New rendering: Bank One Ops Center redevelopment

September 27, 2011
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Bank One Ops Center renderingThe company charged with redeveloping the former Bank One Operations Center downtown is recruiting tenants for the mixed-use apartment and retail project. A flier from Milhaus Development shows a retail component of 40,000 square feet with asking rents between $18 and $20 per square foot. It also includes the rendering above. Suggested users include "brewery, restaurant, grocery, pharmacy, restaurant." The $30 million project has dragged on for more than three years as the developer, city and property owners tried to sort out financing, timing and valuation. A lawsuit brought in May by the principals of Kosene & Kosene Development, former partners of Milhaus principal Tadd Miller, added another wrinkle. The Kosenes alleged Miller took their money to launch the effort, then tried to cut them out of the city-supported deal. It wasn't clear when Milhaus plans to begin work on the project. Developers often begin marketing new space for lease before construction begins. Miller did not immediately return a phone message.

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  • Dear God..
    Please, please, please, please, please let this one happen..
  • War Zone
    This area desperately needs some new development it is embarassing to the City of Indianapolis especially for the Super Bowl guests. At least break some ground. The area has looked like a war zone since Market Square was demolished. Such a shame that this has not been developed. The City must make this a priority.
  • Please Fence It
    Since we are in a 'clean the house before Super Bowl company arrives' mode, please erect a decorative fence around it so it looks like there may be a future for the site, and to screen the homeless sleepers so they can have some privacy!
    • Yes, please
      A nice fence, possibly with this rendering all over and the words coming soon. I walked by this site last week in the evening and it is a wreck/vagrant town.
    • Wrong render?
      Cory, did you post the wrong render? That one is more than a year old.
    • Speaking of the SB
      Rumor on the street (literally on the street from one of the guys working on the project) is that the portion of the cultural trail extending along Washington Street will NOT be done in time for the SB.

      Great planning, fellas!
      • Not a Rumor
        I happen to have the June 2011 issue of "Urban Times," where they reported, "Previous plans to complete the Central Corridor (the Washington Street segment) in time for Super Bowl 2012 have been shelved. Current construction plans call for all 'hardscape' work from Alabama Street to Senate Avenue to be done by Dec. 15. All construction zones will then be abandoned, and then later restored after the Super Bowl in order to complete elements such as landscaping."
      • The Rumor That Is Not
        I give up then. The abject failure to plan these projects is absurd!

        How long have we known that we are going to have the SuperBowl in this city? Three years? Four Years? And yet we start a project that substantially impacts a central artery of downtown, and it won't be completed in time for the event!?!?!

        The persons responsible for that decision should be run out of town on a rail!
        • Sweetheart Deal
          This is yet another city sweetheart deal designed to make a developer rich while raiding the taxpayer's wallet.
          • Jerry
            Jerry,

            You seem so enlightened as to the details of this project. Why don't you inform as to what you are inferring?

            Hmmmmm......
          • Not sure...
            but Jerry might be referring to how all taxes generated from the redevelopment will not go into the general fund, but will instead go into paying off the parking garage across the street that the City bought so that the new apartments could have free parking.
          • Not again...
            It looks a little bit like the diRimini.
          • Square, Flat again
            Why do our developers in this region insist on every new building being a square block, flat roofed, repetitive flat front facade. Why can't we get some curves, dimensions, staggered rooflines, etc. I'm sure this will be nice when it is finished, but its like all the other apartments and condo buildings that have been built in the last 4 years.
          • Design.......
            We get similar mediocre design because we (the market) don't demand better. Some cities find it difficult to sell or rent boring buildings. The development of interesting and unique styles is what they try to sell. Here, we are so desperate for any DT residential development that it is viewed any building is a good building. I assume at some point we will find more interesting projects, but in a weak urban market...what's the incentive?
          • Disagree
            I think it's a nice, simple building. Frankly, this is nothing like DeRimini and I think any calls for throwing a bunch of fake gables and other nonsense onto our buildings are misplaced.
          • Not enough information
            No enough info to make a judgement on design. This rendering small and basic and is more than a year old. Like I stated earlier, I wonder if he posted the wrong render.
          • Other apartments...
            Cory,
            Can you find out what's going on with the McOuat building? Originally the apartments were scheduled to open in 3Q 2011, but it seems to have been moved back. I just can't wait to get more apartments in the Mile Square!
          • Joe...
            ... not sure what you consider a weak urban market, but I definitely wouldn't use that term to describe Indy at the moment.

          • Marshall
            Indy has a high occupancy rate for rentals and a few projects to add more apartments onto the books, but as far as ownership market....well Indy lacks much of it. There was a small wave of condo development, but those now have trouble selling and I am aware of few, if any proposals that are on the table for ownership. If a majority of the market is simply renting to college students then there is little incentive to provide great architecture or design. Until there is a demand for DT ownership with demands for design, we will continue to see mediocre development.
            • Students?
              I'm not so sure that a majority of the occupancy is students, as a lot of the rent downtown in the newer buildings are pretty pricey. I would bet that a majority in the core of downtown (not on the west side near IUPUI) are young professionals. I know 5 people (single,ages 24 - 35) in the last 6 months who have decided to pay $1000+ for a 1 bedroom or 2 bedroom just to be downtown because there is nothing for them to buy down there. But the area is attractive enough to them. 2 of them work out of Northside offices, 3 of them downtown. We need more quality $130K-190K condos/homes downtown. That rent payment is close to those home prices depending on downpayment.
            • Plenty Available @ $130-190k
              I just did a Talk to Tucker map search zeroing in on the northeast quadrant of downtown: I see 20 properties of all different types for sale in the $130-190k range. That doesn't even include things like The Shelton which are in that range but not in public listings.

              There is too much misconception about the cost of buying downtown.
            • Students
              You might be surprised to find out how many students live on the parents dime. There are actually undergrad students living in the Cosmo nad The Avenue as well as 1201 are both geared towards students. IUPUI has long been purely a commuting college, but an effort has started to change that with more near campus living. Many of the downtown Buckingham projects are student based. I agree that more housing options are needed at a lower price range, but it is hard to make that work without taller buildings.
            • What Rail?
              We should if we could,...but we can't!
            • New Renders!
              New Renders and project news on Milhaus's blog!

              http://milhausdevelopment.com/blogs/blog

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