Developer Christopher Piazza says "difficult market conditions" have
led to a delay for his $3-million renovation of the Penn Arts building at 16th and Pennsylvania streets, but the project still
is moving forward. Piazza and his firm, Reverie Estates LLC, hope to close on a construction loan with a local bank in October.
They are working with locally based Keystone Construction Corp., which is slated to perform the work. A Keystone official
said the firm has subcontractors lined up that "could start literally on the day" Piazza closes the loan. Piazza bought the
building from JAB Real Estate Investment Group LLC in January for $1.4 million. The Penn Arts is Piazza’s seventh apartment
building since launching his company 18 months ago. Piazza, a 2005 graduate of the Indiana University Kelley School of Business
at IUPUI, plans to add a gym and sauna to the building and also will give it a new façade. The 82-unit building will become
45 luxury apartments. Locally based Halstead Architects is designing the project. Piazza also owns Village at Fall Creek,
Monon Court and Essex Apartments. An earlier post is here.
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Welcome to Property Lines, Indy's source for neighborhood real estate news. Your host is Scott Olson, IBJ's real estate beat
reporter. Edited by Cory Schouten.
Developer Christopher Piazza says "difficult market conditions" have
led to a delay for his $3-million renovation of the Penn Arts building at 16th and Pennsylvania streets, but the project still
is moving forward. Piazza and his firm, Reverie Estates LLC, hope to close on a construction loan with a local bank in October.
They are working with locally based Keystone Construction Corp., which is slated to perform the work. A Keystone official
said the firm has subcontractors lined up that "could start literally on the day" Piazza closes the loan. Piazza bought the
building from JAB Real Estate Investment Group LLC in January for $1.4 million. The Penn Arts is Piazza’s seventh apartment
building since launching his company 18 months ago. Piazza, a 2005 graduate of the Indiana University Kelley School of Business
at IUPUI, plans to add a gym and sauna to the building and also will give it a new façade. The 82-unit building will become
45 luxury apartments. Locally based Halstead Architects is designing the project. Piazza also owns Village at Fall Creek,
Monon Court and Essex Apartments. An earlier post is here.
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You guys have some "interesting" comments to say the least. I hope you will call in and share those opinions starting June 1. I'm looking forward to having you on the air.
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For those who let this information strike a nerve, remember that this is still the America that allows the freedom to achieve dreams and goals. Should you really chastise those who are given a perk on a deal that is supported by the consumer (that is until they don't like the deal anymore due to envy) or should the dream of rewards for working be looked at a little closer? I say lets stick to the deal, go to work,earn our keep, shoot for dreams, change our jobs to have that dream or shut up about others achievements ..............while we are still afforded this liberty of America !
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Three Magi
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Cats out of the bag. The object of the game is to get acquired. That means the company has no idea how to grow beyond a certain point. Email is a 1990s technology. I have laughed at this company since day one. Such a small bit player. If it was anywhere but here, it wouldn't be newsworthy.
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Esther, Indy has passed Chicago in the local government corruption arena. Don't downgrade us. We're No. 1 in the Midwest.
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Oh, and by the way, Dustin doesn't care! Did you hear that everyone, DUSTIN DOESN'T CARE! Guess that means he's taking his lack of interest elsewhere. Oh joy.......
I would rather though, that they try to keep these apartments for a middle class. Why does everything have to be luxury? When I moved from Penn Arts, I had wanted to stay downtown but just to upgrade apartments a little and could find nothing I could afford. I left downtown and haven't been back.
At 3M, once you subtract the common area work, the exterior work and windows, first floor spaces and storefront, I'm guessing you are somewhere in the $45-$50 a square foot for renovations to the units. If that much. That would mean not much of any moving of walls (so not much bigger closets), same kitchen configurations, cheap kitchen cabinets, carpet as far as the eye can see, dropped ceilings to accomodate MEP, or exposed duct in an already low ceiling space, and maybe even textured drywall ceilings. Of course they'll have the exclusive chinese granite countertops (juperana gold I'm sure). That said, these will be right in line with downtown Indy's luxury apartment scene. Remember, it's all about the lifestyle image you promise in your marketing literature.
Seriously, It would be nice to see this move forward. The market downturn is a great opportunity to renovate many of our historic apartment buildings. The smaller size units play right into the notion we all need to live a bit smaller in these times. It's a very good approach to start from where historic preservation is considered. It might even allow for some consideration of sustainability. It would be great if some of our renovation work in this town had some longevity built in. What better use for a historic urban apartment house, than an urban apartment house. The parking for that can be solved a lot easier than for any other use.
I'm guessing, but does Piazza own the property or just have a development agreement in place? If so, how long till it is up.