chittenden said.

Each of the American Building's 10 floors is about 9,500 square feet.

ADVERTISEMENT

  • Rubush & Hunter gem
    I'm surprised the article did not mention that this structure really was built as the Architects & Builders Building, designed by premier architects Rubush & Hunter (actually an expansion of their earlier 3-story structure built in 1912). It is an Art Deco gem with marvelous Egyptian-inspired detail and a small but sumptuous lobby.
  • Great News!
    This will be very positive for the area and the downtown resdential market. I am shocked this hasn't received any comments on this page, but it did get the attention of development minded people for Indy! Good luck.....

    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. why oh why does this state continue to elect these people....do you wonder how much was graft out of the 3.8 billion?

    2. i too think this is a great idea. I think the vision and need is there as well. But also agree with Wendy that there may be better location in our city to fulfill this vision and help grow the sports of hockey and figure skating in Indy. Also to help further develop other parts of the city that seem often forgotten. Any of the other 6 townships out side of the three northernmost could benefit greatly from a facility and a vision like this. For a vision that sounds philanthropic, the location is appears more about the money. Would really like to see it elsewhere, but still wish the development the best of luck, as we can always use more ice in the city. As for the Ice growth when they return, if schedules can be coordinated with the Fuel, what could be better than to have high level hockey available to go see every weekend of the season? Good luck with the development and the return of the Ice.

    3. How many parking spaces do they have at Ironworks? Will residents have reserved spaces or will they have to troll for a space among the people that are there at Ruth Chris & Sangiovese?

    4. You do not get speeding ticket first time you speed and this is not first time Mr.Page has speed. One act should not define a man and this one act won't. He got off with a slap on the wrist. I agree with judge no person was injured by his actions. The state was robbed of money by paying too much rent for a building and that money could have been used for social services. The Page family maybe "generous" with their money but for most part all of it is dirty money that he obtained for sources that are not on the upright. Page is the kind of lawyer that gives lawyers a bad name. He paid off this judge like he has many other tine and walked away. Does he still have his license. I believe so. Hire him to get you confiscated drug money back. He will. It will cost you.

    5. I remain amazed at the level of expertise of the average Internet Television Executive. Obviously they have all the answers and know the business inside and out.

    ADVERTISEMENT