Student-housing tower planned

November 14, 2007
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Paramount Tower mapA 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?
  • love it! i hope more (private development) space is in the planning stages. i think more apartments are needed downtown.
  • I think this is a great use of the property it's proposed for (obviously since it's a parking lot now). But in all seriousness, there is a definite need for new apartments downtown (maybe not just student based) and this is welcome news as far as I'm concerned. It's just nice to hear that condos are not the only focus.

    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?
  • There is so much bare ground in this area for potential development. This is a good move that I believe is only the beginning for this area.
  • If a grocery store ever opens in the ground floor of the Gibson Building they better stock up on beer.
  • Glad to see this kind of vertical development in this area. Hope we see more in the near future.
  • What's the timeline for construction?
  • cityfan,

    Per the IBJ article it looks like they hope to start construction next spring. Open for fall semester 2009.
  • Sounds like a great development. Let's hope the execution lives up to the concept.
  • concrete and steel = $$$$$.
    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!
  • Ivo, the article said they predict rents to fall in the same range as IUPUI's on-campus apartments, which is between $700-900. That, plus leasing first floor retail space.
  • Ivo -- I think $1/sq.ft. is pretty close to market rate in the area. My apartment is $0.84/sq.ft. But they're going for a student housing model more like IUPUI on-campus apartments, where rates are outrageous:

    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.
  • I really hope this design has developed into something better than what was originally proposed.

    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.
  • cory, have you heard anything lately about penn centre lately
  • Cory-
    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!!
  • Downtown needs more of this. Youngin's and service industry workers are being priced out of downtown. It's nice to see that we are getting some more diversity. 550 units with another 240 units at the Cosmo is 790 units on two blocks! DENSITY DENSITY DENSITY. great job Indy
  • I don't know about you guys, but when I was a student that price range was way out of my league, even with a roommate and both of us working 2 jobs. I imagine there are perhaps some adult students that will take those apartments or perhaps some parents will pay for their kids to live there. Nice to finally see some apartment construction though. Hopefully the condo craze is dwindling.
  • A long time ago in a major city far away, 9-month rental on a 4-br highrise apartment with one shared bathroom (and without parking) was in the neighborhood of about $590 in today's prices. So this doesn't seem outrageous to me, although it's about twice what my college-age son pays today to share an off-campus house with three or four guys in one of Indiana's state college towns.

    Big city real estate is always more expensive.
  • Apart from my concerns over how the building may look - please, not retro conservative dreck - I would hope that more students downtown would help make IUPUI feel less like a commuter school and more like a residential campus. More young people living downtown and demanding the services that residents require can ONLY be good for downtown.
  • This was reported as 200 units on 2.3 acres. That's about 90 units per acre and will include a retail component to make it mixed use. The jury is still out on the design, which I haven't seen, but the density is hard to argue with. If more of downtown was filled with this type of density, the transformation would be amazing.

    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.
  • Many subs are owed for Paramounts Gateway project in McCordsville...Wondering where money coming for tower project....

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