A team of local developers is hoping to build a 550-bed, 16-story apartment tower near the IUPUI
campus. The $40 million project, dubbed Paramount Tower, would target the lucrative student-housing market. A partnership
of Fishers-based Paramount Realty Group and Indianapolis-based Alboher Development Co. Inc. has agreed to buy the site, a
2.3-acre parking lot east of Capitol Avenue between Michigan and North streets. IUPUI has on-campus residential space for
only about 1,100 of its 30,000 students, and that space is full. Other complexes nearby are 99 percent occupied. Renderings
are not yet available, but developers say the building will have a limestone face similar to the Conrad Indianapolis. The
full story is here. What do you think?
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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.
A team of local developers is hoping to build a 550-bed, 16-story apartment tower near the IUPUI
campus. The $40 million project, dubbed Paramount Tower, would target the lucrative student-housing market. A partnership
of Fishers-based Paramount Realty Group and Indianapolis-based Alboher Development Co. Inc. has agreed to buy the site, a
2.3-acre parking lot east of Capitol Avenue between Michigan and North streets. IUPUI has on-campus residential space for
only about 1,100 of its 30,000 students, and that space is full. Other complexes nearby are 99 percent occupied. Renderings
are not yet available, but developers say the building will have a limestone face similar to the Conrad Indianapolis. The
full story is here. What do you think?
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First, let me say that I love the idea of communities being self-sufficient and people in the community not needing cars, living, working and shopping all in their neighborhood. To sum it up; I love good urban planning and hate urban sprawl. However, there are two reasons that I am against this development. First, this building doesn't fit. Density can occur in Ripple by building up top the street and better use of land. The scale of this project should be downtown. Secondly, I would be willing to bet that if a whole foods in Ripple is built, the Nora store would be closed. Here's my reasoning. The Nora Whole Foods expansion plans have been put on hold. I'm guessing they are waiting to see what happens with the Ripple proposal. Communities next to each other should work together to end sprawl and not work against each other and take other neighbors assets. Develop something both communities can be proud of and will attract more development and density. There's my soap box for the day.
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My apologies, Lou - it was the Indy Star that printed cost for entertaining "celebrities" during Indy 500. Sorry for confusing the always timely IBJ with Indy's Gannett reprint news source.
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That's fine if you want a grocery store that has festivals and live music. I guess with the prices they charge, they can afford to host such activities. As for me, I choose to spend my money more wisely and if I want to go to a festival or a concert, I will pay for that separately - not through my grocery bill.
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TIF is not just to attract development but to attract a higher use for that development. Carmel wisely is using TIF for numerous public parking garages. Asphalt seas of parking pay little taxes and bring even less value to a commercial area. Also density is what is going to save Indy and Broad Ripple. The days of trying to compete with burbs are long gone.
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The Prestige was an awesome movie.
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Offering affordable options like apartment living in the downtown market should not be disregarded as one of the essential catalysts to the success and vibrancy of downtown and it's retailers. I’ll be interested in seeing the renderings and the rates they intend to bring to market. Quick project timeline, so I would expect we should see something soon?
Per the IBJ article it looks like they hope to start construction next spring. Open for fall semester 2009.
doubt they can make the numbers work for rentals. they'll have to get over $1/ft (I think) to make it feasible. Sure hope they can pull it off but sounds like the numbers won't work. We def need more affordable for-rent and for sale dtown!
Private One Bedroom Apt. $845
Private Bedroom within a Two-Bedroom Apt. $735
Private Bedroom within a Four Bedroom $625
That works out to $1470 for a 2BR apartment or $2500 for the 4BR, NOT including electric or cable/internet/phone. Those rates are ludicrous, and surely well above $1/sq.ft. I'm not sure how IUPUI gets away with that, but it bodes well for the Paramount Tower developers.
Originally, it was an H shaped building, boring stone finish, very little character. It was also rumored to have an open concept in the bedrooms. Each bedroom was going to have it's own bathroom. But there would be no walls separating the bathroom and bedroom. The furniture was going to be set up in a way that would screen the bathroom from the bedroom.
Hard to imagine I know, but I know first hand, that was the plan a few months ago.
I really hope this isn't still the case.
Student housing rates are always outrageous. This is part of the reason the off-campus housing market is BOOMING in Bloomington. You can get a luxury apartment if you split with 2-3 friends for less than a room in the dorm! I don't know how they get away with it, especially with the quality of some of the dorms down here. Plus, if you get the literature on the dorms, the side-by-side comparison of private/public housing always amounts to EXACTLY the same dollar amount. It's incredibly shady. But if it means one less parking lot in downtown Indy, I'm all for it!!
Big city real estate is always more expensive.
People bemoan that Indy doesn't have a more impressive skyline, but it is really infill projects like this, Ralston Square, 757 Mass Ave, 707 E. North, etc. that are critical to the health of downtown. You don't need a 40 story tower to get good density. High rise != high density. I'm not convinced Indianapolis needs true high density anyway - but moderate densification downtown and in select areas would be nice.