Deylen Realty to Develop $10M Apartment Community on Virginia Avenue in Indianapolis
Local developer Deylen Realty is planning the construction of a new apartment community in the city’s Fountain Square neighborhood southeast of downtown. According to the Indianapolis Business Journal, the $10 million project at 501 Virginia Avenue will replace a warehouse with 68 market-rate apartments, 9,900 square feet of retail space and a 104-space parking garage with 76 underground spaces. The facility is currently occupied by Impact Group Inc.
Deylen expects to break ground on the project at the beginning of 2014 and deliver the first homes by the spring of 2015. Rents will range between $850 for a studio and $2,000 for a luxury two-bedroom unit with a skyline view.
Blackline Studio is the architect of the new five-story building, which will be located between Milhaus Development’s Mozzo apartments and the Villagio condos in Fletcher Place.
Deylen Realty is also the developer of the The Hinge (pictured), a $7.5 million apartment and retail complex at 719 Virginia Avenue, just a few blocks south of the site of the new development. The mixed-use building, also designed by Blackline Studio, opened in August 2012. The property offers 56 market-rate apartments, 12,000 square feet of commercial space, and a 57-space parking garage.
In regional news, the Indianapolis Business Journal reports that Chicago-based HSA Commercial Inc. has partnered with Boston-based Great Point Investors LLC to develop a 220,000-square-foot speculative warehouse on a 13-acre site southwest of the Indianapolis International Airport in Plainfield. Construction on the new building at Gateway Business Park is expected to begin this month.
Chicago-based The PrivateBank is providing financing for the new development. Fishers, Ind.-based Meyer Najem will serve as the project’s general contractor, and JRA Architects is the designer of the project.
“There has been a lot of positive leasing activity with third-party logistics tenants in Indianapolis throughout the past couple years particularly in the Plainfield submarket,” Robert Smietana, vice chairman and CEO of HSA Commercial said in a news release.
The Indianapolis industrial market has seen the greatest amount of speculative development in the Midwest in recent years, according to a recent survey by Jones Lang LaSalle. HSA’s project is the third of its kind in the area this year.
Photo credits: www.deylen.com