Next up is a renovation of the vacant Consolidated Building and a redevelopment of the Indianapolis Star headquarters property, both on North Pennsylvania Street. The projects will add 600 market-rate apartments to downtown.
The local developer’s purchase of the complex is part of a shift within the company to complement its traditional development business with acquired properties.
U.S. developers received approval in October to build apartments at the fastest pace in five years, a trend that could boost economic growth in the final three months of the year.
About 3,500 rental units are expected to be built downtown by 2017, adding to 4,700 already on the market. But the analysis says there’s no need to worry about overbuilding.
Indianapolis-based Herman & Kittle Properties Inc. would save $452,000 in property taxes on the development, slated for 22.5 acres on the southwest side.
The proposed Market Square Tower—if it’s built as planned at 28 stories and 370 feet—will be one of the 10 tallest buildings in Indianapolis.
Deylen Realty’s latest development along bustling Virginia Avenue calls for 68 apartments and 9,900 square feet of retail space between the existing Mozzo apartments and Villagio condos.
Gene Biccard Glick, who died at home following a long battle with Alzheimer’s disease, built affordable housing sprawling across 10 states—a business empire that paved the way for tens of millions of dollars in donations to causes ranging from medicine to recreation.
At-large City-County Council member Zach Adamson says that even if the apartments-and-grocery project gets an OK from city development officials on Wednesday, he might force an additional hearing.
The two Class A office buildings totaling 348,000 square feet are close to being sold after falling into foreclosure during the implosion of defunct local developer Premier Properties USA Inc.
Two four-story structures, at the southwest and northwest corners of 30th and Clifton streets, will be built as part of a $10.7 million project that will include 57 units linked by an elevated walkway.
The additions joining Michael Drew, who had been the office’s loan investment and multifamily broker, are team leader Michael H. Wernke, in addition to Cory Detamore, Evan Bryant and Maria Stein.
The downtown rental market is booming, but is a slowdown coming?
The Whitsett Group LLC has changed its name to TWG Development LLC, and Milhaus has created a division to manage properties it develops.
Two proposals to add much-needed downtown housing for the homeless have the support of city officials, but one of the projects is drawing stiff resistance from neighbors concerned that it will create a host of safety issues.
The two west-side apartment complexes have generated more than 3,200 police runs since 2008, according to the lawsuits. One owner told IBJ on Tuesday he would work with the city to make improvements.
Flaherty & Collins Properties is floating two redevelopment ideas for a seven-acre parcel on the edge of Carmel’s tony downtown, but both require public support that casts uncertainty over the project.
A flood of downtown apartments coming on the market is leasing up quickly, but much of the attached retail space continues to languish as some begin to wonder whether the residential boom will create enough retail demand.
Flock Real Estate Group is investing $1 million to refurbish side-by-side apartment buildings at the northeast corner of 13th and Alabama streets, and Englewood Group is spending $3.6 million to convert a former church across the street.
National investors have snapped up two apartment properties on the north side totaling 722 units. One complex is slated for a major rehab.
