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Property Lines - Scott Olson

Welcome to Property Lines, Indy's favorite source for neighborhood real estate news. Your host, IBJ real estate beat reporter Scott Olson, can be reached at solson@ibj.com.
Real Estate & Retail

Bids pitch apartments, retail for former Fall Creek YMCA

December 7, 2009

Two bidders have submitted plans to redevelop the vacant former Fall Creek YMCA along West 10th Street with apartments and retail space. Both plans would result in demolition of the 50,500-square-foot building on roughly 2 acres at 860 W. 10th St. The Center Township Trustee, which bought the building in 2004 after the YMCA closed, sought bids for a mixed-use replacement in October. They were due Dec. 4. A bid from locally based Buckingham Co. suggests 210 luxury apartments, 11,000 square feet of retail and an 8,500-square-foot fitness center spread over four buildings. A second bid, from locally based Van Rooy Properties and several partners including REI  Real Estate Services, proposes a larger project that would include a redevelopment of the Van Rooy-owned Campus View Apartments to the east of the YMCA property. That proposal calls for 292 apartment units, 5,000 square feet of retail and 3,500 square feet of community and support space. The Trustee plans to work with each bidder to develop a best and final offer, said Phillip L. Bayt, a partner at local law firm Ice Miller LLP who represents the township. A decision is expected in early January. Bayt declined to disclose financial details in the bids. But the offering materials suggested a long-term lease with minimum annual rent of about $210,000, and an option to eventually buy the parcel for $2.9 million. No renderings yet, but stay tuned. An earlier post is here.

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