Penn Arts developer buys another historic Indy apartment building

Da Vinci BuildingA prolific developer of urban apartments has acquired another building near downtown and plans to turn it into an affordable artists' community. Reverie Estates last week closed on a deal to buy the 72-unit St. Regis apartment building at 26 E. 14th St., just two blocks south of the company's largest undertaking to date, the Penn Arts at 16th and Pennsylvania streets. Property records show it was built in 1929, and list James Candler as owner. Reverie President Christopher Piazza said he plans to rename the building "Da Vinci" and develop it into a "community for creatives" with studio and one-bedroom apartments in the range of $400 per month (with all utilities included). Piazza says he also plans to open a community art gallery in 2011. He's working with the King Park CDC on a potential subsidy to assist with the development and keep the units affordable.

Please enable JavaScript to view this content.

Editor's note: IBJ is now using a new comment system. Your Disqus account will no longer work on the IBJ site. Instead, you can leave a comment on stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Past comments are not currently showing up on stories, but they will be added in the coming weeks. Please note our updated comment policy that will govern how comments are moderated.