IBJNews

Keystone Towers redevelopment could start in April

Back to TopCommentsE-mailPrintBookmark and Share

Construction could begin in April on a $22.5 million apartment-and-retail development proposed for the property where the demolished Keystone Towers formerly stood.

The project, dubbed The Point on Fall Creek, is being led by local affordable housing developer The Whitsett Group LLC.

Company principal Joseph E. Whitsett on Wednesday provided a timeline and funding details for the development to Metropolitan Development Commission members, who could grant approval at their next meeting on Dec. 21.

The Whitsett Group in October submitted the lone bid to redevelop the land on the northeast side of Indianapolis.

Plans call for the property to be developed in three phases, starting with construction of 58 apartments, which could be completed in November, followed later on by another  80 units. The last stage, which would target a 1.5-acre parcel near Binford Boulevard and Allisonville Road, at the southern most visible tip of the property, would include retail space.

Whitsett said he’s had some interest from retailers, though no commitments yet. “But we think we’ll have a lot of luck, with the high [amount of] traffic along Binford and Allisonville,” he said.

Department of Metropolitan Development Director Maury Plambeck endorsed the proposal, calling it a “good one” despite the lack of competing bids.

Any project on the site must include mixed-income rental housing to comply with the rules of the federal grant used to demolish the complex. Roughly half of the units under the Whitsett proposal would be considered affordable under federal guidelines.

Whitsett Group plans to pay the city $800,000 to purchase the land and expects to invest a total of $22.5 million in the project. More than half the amount will come from federal and state tax credits. Whitsett also expects to receive an $8.8 million loan from M&I Bank and will finance the remaining $2.1 million with its own equity.

About 750 pounds of explosives brought down the Keystone Towers’ 15-story apartment building and eight-story office building in about 15 seconds in late August. Denney Excavating of Indianapolis was paid $827,000 in federal grant money to demolish the building.

A contractor is grinding down remaining concrete on the site and could be finished with the cleanup this month, Whitsett said.

Founded in 2007, The Whitsett Group also is working on a $27 million plan to build 190 apartments and more than 44,000 square feet of retail and office space on a parcel northwest of College Avenue and Michigan Street.

 

ADVERTISEMENT

  • Good
    This is good news, it will get some needed dollars into pockets of the slowed construction business. We have worked with this developer before and he is very fair with his contractors and genuinely wants to help the area grow.
  • 44th and Keystone
    What's going on West of this project on Keystone. A large ugly building is being torn down - area needs some work. Perhaps this improvement will spread west and north.
  • Acreage
    5.85 acres.
  • Hmm
    138 units doesn't seem very dense.

    Cory, any data on the acreage of the full site?

Post a comment to this story

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

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. I never thought I'd see the day when a Republican Mayor would lead the charge in attempting to raise every tax we have to pay. Now it's income taxes and property taxes that Ballard wants to increase. And to pay for a pre-K program? Many studies have shown that pre-K offer no long-term educational benefits whatsoever. And Ballard is pitching it as a way of fighting crime? Who is he kidding? It's about government provided day care. It's a shame that we elected a Republican who has turned out to be a huge big spending, big taxing, big borrowing liberal Democrat.

  2. Why do we blame the unions? They did not create the 11 different school districts that are the root of the problem.

  3. I was just watching an AOW race from cleveland in 1997...in addition to the 65K for the race, there were more people in boats watching that race from the lake than were IndyCar fans watching the 2014 IndyCar season finale in the Fontana grandstands. Just sayin...That's some resurgence modern IndyCar has going. Almost profitable, nobody in the grandstands and TV ratings dropping 61% at some tracks in the series. Business model..."CRAZY" as said by a NASCAR track general manager. Yup, this thing is purring like a cat! Sponsors...send them your cash, pronto!!! LOL, not a chance.

  4. I'm sure Indiana is paradise for the wealthy and affluent, but what about the rest of us? Over the last 40 years, conservatives and the business elite have run this country (and state)into the ground. The pendulum will swing back as more moderate voters get tired of Reaganomics and regressive social policies. Add to that the wave of minority voters coming up in the next 10 to 15 years and things will get better. unfortunately we have to suffer through 10 more years of gerrymandered districts and dispropionate representation.

  5. Funny thing....rich people telling poor people how bad the other rich people are wanting to cut benefits/school etc and that they should vote for those rich people that just did it. Just saying..............

ADVERTISEMENT