Construction begins on downtown condo project

November 11, 2009
Back to TopCommentsE-mailPrintBookmark and Share

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.

ADVERTISEMENT
  • Nice
    w00t! Nice win for downtown.
  • Excellent
    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.
  • GREAT!
    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.
  • Great News for Indy
    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.
  • saturated
    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.
  • Never ceases to amaze me
    About 10 steps by 7 1/2 steps for $130,000. That's not much room to live in for $130,000.00
    • comment
      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.
    • Ummm
      I think your math may need a little work there HarveyF! ;-)
    • location
      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.
    • Apartments???
      I wish the condo stuff would STOP. Seriously. Too many downtown and the more they build, the more vanilla the downtown becomes.
    • Do the Math
      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.
      • I concede...
        ... that perhaps I took the "10 steps by 7.5 steps" reference a bit too literally. I still like the project.
      • Filling a void
        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.
      • Quartz over granite
        Developer should try quartz not porous and moldy like granite.
      • Disagree
        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.
      • easy move it
        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.

      Post a comment to this blog

      COMMENTS POLICY
      We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
       
      You are legally responsible for what you post and your anonymity is not guaranteed.
       
      Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
       
      No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
       
      We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
       

      Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

      Sponsored by
      ADVERTISEMENT
      1. I am not by any means judging whether this is a good or bad project. It's pretty simple, the developers are not showing a hardship or need for this economic incentive. It is a vacant field, the easiest for development, and the developer already has the money to invest $26 million for construction. If they can afford that, they can afford to pay property taxes just like the rest of the residents do. As well, an average of $15/hour is an absolute joke in terms of economic development. Get in high paying jobs and maybe there's a different story. But that's the problem with this ask, it is speculative and users are just not known.

      2. Shouldn't this be a museum

      3. I don't have a problem with higher taxes, since it is obvious that our city is not adequately funded. And Ballard doesn't want to admit it, but he has increased taxes indirectly by 1) selling assets and spending the money, 2) letting now private entities increase user fees which were previously capped, 3) by spending reserves, and 4) by heavy dependence on TIFs. At the end, these are all indirect tax increases since someone will eventually have to pay for them. It's mathematics. You put property tax caps ("tax cut"), but you don't cut expenditures (justifiably so), so you increase taxes indirectly.

      4. Marijuana is the safest natural drug grown. Addiction is never physical. Marijuana health benefits are far more reaching then synthesized drugs. Abbott, Lilly, and the thousands of others create poisons and label them as medication. There is no current manufactured drug on the market that does not pose immediate and long term threat to the human anatomy. Certainly the potency of marijuana has increased by hybrids and growing techniques. However, Alcohol has been proven to destroy more families, relationships, cause more deaths and injuries in addition to the damage done to the body. Many confrontations such as domestic violence and other crimes can be attributed to alcohol. The criminal activities and injustices that surround marijuana exists because it is illegal in much of the world. If legalized throughout the world you would see a dramatic decrease in such activities and a savings to many countries for legal prosecutions, incarceration etc in regards to marijuana. It indeed can create wealth for the government by collecting taxes, creating jobs, etc.... I personally do not partake. I do hope it is legalized throughout the world.

      5. Build the resevoir. If built this will provide jobs and a reason to visit Anderson. The city needs to do something to differentiate itself from other cities in the area. Kudos to people with vision that are backing this project.

      ADVERTISEMENT