Bids pitch apartments, retail for former Fall Creek YMCA

December 7, 2009
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Two bidders have submitted plans to redevelop the vacant former Fall Creek YMCA along West 10th Street with apartments and retail space. Both plans would result in demolition of the 50,500-square-foot building on roughly 2 acres at 860 W. 10th St. The Center Township Trustee, which bought the building in 2004 after the YMCA closed, sought bids for a mixed-use replacement in October. They were due Dec. 4. A bid from locally based Buckingham Co. suggests 210 luxury apartments, 11,000 square feet of retail and an 8,500-square-foot fitness center spread over four buildings. A second bid, from locally based Van Rooy Properties and several partners including REI  Real Estate Services, proposes a larger project that would include a redevelopment of the Van Rooy-owned Campus View Apartments to the east of the YMCA property. That proposal calls for 292 apartment units, 5,000 square feet of retail and 3,500 square feet of community and support space. The Trustee plans to work with each bidder to develop a best and final offer, said Phillip L. Bayt, a partner at local law firm Ice Miller LLP who represents the township. A decision is expected in early January. Bayt declined to disclose financial details in the bids. But the offering materials suggested a long-term lease with minimum annual rent of about $210,000, and an option to eventually buy the parcel for $2.9 million. No renderings yet, but stay tuned. An earlier post is here.

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  • Go with Buckingham
    Despite having more units, Van Rooy's plans sound less ambitious. The Campus View land is even larger than the YMCA land, yet, with more than TWICE the total land, they're only proposing 82 more apartments and LESS retail.

    Let Buckingham develop the YMCA with more density and retail. From what I've heard, Van Rooy already had plans to redevelop the Campus View land in the future. That project should be even more attractive given Buckingham's plans for the YMCA site.
  • Community Redevelopment Agency?
    Why is the Center Twp Trustee buying and managing properties? If the government needs to be buying vacant properties, doesn't the city/county have a department charged with such tasks?
  • Good location
    Well which ever option is chosen, I'm sure they'll be able to fill a majority of these units with its proximity to IUPUI. If they build them tall enough, some of the units would have a great view of Fall Creek.
  • VAN ROOY!
    GO WITH VAN ROOY!!!! Anybody who knows what Campus Apartments are all about would be in FULL support to get rid of it. It is section 8 housing, that creates TONS of trouble in the area. If Buckingham were to get it, and build "luxery apartments" I sure would feel sorry for the folks that move there. Campus View Apartments is dragging that area down, and I commend Van Rooy for trying to do away with it and better that area of the city. How do you have "luxery apartments" right across the street from Sction 8 housing? What is Buckingham thinking?
  • Its called a city
    These weird little things called cities actually allow people with money to suffer the indignity of living near poor people. Its the suburbs you're thinking of.

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