Developers Selected to Build $22.9M Office Facility at IUPUI Campus

by Adriana Pop, Associate Editor

In a public-private development deal, REI Real Estate Services and its partner, Vermillion Enterprises LLC of Chicago, have been selected to build a 100,000-square-foot office facility at the IUPUI campus. According to the Indianapolis Business Journal, the proposed five-story building would house the university’s School of Philanthropy, as well as the offices of Chancellor Charles R. Bantz.

The IU Trustees have received a total of 18 development proposals for the $22.9 million project. Pending a final approval from the Commission for Higher Education and the State Budget Committee, construction could begin this summer and be complete next year.

Ratio Architects will design the building, which will be located at the northeast corner of New York Street and University Boulevard. IU has agreed to lease space in the building for 20 years, after which it would take ownership of the property.

The developers are currently lining up financing for the project, which is expected to generate a solid income stream. The university’s estimated annual cost of occupying the facility would amount to approximately $2.6 million, $1.7 million of which would be rent.

In other news, the Indianapolis Business Journal reports that the city’s Metropolitan Development Commission has approved a $30 million mixed-use apartment project that would be built at the corner of 86th Street and Keystone Avenue in suburban Indianapolis.

Developed by Hendricks Commercial Properties of Wisconsin, the five-story Ironworks at Keystone Village building would replace the long-vacant Woodfield Centre retail strip with 120 high-end apartments and 36,000 square feet of ground-level retail space. On March 25, the development proposal will go before the City-County Council. If approved, construction on the project would begin this year.

Photo credits: www.iupui.edu

Milhaus Redevelops Former Bank One Center into Apt., Office Space

by Adriana Pop, Associate Editor

Milhaus Development is currently redeveloping the former Bank One Operations Center in downtown Indianapolis into a five-story mixed-use structure with 258 apartments and up to 68,000 square feet of commercial space. Inside Indiana Business reports that the estimated price tag of the reconversion plan is around $30 million.

Located at 451 East Market Street, the “Artistry” project is centered on the arts theme, reflecting the neighborhood’s history of craft and skill. Marketing and experience-design firm Q7 Associates will brand and market the residences, while the Gene B. Glick Company will provide property management services.

Upon completion, the new development will feature two interior courtyards, which will include a fountain, a vegetable garden, a bocce court, as well as green and sitting areas. On the third floor, residents will have access to an open pool and recreation deck, with stunning views of the city. Concierge services will be provided and will include valet trash, recycling and laundry.

Furthermore, the “Artistry” will offer an art gallery, theatre, café, wellness studio, aqua lounge and outdoor kitchen. Parking will be available within the building, as well as at an existing nearby garage.

“The former building belonged to the city of Indianapolis and its redevelopment today is the result of the vision and hard work of many people. We are excited to bring yet another form of creativity downtown to synergize with the city’s existing support of the arts,” said David Leazenby, principal of Milhaus Development. “Artistry is designed to embrace individuality for those who value style over status.”

The new development will be LEED-certified, bringing cost savings through the use of environmentally sensitive features such as energy-efficient systems, appliances and materials.

“Artistry will be the next great addition to our downtown landscape,” said Indianapolis Mayor Greg Ballard. “This development will turn a long vacant and blighted building into a vibrant and exciting new downtown neighborhood. It also helps set the stage for future development in the area including the Market Square Arena site.”

The first residences will be available for occupancy by October and are expected to rent from $800 to $1,800. Milhaus Development is also considering a second phase of the “Artistry” project, consisting of 200 apartments planned for a site adjacent to the main building.

Photo credits: www.milhausdevelopment.com

Luxury Hotel in Downtown Indianapolis Open for Business

by Adriana Pop, Associate Editor

A new four-star hotel has recently opened in the heart of downtown Indianapolis, as part of the CityWay development.

Called The Alexander, in honor of Alexander Ralston, the engineer and architect who in 1820 led the creation of the city’s plan, the property offers 157 guest rooms with stunning views of the city, along with 52 extended stay suites. Amenities include a fitness center, multiple restaurants and meeting rooms totaling 16,500 square feet of indoor and outdoor event space.

The new hotel has been developed by Indianapolis-based Buckingham Companies and designed by the Gensler architecture firm. Dolce Hotels and Resorts, of Rockleigh, N.J., is managing the property.

“The Alexander is our new model for urban hotels, a hybrid between a center-city lifestyle and conference hotel,” said Steven Rudnitsky, Dolce president and CEO.

CityWay is a $155 million project north of South Street that will encompass high-quality residences, office and retail space, as well as a public park and state-of-the-art YMCA.

In regional news, developers have broken ground on a $14.4 million health and wellness center in Avon. Inside Indiana Business reports that the new community is a joint project between Life Care Services and Mainstreet.

Scheduled to open in July 2013, Wellbrooke of Avon is expected to generate up to 100 full-time jobs and as many as 300 construction jobs. The center will feature 70 all-private accommodations for physical, occupational and speech rehabilitative and long-term care, as well as 30 service-rich apartments for full-time residential living.

According to Mainstreet’s Chairman and CEO Zeke Turner, Wellbrooke guests experience concierge-based health services in a hotel-like atmosphere.

“The design will feature multiple social destinations, including several different dining venues and private and public areas with fireplaces,” Turner stated. “An emphasis on social features encourages interaction with family and friends, making Wellbrooke of Avon a destination for the entire community.”

Currently, there are three similar communities under construction in Crawfordsville, Wabash and Westfield, Indiana.

Photo credits: www.thealexander.com

Flock Real Estate to Spend $1M Renovating Historic Apartment Buildings in Indianapolis

by Adriana Pop, Associate Editor

Two Old Northside apartment buildings at the northeast corner of 13th and Alabama streets in Indianapolis are about to get a $1 million makeover. Built in the late 1800s, the three-story properties comprise approximately 20,000 square feet of living space.

The Indianapolis Business Journal reports that locally based Flock Real Estate Group will apply for historic tax credits to finance the renovation project. Upon completion, the buildings will offer 12 one-bedroom units, three two-bedroom units and three three-bedroom units, with refurbished hardwood floors, high ceilings, new windows, track lighting and new kitchens with stainless appliances. Rents for the 18 market-rate units will range between $750 and $1,600 per month.

Renovation work is expected to begin in the next few months and be complete by August. Flock Real Estate Group purchased the properties known as The Arletta and The Hartwell late last year for about $300,000. The company will now rename the buildings The Veston and The Maude, after their former owners.

In regional news, Samaritan Properties of Plainfield, Ind. has recently purchased the Abbey Court Apartments, a 250-unit garden apartment community in Evansville (pictured). According to the RE Journals, Tikijian Associates represented the seller, Indianapolis-based Hearthview Residential.

Built in 1976, the property features a unique architecture in a terrific location, with easy access to Green River Road and Lloyd Expressway. Amenities include a swimming pool with sundeck, a fitness center, a play area, a business center and an expansive clubhouse.

In 2010, Hearthview Residential purchased the community from lender Berkadia Commercial Mortgage following property’s foreclosure. Hearthview then renovated the property and changed its name from Stonehedge to Abbey Court.

Photo credits: www.abbeycourtapts.com

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Duke Realty Divests Six-Building Office Portfolio in Indianapolis

by Adriana Pop, Associate Editor

A joint venture between Middleton Partners and Romanek Properties has acquired the six-building Hillsdale Technecenter in suburban Indianapolis from locally based Duke Realty Corp. John Huguenard and Peter Harwood of Jones Lang LaSalle represented the seller in the transaction. Financial terms were not disclosed.

According to the Indianapolis Business Journal, the sale of the 446,000-square-foot office complex is part of Duke’s plan to reduce its ownership of suburban office properties. The company’s long-term goal is to have 60 percent of its holdings in industrial, 25 percent in office and 15 percent in medical office.

The Hillsdale Technecenter was developed in 1986 and 1987 and its single-story buildings range in size from 64,000 square feet to 84,050 square feet. The property’s overall occupancy rate is 88 percent and its tenants include Verizon Wireless, with about 38,400 square feet; Community Health, with 34,300 square feet; and Ingersoll-Rand, with 29,300 square feet.

“The Hillsdale complex is highly regarded in the marketplace and considered an excellent infill location close to major highways and local demand drivers,” Romanek Principal Peter Holstein told the newspaper.

In other news, Hendricks Commercial Properties is planning a $30 million, mixed-use apartment project at the corner of 86th Street and Keystone Avenue in suburban Indianapolis. Dubbed Ironworks at Keystone Village, the new five-story development would replace the long-vacant Woodfield Centre retail strip near the Fashion Mall with more than 36,000 square feet of ground-level retail space and 130 high-end apartments.

Mike Cook, the local attorney representing the developer, told the Indianapolis Business Journal that construction could start this spring and be complete by the end of the year. The project is expected to go before the full Metropolitan Development Commission on Feb. 6.

Photo credits: www.amichaelpublishing.com

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