Update: Developer gets OK to build Chatham Arch homes

September 12, 2013
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A local developer got the green light from city officials to build three million-dollar homes on a surface lot south of Massachusetts Avenue in the Chatham Arch neighborhood.

park ave project 225pxThe Indianapolis Historic Preservation Commission approved the plans earlier this month from Dan Jacobs, who expects to break ground on the first house in the spring.

The vertical-style homes will be wider than a typical row house and will range in height from three to four stories with a loft level and a rooftop patio. Options include an elevator and state-of-the-art technology.

Jacobs bought the lot at the northeast corner of East North Street and North Park Avenue in May from an entity called North Lockerbie LLC.

Jacobs said he wants to provide an “urban living experience” by restoring the property to its original use, which was residential.

“This speaks volumes for the neighborhood,” he said. “There’s so much investment going on around me, this is just a small addition to the investment that’s been done by developers around the city.”

Jacobs’ portfolio includes several retail projects, as well as a few residential developments.

Rob Creviston is the architect on the current project with design consulting from Janie Jacobs, an interior designer and a partner at Jacobs Schneider Interior Design.

 

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  1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

  2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

  3. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  4. If you only knew....

  5. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

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