The developer behind Stutz Business Center is pushing forward
on plans for a tower at the southeast corner of Senate Avenue and 11th Street. The project could be as tall as 18 stories
and cost as much as $40 million, said Anne Jester, a spokeswoman for the developer, locally based Turner Woodard. Details
are not finalized, and neither is financing, she said. The goal is to start construction by 2010 and complete the retail and
residential project by 2012. The new building would replace a one-story cinder-block building with a LEED-certified tower.
Turner Woodard has details of the project 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.
The developer behind Stutz Business Center is pushing forward
on plans for a tower at the southeast corner of Senate Avenue and 11th Street. The project could be as tall as 18 stories
and cost as much as $40 million, said Anne Jester, a spokeswoman for the developer, locally based Turner Woodard. Details
are not finalized, and neither is financing, she said. The goal is to start construction by 2010 and complete the retail and
residential project by 2012. The new building would replace a one-story cinder-block building with a LEED-certified tower.
Turner Woodard has details of the project here.
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The basic idea of nice apartments with parking and retail is a good one, but this design seems overwhelmingly big/tall for Broad Ripple. The size could be disguised a bit with lots of big trees/landscaping, but the complex is too massive to blend in easily. That section of canal between College and Westfield will also need to be upgraded on both sides. Nice apartments facing onto a nice promenade with shade trees/plantings could bring together the canal towpath/Monon recreation, the outdoor seating at existing restaurants, and this project into something that upgrades the whole area. A plan for the whole stretch makes more sense than facing nice new housing onto what looks like a ditch. Is there a plan? Does the public have input? Who pays? The apartment idea seems to be reasonable, but Whole Foods is not a good idea for appropriate retail. Besides the store being physically too big, there are already Fresh Market at 54xCollege and Whole Foods in Nora for fancy groceries. Good Earth and Kroger are within walking distance of the Shell site. There are at least 7 grocery stores within a safe bike ride. Whole Foods would add nothing but traffic congestion. This design is on the right track, but there needs to be more work done to ensure that it blends in with and enhances the existing community. A project that large will set a tone for that whole part of town. It could be a real asset, but only if done right.
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Not all that original, in my opinion.
Senate and 10th is where there is a 1 story brick building that is part of the stutz business center, if it was built at senate and 11th they would be building it in the middle of I-65.
Like the plans, agree that the parking garage component could be combined into the design better, why don't more developments put the parking garages underground rather than on the surface, that would allow for more actual space to be above ground, they could then incorporate some office space into the building as well to have a truly mixed use building.
Also it would be great if they could find a way to incorporate the bricks of the current structure into the new project, most likely not on the building itself as they don't match the new contemporary design, but possibly incorporate them in the sidewalk, landscaping, etc, or use some of them around the 1st floor of the parking garage structure to keep a bit of history and help this new stutz tower incorporae with the stutz center as a whole.
Second, other projects havd added the garage to the first few floors to add height to the projects. Thats the same reason the Shearton Downtown was build with 4 floors of garage above ground, to add height.
At least these are the reasons another developer mentioned to me that was working on the site near the Luke.
Best case scenario, they could get $15-19 a square foot, and at 17,200 per floor that's only $1.0 to 1.3 Million a year, at maximum occupancy.
They would have to generate at least $25 to $30M (if not substantially more) from the initial sale of the condos to make this work, and with 72 units that's an average price of $350K to $415 per unit. Doesn't seem viable. No one has successfully sold a building of this scale in that price range in Indy.
You may want to add the first floor retail and parking garage revenues into your calculations.
It still makes it a stretch, but they state that condo prices would start in the mid 200's. With that, average condo prices could easily be in the mid 300's, which is not outrageous for downtown.
One of the extremely costly and time-consuming aspects of building the deep underground (parking garage) portion of the original WTC (Twin Towers) was the bathtub, which is essentially a high-strength concrete seal around the underground garages and subway station to keep water out. That kind of mega-project can afford such expense.
The placement of the building isn't even close to anything over 10 stories, therefore...they will deem it out of scale for the area.
Nice idea and plan though. But, if the city can't ruin it they won't let it happen.
The vast bulk of all LEED buildings I've been in have been Silver level.
I can't image a project like this getting financing in the current environment.
The scale and density are right for that area of downtown. However, that design is average at best. Among the problems that haven't been noted are that the proportions of major building segments are such that this looks like a much taller building that somehow got its growth stunted or had 15-20 floors whacked out of the middle of it.
Aren't there a bunch of artists in the Stutz Building? Maybe some of them could put their services towards a dramatically improved design.
very modern. they pull it off very well