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Pittman, Barrett & Stokely Plan $35M High-End Multi-Family Community in Carmel

15 Apr 2014, 4:47 pm







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by Adriana Pop, Associate Editor

Construction could soon begin on a luxury 14-building, 256-unit apartment community near the Monon Greenway in Carmel.

According to the Indianapolis Business Journal, developer Pittman Partners and multifamily specialist Barrett & Stokely Inc. are planning to build the $35 million complex known as The Seasons of Carmel on 21 acres at Westfield Boulevard and 98th Street.

Upon completion in about a year, the complex will offer a mix of one-, two- and three-bedroom apartments, each with its own garage. Amenities will also include a swimming pool, a fitness center, multi-use trails connecting to the Monon, a cyber café, and community meeting space.

Pittman Partners principal Steve Pittman told the newspaper that the new apartments would lease for an average of $1.15 per square foot, a high rate considering that the average rents in Carmel, Westfield and Zionsville range from 74 cents per square foot to $1.23 per square foot, according to Tikijian Associates.

Other multi-family properties developed by Barrett & Stokely Inc. in Carmel include the Main Street on the Monon (pictured) and the Old Town on the Monon.

In regional news, the Indianapolis Business Journal reports that The Lofts at Roberts apartments in downtown Muncie are about to welcome their first tenants.

Developed by Miller Valentine Group of Cincinnati, the property resulted from the renovation of the former Roberts Hotel, a historic structure which dates back to the 1920s.

The $17 million redevelopment brought 83 one- and two-bedroom residences reserved to income-eligible renters who are 55 and older. Due to the particular features of the historic building, residents may choose between 27 different floor plans.

Amenities include controlled-access entry, energy-efficient design and appliances, fully equipped kitchens with breakfast bar, on-site management, 24-hour emergency maintenance, high-speed Internet, a community lounge, fitness center, business center and theater room.

Photo credits: www.mainstreetonthemonon.com



Time Equities Makes $9.5M Acquisition of Its First Retail Property in Indiana

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by Adriana Pop, Associate Editor

In a $9.5 million deal, Time Equities Inc. (TEI) of New York has acquired the Shadeland Station shopping center on the north side of Indianapolis.

A joint venture between Westchester, Ill.-based Tri-Land Developments Inc. and an affiliate of Equity Group Investments was the seller of the approximately 105,000-square-foot property, the Indianapolis Business Journal reports.

Located at 7841 Shadeland Avenue, the center is anchored by Midwest grocery chain Marsh Supermarket and was 85 percent leased at the time of sale. Planet Fitness, Dollar Tree, Alibi’s Grill, Vintage Natural Foods, 21st Amendment, H&R Block, Subway and The UPS Store are among the property’s tenants, which will be managed by the local office of Cassidy Turley.

Within a five-mile radius, Shadeland Station caters to a population of about 128,000 individuals who earn a median income of more than $56,000.

“Time Equities Inc. continually seeks out well-positioned centers in highly-trafficked areas, like Shadeland Station, as we continue to grow our national retail footprint,” Ami Ziff, Director of National Retail for TEI, said in a news release. “In this acquisition, we recognized the opportunity to own a stabilized grocery-anchored center with the potential for long-term upside.”

Joe Girardi and Rick Drogosz of Mid-America Real Estate Corp.n in cooperation with Mid-America Real Estate-Indiana LLC brokered the transaction on behalf of the seller, while TEI was represented in-house.

Founded in 1966, TEI owns properties in 25 states, four Canadian provinces and Germany. The company’s portfolio consists of approximately 22.1 million square feet of residential, industrial, office and retail space.

In other news, the Indianapolis Business Journal reports that the occupancy-challenged 315,000-square-foot Landmark Center office tower in downtown Indianapolis has recently landed two new major tenants.

Angie’s List Inc. plans to renovate and occupy nearly 100,000 square feet of space across four floors, while the Christian Church-Disciples of Christ will take another 60,000 square feet for its 195-person headquarters currently located at 130 E. Washington St.

Ambrose Property Group, the property’s owner, told the newspaper that the tower’s occupancy would now go from less than 50 percent to more than 90 percent.

The company acquired the center, which is the 11th-largest office complex downtown, out of receivership late last year.

Photo credits: www.loopnet.com



Cummins Announces $30M HQ Project at Former Arena Site in Downtown Indianapolis

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by Adriana Pop, Associate Editor

Columbus, Ind.-based engine manufacturer Cummins Inc. is planning the construction of its new global distribution headquarters on a four-acre portion of the former Market Square Arena (MSA) site in downtown Indianapolis.  

City and company officials announced the $30 million office project on March 26, the Indianapolis Business Journal reported. Cummins will purchase the site of the development for $4.3 million from the City, which will support the project by investing $3.3 million in infrastructure improvements and parking and by cutting 70 percent of the development’s property taxes for a period of 10 years. Construction is expected to begin this year.

Upon completion in 2016, the new mid-rise building will have the capacity to host up to 400 employees. Plans also call for ground floor retail, a training center and public green space on the block bordered by Market, Alabama, Washington and New Jersey Streets.

At the moment, the company has about 100 employees in two multi-tenant office buildings in Indianapolis, which it plans to consolidate to the new building. Another 125 to 150 employees will be transferred from Columbus, which will continue to serve as Cummins’ global corporate headquarters.

“Targeting the Market Square Arena site for its new headquarters, Cummins will add to the landscape and vibrancy of this area of downtown that, until recently, has been underutilized. This infusion of talent will make us more attractive to new companies, jobs, and residents alike,” Indy Chamber CEO Michael Huber said in a prepared statement.

“Cummins is a well-respected global leader in technology and innovation,” added Mayor Ballard. “Locating the global distribution headquarters of a Fortune 500 company downtown will bring new people, visitors and recognition to Indy as a worldwide economic center.”

Flaherty & Collins Properties is also building at the site of the former MSA. Just to the north, across Market Street, the company will be developing an $81 million, 28-story luxury apartment project with 300 units. Construction on the proposed high-rise is scheduled to begin in May.

Photo credits: cummins.com



Low-Income Senior Housing Project in Downtown Indianapolis Wins $837,000 in Federal Tax Credits

26 Mar 2014, 10:02 pm







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by Adriana Pop, Associate Editor

A $9.6 million affordable senior housing project planned by TWG Development LLC in downtown Indianapolis has been awarded federal tax credits from the Indiana Community & Housing Development Authority.

According to the Indianapolis Business Journal, the developer received $836,756 in credits and $450,000 in additional state funding. The grants would help finance the conversion of a vacant 1929 building at 1352 N. Illinois St. (pictured) into a 63-unit low-income rental residential complex for seniors.

Formerly known as The Whitsett Group, TWG Development purchased the historic four-story property that formerly housed the Fame Laundry Co. from local home-restoration company Michaelis Corp.

Designed by DkGr Architects, TWG’s 71,300-square-foot housing development is one of the three projects in the Indianapolis area that have been awarded federal tax credits this year. The other winning developments include a Beech Grove senior housing complex that received $823,908 in credits and $400,000 in state funding; and a Lawrence senior housing complex that received $823,135 in credits and $300,000 in state funding.

In regional news, the Inside Indiana Business reports that Ohio-based Redwood Living Inc. is planning to invest between $35 million and $45 million in the construction of four or five apartment communities in Fort Wayne over the next four years. Overall, the new developments would bring up to 500 new apartment homes to the market.

On Friday, March 21, the company held a groundbreaking ceremony for the first project known as Maplecrest by Redwood.

The new pet-friendly community will consist of single-story apartment homes with private attached garages, an open floor plan with two bedrooms, two full bathrooms, eat-in kitchens with breakfast bars, spacious living rooms, personal patios, full-size washer and dryer connections, walk-in closets, and abundant storage.  

All of Redwood Living’s apartments earn the Environmental Protection Agency’s Energy Star designation, meaning that these residences are 40 to 45 percent more energy efficient than a standard home.

Photo credits: Curtis Ailes



City Committee Green Lights $81M MSA Apartment Tower Project in Indianapolis

12 Mar 2014, 10:11 pm







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by Adriana Pop, Associate Editor

Plans are moving forward for the $81 million, 28-story, apartment high-rise Flaherty & Collins Properties intends to build on a portion of the former Market Square Arena (MSA) site in downtown Indianapolis.

According to the Indianapolis Business Journal, the City-County Council’s Metropolitan and Economic Development Committee recommended to the full council that the project be approved.

The recommendation includes a hiring requirement, according to which 30 percent of the workers building the tower must live in Marion County,

According to David Flaherty, CEO of Flaherty & Collins, the company will be able to attain this hiring goal.

“We have a very good track record of hiring locally and training locally,” he told the newspaper.

The committee also proposes that the city provide a 25-year, $23 million bond for the project. $17.5 million of these funds would directly finance construction, while the remainder would be set aside for unexpected expenses. The city is also contributing the land which has been appraised at $5.6 million.

If approved under its current form, the Market Square Tower, which has been designed by Dallas-based RTKL, would be among the 10 tallest buildings in Indianapolis. At 370 feet, the high-rise would also rank as the tallest apartment building in the city.

Plans call for 300 luxury apartments, 500 parking spaces and 43,600 square feet of ground-floor retail space. Rents for the new residences are expected to range from $1,300 to $2,400 per month.

The developer expects to begin construction in the next few months and complete the project by the end of 2015.

Last July, the city selected Flaherty & Collins’ project out of a total of six development proposals. The other teams vying to redevelop the former MSA site were Keystone Group and Cleveland-based Forest City Enterprises Inc.; Buckingham and Kite Realty Group; Browning Investments and The Whitsett Group; Milhaus Development and REI Real Estate Services LLC; and Barrett & Stokely Inc. and Ryan Companies U.S. Inc.

Photo credits: Flaherty & Collins Properties



PK Partners Plans $80M Mixed-Use Project on Vacant Parcels in Indianapolis

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by Adriana Pop, Associate Editor

An $80 million commercial and residential project could soon rise on two vacant parcels along River Crossing Boulevard in Indianapolis.

According to the Indianapolis Business Journal, PK Partners LLC is proposing the construction of 100,000 square feet of office space and 200 apartments with lakefront views and parking on about 10 acres on the east side the boulevard. Across the street, the developer is planning a 125-room hotel, 50,000 square feet of office and retail space, and possibly more apartments. Plans also call for a one-mile walking trail along the lake, on-street parking and sidewalks.

The city’s Metropolitan Development Commission will consider the developer’s request to rezone the site on March 19. The move would allow more flexibility for the project, the newspaper reports.

PK Partners also owns the Champps Americana restaurant building, which could be redeveloped as part of the larger scheme.

Construction on the first phase of the mega-project could begin this year. Overall, it could take between three to seven years for the entire development to be complete.

To the south, PK Partners is currently building a stand-alone restaurant for the Piada Italian Street Food chain. The company’s other developments in Indianapolis include the Shops at River Crossing (pictured), One River Crossing, Two River Crossing, Three River Crossing, Willow Lake West, Starbucks at 38th & Meridian, The Shoppes at 54th Street, Nora Plaza Shops and Shoppes at Buck Creek.

In regional news, Inside Indiana Business reports that a March 10 groundbreaking has been set for the much anticipated $71.3 million Convention Center Hotel by DoubleTree and residential apartments in downtown Evansville.

HCW Evansville Development Inc. of Branson, Ind. will be developing the 257-room hotel, which could welcome its first guests by next fall.

“After a frigid winter resulting in sub-zero temperatures and significant snow fall, HCWE and City officials are excited to break ground and move the project forward,” Rick Huffman, president of HCWE, said in a news release.

Photo credits: www.pkpartners.com



Keystone Realty Acquires 114,000-Sq.-Ft. Office Complex in Suburban Indianapolis

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by Adriana Pop, Associate Editor

An affiliate of Keystone Realty Group has recently acquired the four-building Waterplace Office Park on the east side of the North Meridian corridor in Indianapolis.  

According to Indy Star, KG Waterplace LLC purchased the 12-acre property at the southeast corner of 91st Street and U.S. 31 through a receivership controlled by Cassidy Turley. Keystone CEO Ersal Ozdemir told the newspaper that the company’s total investment in the acquisition and renovation of the campus would amount to $9 million.   

Situated around a small lake with mature landscaping, the Class-A Waterplace Office Park offers approximately 114,000 square feet of space. It was developed by Jackson Cos. in the early 1980s and it is currently 72 percent occupied. American Legion, Indiana Mentor, Nursefinder, Decatur Vein Clinic, Pyramid Life Insurance and Indiana Nephrology are among the property’s tenants.    

In a recent transaction, Keystone has also acquired the landmark Illinois Building in downtown Indianapolis, with plans to convert it into a boutique hotel, or office and retail space. An affiliate of locally based HDG Mansur sold the vacant 145,000-square-foot property for $5.5 million.

Other notable projects owned or developed by Keystone in the Indianapolis metro area include the Broad Ripple Parking Garage and Shoppes; the Sophia Square Lofts; Shoppes & Garage in Carmel; and the 3 Mass Condominiums along Mass Ave.  

In regional news, Chambers Street Properties of New Jersey has purchased a massive single-tenant warehouse/distribution center in Plainfield for $30.2 million.

According to the Indianapolis Business Journal, Browning Investments and Prologis developed the 622,440-sq.-ft. property at 445 Airtech Parkway in early 2013. Hartz Pet Products has a long-term lease for the entire space. The acquisition also included an adjacent parcel of land that could accommodate an expansion of up to 227,000 square feet of space.

“Having a long-term lease in place with a solid tenant makes this acquisition an exceptional addition to our portfolio,” Chambers’ executive vice president and COO Philip L. Kianka said in a news release.

Photo credits: www.loopnet.com



Mainstreet Property Group Announces Series of New Medical Resorts in Indiana

15 Feb 2014, 12:10 am







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by Adriana Pop, Associate Editor

National health care developer Mainstreet Property Group has announced a significant pipeline of new medical resorts for seniors over the next three years in Indiana.

Combined, these developments are expected to create 3,000 permanent jobs, 8,400 temporary jobs, and generate an economic impact to the region of about $3 billion.  

This year, the Carmel-based company will be completing seven new properties. Currently under construction, the projects include Clearvista Lakes, Arlington Place and Evergreen Place Indianapolis Georgetown & 56th Street in Indianapolis, Wellbrooke of Kokomo in Kokomo, Wellbrooke of South Bend in South Bend, as well as two unnamed developments in Terre Haute and Lafayette.

The company estimates that the new medical resorts will lead to the creation of 2,500 construction jobs, 850 permanent jobs, and have a total economic impact of more than $850 million.

In 2015, Mainstreet plans additional health campuses in Carmel, Dyer, Bloomington, and Crown Point.

“Mainstreet is proud to call Indiana home.  Developing these medical resorts here for the use of Hoosiers, while serving as an economic engine for these cities and towns, is a rewarding result,” Zeke Turner, chairman and CEO of Mainstreet, said in a news release.

Mainstreet’s medical resorts provide a welcoming environment with a host of unique features, including an in-house movie theater, outside fire pit, fireplaces, salon/spa for haircuts and manicures, fitness center, game room, art and music classes and walking trails.

Over the last five years, the company has invested more than $125 million in the development of 10 Indiana properties. The projects, which are located in Wabash, Crawfordsville, Westfield, Avon, Lawrenceburg and Mishawaka, have created 1,400 permanent jobs, 3,500 construction jobs, and have generated an economic impact of nearly $1.3 billion.

“Now active in 14 states, Mainstreet is growing rapidly nationwide, but I am excited to also be able to benefit my home-state of Indiana.  There is meaningful opportunity to offer better health care services and to raise the bar on expectations for what is possible.  Where many see uncertainty in the changing health care landscape, we see opportunity to design, build and offer a model that appeals to the consumer – one focusing on comfort, dignity and privacy,” Turner added.

Photo credits: www.trilogyhs.com



Keystone Realty Plans to Develop 5.3-Acre Residential/Retail Project in Carmel’s Old Meridian District

11 Feb 2014, 8:05 pm







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by Adriana Pop, Associate Editor

Keystone Realty Group of Indianapolis is proposing the construction of a new five-story mixed-use building in Carmel. According to the Indianapolis Business Journal, plans call for 200 luxury apartments and ground-floor retail on a 5.3-acre site located southwest of the roundabout at Old Meridian and Main streets.

Upon completion, the new development known as Sophia Pointe will offer a mix of one- and two-bedroom units, 14,000 square feet of retail space and structured parking.

The Carmel Clay Plan Commission is currently reviewing the developer’s request to allow for the construction of the approximately 89-foot building, which would exceed the city’s current development standards by about 35 feet. The project will then go before the Carmel Board of Zoning Appeals.  

Keystone expects to break ground on the Sophia Pointe complex this summer and have the residences ready for occupancy by 2015.  

The company has also developed the $60 million Sophia Square residential and retail complex (pictured) located about a mile from the site of the new project. The property opened in May 2011 and features about 200 upscale apartments, 94 percent of which are occupied, ground-floor retail and a two-level underground parking garage.  

Other mixed-use developments in the city’s Old Meridian district include Buckingham Cos.’ Providence at Old Meridian, a 23-acre master-planned community consisting of apartment homes, townhomes, recreational amenities, parks, and street-front retail. Furthermore, Edward Rose Properties is planning the construction of “The District,” an $80 million mixed-use complex that would bring 400 apartments, a four-story parking garage, retail space, 65 single-family town homes, a senior-living community and a 100-plus-room boutique hotel.

Photo credits: 110sophiasquare.com



Hat World to Invest $21.77M in Major HQ, Distribution Expansion in Indiana

27 Jan 2014, 11:20 pm







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by Adriana Pop, Associate Editor

Hat World Inc. has announced it would invest $21.77 million in the expansion of its headquarters and distribution operations in central Indiana and create up to 758 jobs by 2025.

As part of its expansion, the Indianapolis-based company will build and equip a new 150,000-square-foot headquarters office at Creekside Corporate Park in Zionsville.

According to the Indianapolis Business Journal, the development is slated to rise on 15.6 acres of land that the Zionsville Redevelopment Commission has agreed to sell to Hat World for $577,200. The transaction is expected to close in May.

Hat World also plans to lease more than 600,000 square feet of additional warehouse space in Indianapolis. The company currently operates out of 225,000 square feet of leased space in Park 100 and another 285,000 square feet of leased space on 76th street on the northwest side of the city.

Hat World will relocate its headquarter operations to Zionsville and fill approximately 300 new administrative, finance, human resources and business development positions in late 2015 or early 2016. The company will also hire new manufacturing, distribution and warehouse associates in Indianapolis in the third quarter of this year.

If it meets its job creation plans, Hat World will receive up to $3.4 million in conditional tax credits and up to $300,000 in training grants from the Indiana Economic Development Corp. The city of Indianapolis is also supporting the expansion at the request of Develop Indy, a business unit of the Indy Chamber, while the town of Zionsville is considering additional tax abatement and incentives.

Hat World, which does business as Lids Sports Group, manufactures hats and other sports apparel and operates more than 1,000 retail stores under the brands of LIDS, Locker Room by LIDS, LIDS Clubhouse and LIDS Team Sports.

The company opened its first store in Lafayette in 1995 and currently employs more than 1,000 associates in Indiana and more than 9,000 retail associates across the United States, Canada and Puerto Rico. In 2004, it was acquired by Nashville, Tenn.-based Genesco Inc.

“Hat World has seen tremendous growth in the past decade and I’m happy to see them continue to grow here in Indy,” Indianapolis Mayor Greg Ballard said in a news release. “As the company continues to grow, the expansion of their manufacturing and distribution operations in Indy shows a confidence in our workforce and our central location to support their ever-growing production needs.”

Photo credits: LIDS Sports Group