Onyx+East plans $3.5M townhome project in heart of Fountain Square

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A rendering of FSX, which will consist of 10 townhomes on Prospect Street in the heart of Fountain Square. (Rendering courtesy of Onyx+East)

Indianapolis-based residential developer Onyx+East plans to spend about $3.5 million to wipe a drive-thru bank station from the heart of Fountain Square and build 10 townhouses in its place.

The project, called FSX—shortened from “Fountain Square Ten”—is planned for a nearly 0.3-acre, rectangular site at 1003 Prospect St., which currently houses two drive-thru ATMs for PNC Bank. Onyx+East has the land under contract for an undisclosed price.

FSX will consist of two buildings, each containing five three-story town house units. The units are expected to come in two sizes: Seven will be 1,881 square feet and three will be 1,730 square feet, according to filings with the city’s Department of Metropolitan Development.

Each unit will have its own attached two-car garage, two or three bedrooms and up to three bathrooms. They will all have their own rooftop decks, as well. The units are expected to range from $425,000 to $450,000.

The project will also bring sidewalk patching along St. Patrick Street—the western edge of the property—and Prospect Street, to repair curb cuts made for the ATM. Some new surface parking spaces will be added in place of the curb-cuts.

Onyx+East received approval during the Nov. 17 Metropolitan Development Commission meeting to rezone the land to the D-P, planned development, designation from a C-4 commercial designation. The MDC also approved a variance to allow for an encroachment of clear-sight triangles on portions of the property and the creation of a subdivision plat.

The changes are expected to be up for final approval from the City-County Council in December.

Onyx+East plans to break ground on the project—and begin sales—by the end of this year, pending final approvals.

Rottman Collier Architects is the design firm on the project.

Correction: Due to incorrect information supplied to IBJ, the original version of this story said the cost of the project would be $12.5 million. It has been corrected as $3.5 million. You can see all of our corrections here.

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11 thoughts on “Onyx+East plans $3.5M townhome project in heart of Fountain Square

  1. With the primary facade fenestration defined by downspouts, this design is missing the “X” factor. I wish we could do better in the heart of Fountain Square.

    1. Hard to tell from a rendering but it doesn’t look to me like the downspouts detract from the building especially if there is some functional purpose for their location like lawn irrigation or diversion to a raingarden. I just hope they look like a purposeful element specific to the design of the building and not some cheap guttering from a big box store. Otherwise, I think the rendering looks great and hope it looks like that if approved and completed.

    2. I agree with Ken C. plus the windows kind of match the architecture of older Fountain Square buildings. The current space is an ATM (nobody uses those), and a parking lot (don’t need a car if you live there).

    3. I agree, and would go one step further. I don’t know how one looks at these elevations and thinks: high quality. Seems like the economy package of most firms.

  2. The article states that the Metropolitan Development Commission voted to rezone the property to allow this development, which is just around the corner from the Red Line BRT stations on Virginia Avenue. Sadly, because this development is not on the same street as the stations, it does not benefit from a change in zoning laws that became effective November 1 giving an automatic “by right” green light to new developments that are within 1,000 feet of the BRT stations. This flaw should be rectified so that projects within 1,000 feet of the stations – whether on the same street or not – qualify.


  3. I will most likely be shot down for my comments, but here goes: It is sad to see such a height allowance in this location. The homes on Morris street directly south of this property will lose any privacy they now have to their backyards. In addition, it will clearly add congestion in the narrow alley behind the homes on Morris Street. Also, the Catholic church and other businesses in the area use this parking lot quite a bit. Parking is already congested in the area. What are the proposals to remedy that? And allowing encroachment of clear-sight triangles in an area that already has limitations on sight lines for cross traffic?
    I realize the city wants more tax dollars and clearly PNC doesn’t give a hoot about Fountain Square since they already closed their branch on Virginia Avenue so they don’t care about losing the ATM on the site. It seems that there are some older, dilapidated buildings along Virginia Avenue that would have been a much better location for this proposed development. And lastly — .3 acres for 10 units?? I can’t imagine spending $425,000 to $450,000 (which we know are only “base” prices) on a unit in this development. And Yes, I know that prices in the area have skyrocketed, but my statement stands. I love Fountain Square, but it seems like two-story units would be a much better fit for this particular location. And Yes, I know that there is a 3-story apartment building on the west side of St. Patrick, but it has green space and mature trees to protect the privacy of the homes on Prospect Street.
    I am not against development, but just wish it was more thoughtful development.
    OK — Let the comments fly.

    1. You already know what comments are coming, as you know how your comments come off. Either way, your comments and those that will inevitably come are subjective. I personally think this is a substandard development, just not for the reasons you do.

    2. Agree with all Michelle said. Parking in FS is a problem that started with that hideous red condo on Shelby that used to be parking. There is a great lot next to the teamsters building that sits unused. I understand, private land and insurance issues, but that would be a huge help. Instead, it’s slated for another condo. FS is losing the character that made it cool. How long before businesses start wringing their hands because the local hipsters don’t support them and and no one else can get to their location? How is the theater holding events? Do they assume the attendees will ride the red line?

    3. Indianapolis is the 17th largest city (by population) in the country. In the last decade, it grew it’s population by more than 8-percent. Much of that growth occurred either downtown or in neighborhoods close to downtown (such as Fountain Square). This is what large cities are – dense housing that is conveniently located to the urban center. In exchange for that convenience, people pay more and give up outdoor privacy. The transformation of Fountain Square in the last 10 years is proof that many are willing to accept these conditions. For those who are not, living in a specific place is not a legal right but a privilege (if you can afford it, and if you accept the various trade-offs). For everyone else, the choice is simple: capitalize on the higher sales prices in the market and move to more tranquil and secluded environs.

  4. I hope this isn’t another project that discriminates against the disabled. Three stories with a roof top deck; I’m sure the aged and disabled would like that too. Please make these accessible units or advertise that the disabled need not apply.

    1. Housing laws require that “reasonable” accommodations be made for the disabled. Providing access to roof-top decks via elevator would not be considered “reasonable” (such decks are viewed as a luxury, not a necessity). People with disabilities have ample opportunities and choices for quality housing in Indianapolis.