Downtown apartment complex to expand

September 1, 2009
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The developer of The Waverley apartments downtown has filed plans to expand the complex at 151 S. East St., IBJ's Tom Harton reports in today's Real Estate Weekly. Carmel-based J.C. Hart Co. Inc. wants to add 48 one-bedroom units to the 164-unit complex. Out of 86 existing one-bedroom units, only one is vacant. The four-story expansion would feature apartments with balconies overlooking East Street on the second, third and fourth floors. A 41-space parking garage would occupy the first level. A small surface parking lot shielded from the street would provide enough extra spaces to accommodate all 48 apartments. When Hart won its original approvals for The Waverley from the city in 2006, the vacant land the company now wants to build on was earmarked for three separate buildings for townhomes and ground-level retail space. But J.C. Hart found little interest for the commercial space. The company hopes to start construction as soon as next spring. The full story is here.

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  • It's hard to believe there's no interest in retail space when there's a captive audience of at least 164 residents in that apartment complex alone. Not to mention the surrounding neighborhood or the large adjacent Farm Bureau and Anthem office buildings.

    For instance, one could open a tobacco shop and do quite well. I pass dozens of smokers from both campuses daily. ;-)
    • What is the use of writing comments when they just disappear later in the day? Whats going on with this new system???
    • All I can tell you is what they're telling me: We're working on it.
    • This is good to hear and I am actually please that they have scrapped the retail portion. Fletcher Place is literally a stones throw from here and having new retail so close would hurt, not help, that strtch of College
    • Monolithic, low-rise apartment complexes aren't particularly urban, especially this one, with its pitched roofs and Hardiplank siding. It's great to see an increase in the rental base downtown, though... I just wish the site could be developed with a better sense of its urban context.
    • Monolithic, low-rise apartment complexes aren't particularly urban, especially this one, with its pitched roofs and Hardiplank siding. It's great to see an increase in the rental base downtown, though... I just wish the site could be developed with a better sense of its urban context.
    • Monolithic, low-rise apartment complexes aren't particularly urban, especially this one, with its pitched roofs and Hardiplank siding. It's great to see an increase in the rental base downtown, though... I just wish the site could be developed with a better sense of its urban context.
    • At least the surface parking won't front East Street.

      I wish they would still do the first floor retail and just build two or 3 floors of residential above it. This would be a great spot for all the Insurance company employees to grab lunch or coffee if there were retail.

      It still kills me how suburban this project is..
    • No retail on the bottom floor seems to be the Indianapolis way...where do these people get their info that there would be little interest in commercial space. I use to work at Anthem and would have gone out there more than a few times a week on my short 1/2 lunch just to get out of the building. This is the freaking downtown already and a lot of us live here and would happily visit a retail establishment in that area. So much narrow minded thinking...bah!
    • Not building multi-use / retail on the street level is simply short sighted.
    • First floor parking along East Street. No pedestrian door along East Street. Surface parking along East Street also. More hardi-plank siding downtown. Two new curb cuts along East Street with cars blocking the sidewalk waiting for the gates to open. Expansion of a suburban-type apartment compounded surrounded by tall fences and gates. Elimination of a (probably illegal) gravel parking lot. Elimination of previously approved plan for presumably one-story, single-user commercial building. So, how does that balance out?
    • Financing difficulties
      when a housing project contains commercial space it no longer qualifies for Federal funding or state of Indiana Housing Authority financing and also can be disqualified from fed income tax credits

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    1. Apologies for the wall of text. I promise I had this nicely formatted in paragraphs in Notepad before pasting here.

    2. I believe that is incorrect Sir, the people's tax-dollars are NOT paying for the companies investment. Without the tax-break the company would be paying an ADDITIONAL $11.1 million in taxes ON TOP of their $22.5 Million investment (Building + IT), for a total of $33.6M or a 50% tax rate. Also, the article does not specify what the total taxes were BEFORE the break. Usually such a corporate tax-break is a 'discount' not a 100% wavier of tax obligations. For sake of example lets say the original taxes added up to $30M over 10 years. $12.5M, New Building $10.0M, IT infrastructure $30.0M, Total Taxes (Example Number) == $52.5M ININ's Cost - $1.8M /10 years, Tax Break (Building) - $0.75M /10 years, Tax Break (IT Infrastructure) - $8.6M /2 years, Tax Breaks (against Hiring Commitment: 430 new jobs /2 years) == 11.5M Possible tax breaks. ININ TOTAL COST: $41M Even if you assume a 100% break, change the '30.0M' to '11.5M' and you can see the Company will be paying a minimum of $22.5, out-of-pocket for their capital-investment - NOT the tax-payers. Also note, much of this money is being spent locally in Indiana and it is creating 430 jobs in your city. I admit I'm a little unclear which tax-breaks are allocated to exactly which expenses. Clearly this is all oversimplified but I think we have both made our points! :) Sorry for the long post.

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    5. It is sad to see these races not have a full attendance. The Indy Car races are so much more exciting than Nascar. It seems to me the commenters here are still a little upset with Tony George from a move he made 20 years ago. It was his decision to make, not yours. He lost his position over it. But I believe the problem in all pro sports is the escalating price of admission. In todays economy, people have to pay much more for food and gas. The average fan cannot attend many events anymore. It's gotten priced out of most peoples budgets.

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