Apartment developer snags historic Piccadilly Place

March 27, 2012
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Piccadilly Indianapolis
                              apartmentsA group led by developer Christopher Piazza has acquired the Piccadilly Apartments at 28 E. 16th St. and is planning a renovation of the 1928 building. The 58-unit, 9-story Piccadilly includes studios, one-bedrooms, two-bedrooms and a 2,000-square-foot, 3-bed, 3.5-bath antique penthouse with a skyline view and private elevator access. Projects by Piazza's Reverie Estates include Penn Arts across the street at 111 E. 16th St. and the Indy Indie Artist Colony at 26 E. 14th St., both of which are fully occupied. Piazza said he will partner with William and Kara Poovey (his investors on previous projects) on the renovation of Piccadilly, which calls for updated kitchens that utilize original cabinets and built-in fridges where possible, subway tile backsplashes, restored hardwood floors, renovated bathrooms with original tile work and vanity mirrors, and period-appropriate fixtures throughout. Planned new amenities include a 24-hour gym, bike parking and a free laundry room. Rents will be in the $500 range per month for a studio, $700 for a one-bedroom and $800 for a two-bedroom unit. No price yet for the penthouse. Piazza declined to disclose a purchase price or his target budget for renovations. The developers plan to apply for historic tax credits and take out a loan from Ameriana Bank.

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  • What about AC
    Wonder if he will do it on the cheap like the Penn Arts building - deciding to omit central air conditioning. It's nice to see an investment in a classic building, but how much better it would be to get rid of the AC units hanging out the windows.
    • AC
      Even if the decision to omit central air was based on cost, the fact that Penn Arts is fully occupied makes it a good business decision. However, it's more likely that preserving the historic interiors precluded retrofitting central air. All those ducts have to go somewhere, and the building wasn't designed to accommodate them.
    • Penthouse
      I lived in the penthouse about a dozen years ago with a couple other students. Rent was $1200/month, but what a great place! huge classic windows and the entire roof served as a deck. But.. man it was expensive to heat.. I hope they restore the space well, really I think it may function better as a condo rather than a rental, and I doubt that rents would be that low now...
    • Pic Place AC
      Poll the current tenants. It rents were raised by $150/month in exchange for Central Air, would they stay? ROI isn't there unless that happens, and I doubt that current tenants would pay it.
    • Sales price?
      Why was the sales price not researched? Doesn't state law require that this information be available to the public? Isn't this why a sales disclosure form is required to be submitted to the County Assessor prior to recording a deed? How can legitimate appraisals of properties be made if the sales price of properties are not made public?
      • New was to Air
        They could have opt. for the fin/tub type of air/heat. Just have to run lines to the units; two or three units would work. When I lived at the Summit House, 'dating myself' worked well, you don't have to run duct's and have condensers all over the place. Sometime in older buildings, the old way work....
      • Purchase Price
        Purchase price and appraised value are 2 totally different things.
      • What's your point Greg?
        I'm asking whether the purchase price is required to be disclosed by law. When I bought a property, I was required to complete a sales disclosure form, including purchase price, which leads me to believe the information should be publicly available, but perhaps not. My point about appraisals is that they can't have credibility in a system where you don't know the actual recent purchase prices of other similar properties.
      • Purchase Price
        According to the Indiana Sales Disclosure, the sale price was $2,300,000.

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