Property Lines - Scott Olson

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Real Estate & Retail

Renewal planned for towers

January 26, 2009

Barton Tower IndianapolisDevelopers are working on plans to build new residential or commercial space adjacent to two public-housing towers near Mass Ave downtown. The Indianapolis Housing Agency has asked for pitches for land surrounding the 21-story John J. Barton Apartments at 555 Massachusetts Ave. (shown here) and the 15-story Lugar Tower at 901 Fort Wayne Ave. The group isn’t putting a price on the three parcels, which total about 3 acres. Instead, it hopes to partner with a private developer, securing low-income tax credits and federal funds. The agency also might ask a developer to participate in a $14-million planned renovation of the actual towers, including $7 million for all-new plumbing. The housing agency properties available include a triangle-shaped parcel, now a park, in front of the Barton, and small pieces on either side of the Lugar Tower. The Lugar properties include driveways and parking, which could be moved or rearranged as part of the development. The full story, from this week's IBJ, can be found here. Don't get IBJ in print? Subscribe!
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