IBJNews

Summit Realty pursues downtown building for HQ

Back to TopCommentsE-mailPrintBookmark and Share

An Indianapolis commercial real estate brokerage that plans to purchase a downtown building and move its headquarters there is requesting a property tax abatement to offset costs related to the $3.3 million investment.

Summit Realty Group wants to acquire and renovate the building at 241 N. Pennsylvania St. known in recent years as Five Indiana Square. The project is expected to create 50 jobs at an hourly wage of $29.65 and retain 38 more at an hourly wage of $38.46, according to the abatement request.

The Metropolitan Development Commission of Marion County is set at its Wednesday meeting to consider the eight-year abatement, which has received support from city officials.

Constructed in 1902, the four-story building has been owned by a Lafayette investor for the last several years and has been vacant for about 10 years. Summit principals said they have the building under contract but there are a number of hurdles to clear, including winning the tax abatement, before the purchase goes through.

If the deal closes, Summit would move its offices to the top two floors of the 31,000-square-foot building from space it leases on the 47th floor of the Chase Tower. The 5,600-square-foot street level and 6,500-square-foot second floor would be offered for lease.

“We are excited about the opportunity for Summit to retain its presence downtown and rebrand the building for our headquarters,” said Summit CEO William Ehret. The rebranding would include doing away with the Five Indiana Square name.

The building is notable for its terra cotta facades on Pennsylvania and New York streets. Those would be restored as part of the building's overhaul. Summit is also seeking LEED certification for the project.

According to the abatement request, Summit’s investment would result in an increase to the county tax base of about $1 million of assessed value. It is estimated the firm will save $132,268, or 56 percent of the total property tax bill, over the span of the abatement.

One of Summit's current developments, led by Ehret and another firm principal, John Demaree, involves the conversion of the seven-story McOuat Building at 14 E. Washington St. and the adjoining building at 10 E. Washington St. into retail space and apartments.

The McOuat Building will have room for between 20 and 22 one-bedroom loft apartments on floors three to seven. Available retail spaces on the first and second floors will range from about 3,600 square feet to about 15,500 square feet.

Founded in 1993, Summit is the city’s fourth-largest commercial real estate brokerage, according to IBJ’s most recent statistics. The firm has 24 licensed salespeople and 30 full-time employees.

ADVERTISEMENT

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 think the poster was being sarcastic and only posting or making fun of what is usually posted on here about anything being built in BR or d'town for that matter.

  2. Great news IRL fans: TURBO the IMS sanctioned movie about slugs running the Indy 500 has caught the Securities and Exchange Commission because Dreamworks had to take a $132MILLION write down...because the movie was such a flop. See, the Indy/IMS magic soiled another pair of drawers. Bwahahahahahaha! How's CARTOWN doing? HAHAHAHA...Indy is for losers.

  3. So disappointed in WIBC. This is the last straw to lose a good local morning program. I used to be able to rely on WIBC to give me good local information, news, weather and traffic on my 45 minute commute.Two incidents when I needed local, accurate information regarding severe weather were the first signs I could not now rely on WIBC. I work weekend 12 hour nights for a downtown hospital. This past winter when we had the worst snowfall in my 50 years of life, I came home on a Sunday morning, went to sleep (because I was to go back in Sunday night for another 12 hour shift), and woke up around 1 p.m. to a house with no electricity. I keep an old battery powered radio around and turned on WIBC to see what was going on with the winter storm and the roads and the power outage. Sigh. Only policital stuff. Not even a break in to update on the winter storm warning. The second weather incident occurred when I was driving home during a severe thunderstorm a few months ago. I had already gotten a call from my husband that a tornado warning was just southwest of where I had been. I turned to WIBC to find out what direction the storm was headed so I could figure out a route home, only to find Rush on the air, and again, no breaking away from this stupidity to give me information. Thank God for my phone, which gave me the warning that I was driving in an area where a tornado was seen. Thanks for nothing WIBC. Good luck to you, Steve! We need more of you and not the politics of hatred that WIBC wants to shove at us. Good thing I have Satellite radio.

  4. I read the retail roundup article and tried Burritos and Beers tonight. I'm glad I did, for the food was great. Fresh authentic Mexican food. Great seasoning on the carne asada. A must try!!! Thanks for sharing.

  5. John, unfortunately CTRWD wants to put the tank(s) right next to a nature preserve and at the southern entrance to Carmel off of Keystone. Not exactly the kind of message you want to send to residents and visitors (come see our tanks as you enter our city and we build stuff in nature preserves...

ADVERTISEMENT