$1.4M revival planned for historic Oxmoor apartments

March 21, 2013
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Oxmoor IndianapolisThe abandoned Oxmoor Apartments on Indianapolis’ near-north side is about to be revived, thanks to a $1.4 million renovation set to be completed in July. A partnership between Near North Development Corp. and the for-profit North Meridian Community Partners is leading the project, assisted by grants from the city of Indianapolis and the Federal Home Loan Bank of Indianapolis. A massive fire in 2010 destroyed much of the historic complex, built in 1929, at 3640 N. Meridian St. The building has sat vacant since, becoming an eyesore and magnet for vagrancy, prostitution and drugs, said Michael Osborne, president of the Near North Development Corp. “It’s a complete gut job,” he said. “It’s not slapping a coat of paint on the building. Essentially, you’re saving a shell.” The three-story building formerly housed 24 units, but that number will shrink to 20 to allow for some three-bedroom units. Rental rates for a one bedroom, 500-square-foot unit will start at $580 a month. Cheaper rental rates for the area near the 38th Street corridor and the extensive work that needed to be done to the building made a renovation cost-prohibitive for a private developer, Osborne said. North Meridian Community Partners will own the building once the renovation is finished.

— Scott Olson, solson@ibj.com

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  • Waste
    This building is only in the way of Re-Development. If the North Side is to be a more vibrant,safe neighborhood then this is precisely what shouldn't happen.This is 24 Units at a cost of $1.4 million? Something fishy here.Please tell us good readers our Tax dollars/property Taxes aren't being used for this mess?
    • In the way?
      How is this building in the way of redevelopment? Fixing up an abandoned building and turning it into apartments is somehow bad for the neighborhood? $580 for a one bedroom is pretty average, so it isn't like this is Section 8 housing going in.
    • RE: Waste
      Mitch, If you read the entire article it is 20 apartments (was 24). Do some basic math, and that brings the renovated project down to approximately $70,000/unit from a construction cost perspective. I am assuming that the land cost was minimal (probably a tax sale property or some other low price acquisition method) and the bulk of it is in construction costs, then that really does not seem like an off the mark price for a mid quality unit.
    • $58K/unit
      I don't see an issue with spending $58,000 per unit for what amounts to new, safe, up-to-code apartments available to working people whose wages are low. A rental landlord that screens tenants and manages the project well can make this a positive community asset.
    • 1 of several
      There are several examples like this building between 38th and Fall Creek. Is there that much red tape and politics involved in trying to clean up this area? I drive through this area everyday and it would be great for everyone if we just blew up a couple of these buildings and started over. I know that is easier said that done but you get the point.
      • Blow them up?
        No Ben, that would not be easier, unless you think a bunch of empty lots along Meridian Street is an improvement. In that case, yes, it would be easier.
      • Blow them up?
        Ben, it would be a destructive move on both our urban fabric and this city's architectural heritage to just go through and blow them up. Just because there are "several" buildings similar to this doesn't make them less valuable to this city. I'm glad this building is being restored and I hope more are!
      • Great Project, and Hope To See Many More Like It
        Ben, we don't randomly blow up buildings--join the Taliban if you are into that sort of thing. Also, tearing down buildings doesn't magically redevelop an area. The tear-down strategy was tried for several decades and all it generated was vast areas of abandoned lots and more blight. The building is getting renovated and it will provide 20 reasonably priced rental units--that is a good thing. There is nothing bad or controversial about this project. It is wonderful, and hopefully, there will be many more like it.

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      1. Cramer agrees...says don't buy it and sell it if you own it! Their "pay to play" cost is this issue. As long as they charge customers, they never will attain the critical mass needed to be a successful on company...Jim Cramer quote.

      2. My responses to some of the comments would include the following: 1. Our offer which included the forgiveness of debt (this is an immediate forgiveness and is not "spread over many years")represents debt that due to a reduction of interest rates in the economy arguably represents consideration together with the cash component of our offer that exceeds the $2.1 million apparently offered by another party. 2. The previous $2.1 million cash offer that was turned down by the CRC would have netted the CRC substantially less than $2.1 million. As a result even in hindsight the CRC was wise in turning down that offer. 3. With regard to "concerned Carmelite's" discussion of the previous financing Pedcor gave up $16.5 million in City debt in addition to the conveyance of the garage (appraised at $13 million)in exchange for the $22.5 million cash and debt obligations. The local media never discussed the $16.5 million in debt that we gave up which would show that we gave $29.5 million in value for the $23.5 million. 4.Pedcor would have been much happier if Brian was still operating his Deli and only made this offer as we believe that we can redevelop the building into something that will be better for the City and City Center where both Pedcor the citizens of Carmel have a large investment. Bruce Cordingley, President, Pedcor

      3. I've been looking for news on Corner Bakery, too, but there doesn't seem to be any info out there. I prefer them over Panera and Paradise so can't wait to see where they'll be!

      4. WGN actually is two channels: 1. WGN Chicago, seen only in Chicago (and parts of Canada) - this station is one of the flagship CW affiliates. 2. WGN America - a nationwide cable channel that doesn't carry any CW programming, and doesn't have local affiliates. (In addition, as WGN is owned by Tribune, just like WTTV, WTTK, and WXIN, I can't imagine they would do anything to help WISH.) In Indianapolis, CW programming is already seen on WTTV 4 and WTTK 29, and when CBS takes over those stations' main channels, the CW will move to a sub channel, such as 4.2 or 4.3 and 29.2 or 29.3. TBS is only a cable channel these days and does not affiliate with local stations. WISH could move the MyNetwork affiliation from WNDY 23 to WISH 8, but I am beginning to think they may prefer to put together their own lineup of syndicated programming instead. While much of it would be "reruns" from broadcast or cable, that's pretty much what the MyNetwork does these days anyway. So since WISH has the choice, they may want to customize their lineup by choosing programs that they feel will garner better ratings in this market.

      5. The Pedcor debt is from the CRC paying ~$23M for the Pedcor's parking garage at City Center that is apprased at $13M. Why did we pay over the top money for a private businesses parking? What did we get out of it? Pedcor got free parking for their apartment and business tenants. Pedcor now gets another building for free that taxpayers have ~$3M tied up in. This is NOT a win win for taxpayers. It is just a win for Pedcor who contributes heavily to the Friends of Jim Brainard. The campaign reports are on the Hamilton County website. http://www2.hamiltoncounty.in.gov/publicdocs/Campaign%20Finance%20Images/defaultfiles.asp?ARG1=Campaign Finance Images&ARG2=/Brainard, Jim

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