New plans call for 240 apartments across four buildings, along with a clubhouse, surface parking and some covered parking spaces on a parcel abutting Allison Lake.
In total, the project would feature 24,000 square feet of plaza space, nearly 24,000 square feet of commercial space, 102 apartments and a 1,300-square-foot dog park.
The project would consist of workforce units—those priced to accommodate residents making 80% to 120% of the area’s median income—as well as lower-income and market-rate units.
The rents are expected to come in below market rate and fall into a category often called workforce housing—prices that exceed certain lower-income thresholds but are still reasonable for those living and working in the area.
AT&T’s exit from the building’s top three floors with the expiration of its lease on May 31 clears a path for Keystone Group to add more luxury apartments in the $124 million project.
A representative for the buyer said that Indianapolis’ rank as one of the best markets in the country for rent growth—that is, increases in rent prices—played a key role in the decision to buy Cosmopolitan on the Canal.
Carmel-based Old Town Cos. LLC and Indianapolis-based Avenue Development are seeking to build the apartments on 10.4 acres in the $100 million North End development.
Since IUPUI split in July 2024, Indiana University and Purdue University have poured hundreds of millions of dollars into their respective downtown campuses to grow programs and attract students.
It’s been almost five years since the city joined sustainability-minded municipalities in passing an ordinance that requires owners of large buildings to report their annual utility use. Today, most building owners aren’t complying.
The average price faced by ordinary home and apartment dwellers in the U.S. rose by 10% between 2022 and 2024. Commercial users, spanning from small corner stores to data centers, have seen rates increase just 3%.
In November, Kimmie Chang opened Okonori Japanese High Kitchen in The Corner, a new mixed-use development by Indianapolis-based Kite Realty Group at the intersection of East 116th Street and Rangeline Road.
Westfield leaders want the city’s downtown to be more than a place to drive through on State Road 32, so they are setting the stage to make it a destination.
Several downtown development projects are in their infancy or just getting started. IBJ takes a look at a handful that could draw buzz throughout 2026.
