Keystone Crossing Project Elevates Indy Luxury Rental Market

Keystone Crossing, one of the premier retail-office-hotel settings in Indianapolis, will soon have a lock on luxury-minded renters. That’s because Indy-based Flaherty & Collins Properties is transforming one of two Sheraton Hotel towers at I-465 and Keystone Avenue on Indianapolis’ north side into a new high-rise luxury apartment building, The Residences at Keystone Crossing.

The south, all-suite tower of the 1980s-era Sheraton will be converted into apartments, while the other tower will remain a hotel. Flaherty & Collins, a 400-employee firm that develops, constructs and manages multifamily properties in eight states across the Midwest and Southeast, started converting the 160 suites to 129 studio, one- and two-bedroom apartments in June. All units are expected to be completed by the first quarter of 2012, and will rent for about $900 to $1,500 a month.

The architect on the adaptive reuse project is Indianapolis-based CSO, and Flaherty & Collins Construction is the general contractor.

“The upper end of the multifamily market in Indianapolis is extremely strong,” vice-president of development Jim Crossin tells MHN. “The owners recognized the market conditions were perfect for bringing this project online. The hotel suites have converted nicely to apartments, because a suite is larger than a typical hotel room, and also has a bar in it. So given the size and existing plumbing, it was a nice starting point for an apartment conversion.”

It’s also an optimal location for luxury apartments. Keystone Crossing is home to what may be the most upscale mall not just in the Circle City, but in the entire Hoosier State, the Simon-owned Fashion Mall at Keystone.

Anchored by Saks Fifth Avenue and Nordstrom department stores, the mall offers a variety of specialty boutiques like Crate & Barrel and Coach, and a full complement of dining options selected to attract discerning consumers.

The Residences at Keystone Crossing will have a monopoly on high-rise apartment living in the area. Three or four luxury garden-style apartment communities exist in the immediate vicinity, “but this is the only high-rise in the midst of Keystone Crossing,” Crossin says, adding that from the upper reaches of the 12-story building, renters will be able to see 8½ miles to downtown. “You’ll have tremendous views,” he says.

Residents will have access to the newly remodeled hotel swimming pool and fitness center. In addition, they will enjoy the benefits of living in a building that’s also a hotel, with restaurant, bar, coffee shop, valet parking and room service, he says.

“I think we’ll draw people from the Keystone Crossing area,” Crossin says. “But we’ll also draw from outside the area renters attracted by the idea of living in the premier office-shopping-entertainment district in Indianapolis.”