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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