Construction begins on downtown condo project

November 11, 2009
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Construction has finally begun on a condo conversion of an historic five-story building known as The Shelton. A loan for the roughly $3-million project fell through last year, but developer Klaus Wittern recently secured new financing from Merchants Bank of Indiana, formerly known as Symphony Bank. Plans for the 1926 building on Delaware Street between St. Clair and Ninth streets call for 16 condo units with hardwood floors, granite countertops, tiled showers and stainless-steel appliances. They will range from $130,000 for 650-square-foot units to the mid-$200,000s for units larger than 1,000 square feet. The first should be available by March, and completion is scheduled for May. The building originally contained 50 apartment units and was designed by an apprentice of Frank Lloyd Wright. Keystone Construction is the general contractor.

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  • Nice
    Aaron M. RennNovember 11, 2009 8:57 PM
    w00t! Nice win for downtown.
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  • Excellent
    PhilNovember 11, 2009 10:52 PM
    I'm glad. I've watched this building for a while, especially as I temporarily lived in the Renaissance Tower behind it.

    I'm glad it is finally getting the work it needs...prices seem reasonable as well.
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  • GREAT!
    joeNovember 12, 2009 12:24 PM
    it is great to hear when developers are receiving money again to develop new places. Granted, this is not new, but upgraded, which is like new. I hope that the developer can deliver like promised.
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  • Great News for Indy
    Cindy L.November 12, 2009 12:38 PM
    Wow. Kudos to the developer for revitalizing a true piece of history. Condos under 300k with a great view are hard to find. Best of luck.
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  • saturated
    GregNovember 12, 2009 1:39 PM
    I think there's a lot of potential to be had with this building. But in my opinion the market is saturated with condos. At 16th and central there are condos that have never been able to sell for $190,000.
    It WILL be great to see this blight be returned to its former glory though! So, for that I'm excited and commend the developers.
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  • Never ceases to amaze me
    HarveyFNovember 12, 2009 3:56 PM
    About 10 steps by 7 1/2 steps for $130,000. That's not much room to live in for $130,000.00
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    • comment
      Firewoman1220November 12, 2009 4:48 PM
      I like this project - and the prices seem very reasonable. I love when great old buildings like this are rehabilitated. I wish them luck as well.
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    • Ummm
      caliboy28November 12, 2009 7:55 PM
      I think your math may need a little work there HarveyF! ;-)
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    • location
      AblerockNovember 13, 2009 11:48 AM
      This is actually a great location. Delaware St. is a "great divider" but once you cross it, you're just a block from the library, the new Bar Yats, Urban Elements, Living Room Lounge, etc. It's also just a couple of blocks from the soon-to-be ubiquitous Cultural Trail. With a few more investments in the area and a little bit of traffic calming/streetscaping along Delaware, this area will great.
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    • Apartments???
      CoryWilsonNovember 13, 2009 1:30 PM
      I wish the condo stuff would STOP. Seriously. Too many downtown and the more they build, the more vanilla the downtown becomes.
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    • Do the Math
      thundermuttNovember 13, 2009 1:32 PM
      Caliboy: 650 square feet is about 30x22.5, and my steps are 3 feet long. 10x7.5 steps.

      And since when is $200 per square foot ($130,000/650) "reasonable"? That's high end, comparable to the Axia Urban condos and townhomes.

      Don't kid yourselves. These are "starter luxury" condos. Think BMW 1-series and Mini Cooper cars.
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      • I concede...
        caliboy28November 13, 2009 4:40 PM
        ... that perhaps I took the "10 steps by 7.5 steps" reference a bit too literally. I still like the project.
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      • Filling a void
        AmericanDirtNovember 16, 2009 10:15 AM
        Cranky as some people get about more new condo developments, this is a solid addition. $200 per square foot may seem steep in this land of cheap housing, but that's very reasonable for an urban condo. Amenities at this location are relatively modest. And it sure beats the majority of condos that are going for $300-$400/s.f., which are prices you'd find in Boston. It would be hard to sell much lower than this and still find a buyer--the Mini Cooper crowd is typically willing and able to pay this. The rental market will be much more accommodating to a broader economic range.
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      • Quartz over granite
        MarcoNovember 17, 2009 2:36 PM
        Developer should try quartz not porous and moldy like granite.
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      • Disagree
        JoshNovember 19, 2009 9:23 AM
        While I agree in general with the condos making downtown vanilla, this is an exception. This is nothing like the stupid boxes covered in strip mall adornments by Market Square.
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      • easy move it
        bobJanuary 31, 2012 7:48 PM
        The move in would be easy, 1 packing box and your tooth brush. 650 SQ FT. ?????. Isn't that about the size of a Tahoe. Nice to see it's getting rehabbed. Love the Older building.
        Reply to CommentFlag Comment

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