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

Consolidated Building revamp set to begin soon

October 3, 2013

consolidated building rendering 225pxA long-awaited redevelopment of the downtown Consolidated Building at 115 N. Pennsylvania St. should start next month.

TWG Development LLC, formerly known as The Whitsett Group, and Ambrose Property Group plan to invest $16 million to transform the century-old, brick and terra-cotta building into 98 market-rate apartments, with first-floor retail or restaurant space.

The new name for the building is Penn Street Tower and the architect is Browning Day Mullins Dierdorf Architects.

TWG Principal Joe Whitsett said his firm should close on construction financing with BMO Harris in November, with construction beginning later the same month. A construction filing shows that the developers plan to renovate about 126,000 square feet of the 15-story, 213,000-square-foot structure.

The local developers bought the building late last year from an affiliate of New York-based Crown Properties, marking the first time the building has had local owners in at least 25 years.

The Consolidated was built in 1910 as an annex to the adjacent Lemcke Building, now home to The National Bank of Indianapolis. The building was designed by R.P. Daggett & Co., one of the longest-running architectural firms in city history.

The building’s downfall began in 1992, when anchor tenant Indiana Insurance vacated 10 floors and moved to the suburbs. Its last tenants, Downtown Comics and The Cozy restaurant, left in 2000.

November is shaping up to be a busy month for TWG, as it also plans to start construction on the first phase of its redevelopment of the Indianapolis Star headquarters property.

TWG is asking for a variance to allow for a drugstore drive-through, at the corner of Delaware and New York streets, which is not permitted downtown.  A city zoning board is slated to hear the request Oct. 8.

As expected, the Star reported Monday that it has finalized a lease with Simon Property Group Inc. to take 100,000 square feet of the space formerly occupied by Nordstrom at Circle Centre mall. The newspaper plans to move sometime next summer.

Comments powered by Disqus