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Work begins on Penn Arts apartment, retail project

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On The Beat Industry News In Brief

Renovation work finally has begun on the Penn Arts building at 16th and Pennsylvania streets.

Developer Christopher Piazza, who paid $1.4 million for the building in 2008, said he gave up on banks unwilling to lend early this year and found two equity investors instead.
 

OTB Penn Arts will have a fitness studio, clubhouse and rooftop terrace. (IBJ Photo/ Perry Reichanadter)

He had to cut the budget in half, to $1.5 million, and expects to have the first apartment units available by September. Apartments will start at $885, and will feature original trim, doors and radiator heating, bay windows, stained concrete floors, open-style kitchens with bar seating, 40-inch wall-mounted LCD TVs, and new appliances.

“The original decorative awning will be lit up as it was in 1922, the stylish commercial spaces will be ready for retail tenants, new signage will be installed, existing parking will be expanded, and metered parking will be installed on 16th in the front of the building pending necessary approvals,” added Piazza, 25, who plans to move the headquarters of his company, Reverie Estates, into the building.

The building also will feature a complimentary laundry room, fitness studio, clubhouse with conference facilities, and a rooftop terrace.

Piazza said his equity partners in the project are William Poovey and John Hyatt.

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  • Excellent news
    Exciting news for this prime corner of 16th Street. I'm loving the fact that he's going to light up the original awning like its 1922. Can't wait to see the finished product!

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  1. If I were a developer I would be looking at the Fountain Square and Fletcher Place neighborhoods instead of Broad Ripple. I would avoid the dysfunctional BRVA with all of their headaches. It's like deciding between a Blackberry or an iPhone 5s smartphone. BR is greatly in need of updates. It has become stale and outdated. Whereas Fountain Square, Fletcher Place and Mass Ave have become the "new" Broad Ripples. Every time I see people on the strip in BR on the weekend I want to ask them, "How is it you are not familiar with Fountain Square or Mass Ave? You have choices and you choose BR?" Long vacant storefronts like the old Scholar's Inn Bake House and ZA, both on prominent corners, hurt the village's image. Many business on the strip could use updated facades. Cigarette butt covered sidewalks and graffiti covered walls don't help either. The whole strip just looks like it needs to be power washed. I know there is more to the BRV than the 700-1100 blocks of Broad Ripple Ave, but that is what people see when they think of BR. It will always be a nice place live, but is quickly becoming a not-so-nice place to visit.

  2. I sure hope so and would gladly join a law suit against them. They flat out rob people and their little punk scam artist telephone losers actually enjoy it. I would love to run into one of them some day!!

  3. Biggest scam ever!! Took 307 out of my bank ac count. Never received a single call! They prey on new small business and flat out rob them! Do not sign up with these thieves. I filed a complaint with the ftc. I suggest doing the same ic they robbed you too.

  4. Woohoo! We're #200!!! Absolutely disgusting. Bring on the congestion. Indianapolis NEEDS it.

  5. So Westfield invested about $30M in developing Grand Park and attendance to date is good enough that local hotel can't meet the demand. Carmel invested $180M in the Palladium - which generates zero hotel demand for its casino acts. Which Mayor made the better decision?

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