Downtown apartment managers are extending rent specials, reducing parking costs and offering other incentives to get tenants in the door—and lock those already there into new leases.
Landlords had been worried not just that tenants wouldn’t be able to stomach rent increases in 2020 but that they might not be able to pay their rents at all as the pandemic wore on. But collections remained strong,
Developer Flaherty & Collins Properties was approved for up to $7.3 million in industrial recovery tax credits for its plans to build 238 apartments, a parking garage and retail space at the site, but the project has seen little progress since 2018.
Roughly 17-1/2 acres of city-owned property in various stages of the redevelopment process have developers chomping at the bit to make their mark on the city’s skyline.
The Wulsin Building at 222 E. Ohio St. is expected to be acquired by an investment group later this spring. The buyers plan to spend up to $6 million to convert the eight-story structure to market-rate apartments.
Gershman and Citimark’s project includes a different look and a new use for the Gold Building and construction of an 11-story building to replace the east wing of the Indianapolis City Market.
The proposed $175 million project that could add more than 400 apartments to the area surrounding the Indianapolis City Market was chosen over two other bids from local development firms—both of which differed greatly from the winning proposal.
City officials see the 0.65-acre parcel at 222 N. Alabama St. as a connector between the Mass Ave cultural district and the Market East area, potentially with a hotel or apartment project.
The East 38th Street corridor is the city’s eighth Lift Indy neighborhood and will receive investments in affordable housing and homeownership, economic development, and food-access efforts.
Many parts of downtown are thriving—particularly neighborhoods, where rents are rising, people have to stand in line for a lunch table, and investments are flowing. Other parts—especially downtown’s central core, where many workers might come to the office only once or twice a week—are limping along, pockmarked by vacant storefronts, panhandlers and crumbling sidewalks.
Nearly 29,000 residents now live downtown, up from about 15,000 in 2010. It’s a number that has been growing as developers continue to add apartment and condo units in the Mile Square and downtown neighborhoods.
Indianapolis officials want fewer parking lots downtown, reflecting part of a national movement that envisions less reliance on cars, more use of mass transit and a reduction in carbon emissions.
The city’s Department of Metropolitan Development is asking developers to pay at least $2.34 million for the 113-year-old building at 202 N. Alabama St., which was the seat of city government until the City-County Building was completed in 1962.
A few of other bids were similar to the selected proposal put forth by TWG Development, while others went in a distinctly different direction. Here’s a look at those proposals.
The city will work through 2024 to consolidate into its most prominent piece of real estate offices that are now scattered around downtown, including those of the Department of Public Works and the Department of Business and Neighborhood Services.
The move is good for the businesses—including the City Market, which will be undergoing its own transformation—around the City-County Building, and it’s also good for Indianapolis residents, who shouldn’t have to visit multiple locations to complete city business.
Early plans for the $150 million project, known for now as the “Alabama Redevelopment,” call for a 387-foot glass tower containing 190 apartments, 24 condominiums, 150 hotel rooms and 8,000 square feet of retail and hospitality space.
