Milhaus Breaks Ground on $26M Redevelopment in Historic District
Construction on the $26 million Circa Apartments at the former Mitchell & Scott industrial site in downtown Indianapolis is currently under way.
According to Inside Indiana Business, Milhaus Development has recently purchased the Chatham-Arch historic district property on College Avenue, where the new residential complex is slated to rise.
Plans call for a mix of 235 studio, one-, two- and three-bedroom apartments in five buildings, while approximately 7,000 square feet of first floor space could be developed as either residential or commercial. The first units are expected to welcome their first tenants in May 2014.
Amenities will include an abundance of community space, as well as an outdoor entertainment deck and pool, an indoor bar, wellness studio, art gallery, lounge and parking. Rents are expected to range between $800 and $2,000 per month.
For the project’s design, Milhaus has partnered with Blackline Studio for Architecture, Anderson + Bohlander Landscape Architecture and CEC Engineering. Milhaus Construction LLC is in charge of construction, while The Gene B. Glick Co. will handle leasing. The development is being financed through a construction loan from Regions Bank.
The Circa Apartments is the fifth project for Milhaus in the last three years.
The company’s other residential developments in Indianapolis include the Mozzo apartments, the Solana Apartments at the Crossing near Keystone at the Crossing, as well as Artistry, a mixed use, multi-phase development connecting downtown and the Cole Noble District. In Carmel, Milhaus has developed the Penn Circle Apartments, for which leasing is currently under way.
Photo credits: Milhaus DevelopmentTags: Anderson + Bohlander Landscape Architecture, Architecture/Design, Blackline Studio for Architecture, Brokers, CEC Engineering, Circa Apartments, Consumer, Conventional - Market Rate, Developers, Development, Finance/Investment, Indianapolis apartment, Indianapolis Lead Story, Investors, leasing, Local, Managers, Milhaus Development, multi-family, National, Owners, Professional, property management, Regional, Residential