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.
California-based Tallen Capital Partners LLC, which has the property in the 6200 block of East Washington Street under contract for an undisclosed price, hopes to rezone nearly 7 acres for mixed-use development.
The developer behind the planned revamp of Lafayette Square Mall expects to break ground on the project’s first apartment building early next year and open a 14-screen movie theater as early as next month.
Initial plans for the project include 151 apartments, a 125-room hotel, 63,000 square feet of office space, 15,000 square feet of retail space, 508 parking spaces and a public plaza.
Old Meridian Apartments, a $60 million proposed project by Cross Development LLC, was called off because the city’s incentive for the project was not enough to make it feasible for the developer.
Last month, city officials and the two developers reached a tentative deal for addressing key elements of the overhaul of downtown’s City Market block, including reskinning the Gold Building and renovating the adjacent Ohio Street parking garage.
Plans call for the project, named Allison Pointe, to be built on a 10.5-acre undeveloped parcel in a small commercial park just south of Interstate 465, north of 82nd Street and west of Allisonville Road, between Castleton and Keystone at the Crossing
The agreement between J.C. Hart Co. and residents of the Oxbow Estates and Spirit Lake condominiums cleared the way for the City-County Council to unanimously approve a rezoning of the former Willows Event Center property.
Construction on several major real estate development projects is slated be completed this year in Noblesville, while visible progress should be made on others.
The sale of Carmel Center Apartments from Louisville-based NTS Development Co. to Dayton, Ohio-based The Connor Group closed at a significantly higher price than what NTS paid for the property in 2015.
The two Indianapolis-based developers have requested the city issue a total of $76 million in developer-backed bonds to help cover the cost of design and construction of the projects.
The Department of Metropolitan Development in August issued a request for proposals for updating the long-vacant, city-owned building at 3600 N. Meridian St.
