Work set to start on Market Square tower in October

August 14, 2014
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It’s looking like construction on Flaherty & Collins Properties’ massive Market Square project won’t start until at least October.

msa 225pxThe local developer received a big boost in March when the Indianapolis City-County Council voted 18-9 to provide up to $23 million in city financing for the $81 million, 28-story apartment tower, to be built on part of the former Market Square Arena site.

And in May, Flaherty & Collins received more good news, when specialty grocery chain Whole Foods agreed to anchor the 300-unit project by taking 40,000 square feet at the building’s base.

But getting a commitment from Whole Foods took longer than expected, CEO David Flaherty said, helping to push back the start date from summer to fall.

“The tower is so intricate from an architectural perspective, it has taken longer to get the plans to this point,” he said. “We’ve gone as fast as we could, but yes, it’s taken longer than what we would like.”

The project’s architect is the Chicago office of Baltimore-based RTKL Associates Inc.

Flaherty & Collins, however, actually has another hurdle to clear. The city’s Regional Center Hearing Examiner is set to consider the development’s design Thursday morning.

Because the site is within the Regional Center overlay district, the project needs to comply with Regional Center Urban Design guidelines and requires initial approval by the city’s hearing examiner.

Milliken Phase 2
                              No. 2 225 pxHere’s an update on the progress of a few other downtown mixed-use projects:

• Insight Development Corp., the development arm of the Indianapolis Housing Agency, is set to start construction “any day now” on the second phase of its Millikan on Mass project, said Bruce Baird, president of Insight.

Insight held a groundbreaking ceremony in late June and had hoped to get moving within the next month, but financing and building-permit approval took longer than expected, Baird said.

The developer is constructing the $25.4 million Millikan on Mass in two phases across from the Athenaeum at the intersection of Massachusetts Avenue and Michigan Street.

• Milhaus Development LLC’s design for a project at another major intersection of Massachusetts Avenue received approval Tuesday from the Indianapolis Historic Preservation Commission.

Milhaus College
                              project 225 pxPlans call for 42 apartments, 8,000 square feet of retail and 55 parking spaces on what’s now a parking lot at the southeast corner of College Avenue and East St. Clair Street, where Mass Ave. intersects the streets.

Milhaus added more brick to the building, moved the garage entry from St. Clair to Walnut Street, and extended the retail piece from College to St. Clair.

Construction could start late this year or early next year, Milhaus president Jeremy Stephenson, said.

“Clearly the market’s there,” he said. “We want to get going on it as soon as we possibly can.”

  • Great news
    This is all wonderful news. Love to see downtown Indy filling in.
  • Milhaus Development
    Any images of the final Milhaus development for the corner of St. Clair and Mass Ave? I'm glad IHPC was holding their feet to the fire on making changes to the design.
    • Milhaus image
      I'm working on getting a rendering from Milhaus and hope to have it added to the blog yet today.
    • Cheese Grater
      I really like the building, I just hope everyone calls it "the grater". All classic buildings have cool nick names, this one looks like a cheese grater.
    • Updated Tower Image
      Scott, any chance we could get an updated tower rendering? I assume it's changed (even if marginally) from the original contest winning images that we've all seen.
    • Renderings
      The approval can be found at this link.....
    • Milhaus rendering
      I've posted an updated Milhaus rendering for its College Avenue project. Joe, thanks for posting the links for Market Tower.
    • College
      I have to say I do like the retail space fronting College. Anything we can do to bridge that gap down to the east end of Mass is a good thing! --- At least until something is done with the bus depot.
    • How about this for a nickname?
      The deodorant stick
    • Turning right on St Clair
      Will the attempted right turn ban on St Clair from College remain after this new building goes in? I say attempted because most days I see it being broken at least once as I travel around that area.
    • Milhaus updates
      Improved street interaction, but upper half of building still has a generic, unappealing institutional feel to 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. Finance Images&ARG2=/Brainard, Jim