Downtown, Fort Ben are fastest-growing areas for renters
The number of people renting in downtown’s 46204 ZIP code doubled to 5,500 from 2011 to 2020, according to a recent study from California-based market researcher RentCafe.
Apartments
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IBJ Podcast: Are apartments the future of downtown Indianapolis?
Joining the podcast this week are apartment market specialist George Tikijian, real estate developer Eric Gershman and Deputy Mayor Scarlett Andrews.
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Housing not-for-profits relocating to downtown Indy office building
The building was purchased from former occupant Girls Inc. by an affiliate of Merchants Bank for $3.1 million in May.
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Construction on 400-unit apartment community finally to begin at former Pittman Farms
A five-year legal battle among members of the Pittman family delayed the project. Those disputes were settled two years ago.
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Apartment growth supports surge in downtown Indianapolis living
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.
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Articles
After a decade, Central@29 housing project appears on track
The $18.1 million, 56-unit project is planned for the southeast corner of Central and East 29th streets in Fall Creek.
CVS Health puts $10M behind Indy supportive housing project
The $10 million infusion will help create a 48-unit affordable apartment complex for low-income families and homeless young adults on the near-east side called St. Lucas Lofts.
Developer seeks $10.7M tax break on $79M apartment project
A team of two local developers planning the 273-unit Hall Place apartment project at 1720 N. Illinois St. promises to bring dozens of low-rent apartment units to the neighborhood northeast of the expanded Indiana University Health campus.
Local firm plans affordable apartments on east side near Blue Line route
The project would occupy a vacant 1.5-acre parcel next to the former LoBill grocery store that is now home to the Marion County Board of Elections headquarters.
City planning to buy Drake apartment building from Children’s Museum
The Drake has been a often-discussed property since the museum said in mid-2019 the it planned to raze the 95-year-old building as part of a larger real estate effort to make space for additional exhibits and parking.
Developer reveals details for downtown mixed-use project south of revamped Stutz campus
New York City-based SomeraRoad Inc. has submitted plans to city officials for Stutz South, a five-story complex with 270 apartments that would occupy most of the block between West Ninth and 10th streets and Capitol Avenue and Roanoke Street.
Local firm set to spend up to $42M on posh Greenwood apartments
The five-story, market-rate project has received preliminary approvals from the city’s planning commission to build at 764 Greenwood Springs Drive, just north of the Verge Luxury Flats apartment complex that was completed in 2020.
Ohio firm acquires The Coil apartments in Broad Ripple for $57M
The purchase comes just three years after the 151-unit complex on the Central Canal was sold for $40.7 million to Chicago-based Promus Holdings LLC.
Council committee OKs $16M in TIF funding under new policy
The redevelopment of the former Broad Ripple Kroger and the Fountain Square White Castle could be the first residential projects to receive tax-increment financing from the city without including affordable housing units.
New Stutz owner planning hundreds of apartments by downtown campus
Officials with New York City-based SomeraRoad Inc. told IBJ the company is in the pre-development phase of at least two projects on land adjacent to the multi-building Stutz complex at 1060 Capitol Ave., which is in the midst of a $100 million renovation.
Boone County looks to add housing to match rapid growth
With the county experiencing the second-highest growth rate in Indiana, builders and apartment developers have not been able to meet the increasing demand for affordable and workforce housing.
Luxury developer plans nearly 300 apartments on site of former entertainment center
The plans from Edward Rose & Sons call for demolition of the 54,500-square-foot Main Event entertainment complex, which opened in mid-2017 in the Lake Clearwater area.
Senior housing trend means fewer services, lower rents
A trend called “active adult communities” translates to age-specific housing that has eliminated dining, transportation and cleaning services.
TWG planning apartments on former bakery site east of downtown
TWG Development expects to spend $56.5 million to build Bakery Living, a six-story, 201-unit apartment project at 1331 E. Washington St., just east of its redevelopment of a Ford Motor Co. assembly plant.
Three transit-oriented projects in line for city financing incentives
The Indianapolis City-County Council and Metropolitan and Economic Development Committee are considering tax-increment financing for three apartment developments that prioritize access to transit.
City seeking bids for parking lot north of Old City Hall
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.
Keystone planning $70M, 248-unit apartment complex in Fort Ben area
The Fort Harrison Reuse Authority has offered a 3.8-acre parcel of land to developer Keystone Group for $10 as an incentive to go ahead with the project.
Keystone moving ahead with Broad Ripple project despite high school’s exit
With Purdue Polytechnic High School now planning to stay in the Broad Ripple High School building long-term, Keystone Group is redesigning the project it planned next to the village’s parking garage that would have contained Purdue Polytechnic’s campus.
Proposed south-side affordable housing complex receives $36M in state bonds, tax credits
The bonds and tax credits provided through the Indiana Housing and Community Development Authority are used to incentivize private developers to fund the acquisition, rehabilitation and construction of affordable housing communities.