by Adriana Pop, Associate Editor
Local developer Deylen Realty is planning to start construction on a new mixed-use multi-family complex at 501 Virginia Avenue in Indianapolis this month.
Called SLATE, the $11 million development will bring 68 market-rate apartments, 9,900 square feet of retail space and a parking garage with 76 underground spaces and 30 surface spaces. Construction is expected to be complete next summer, the Inside Indiana Business reports.
Designed by Blackline Studio, the new five-story building will be located between Milhaus Development’s Mozzo apartments and the Villagio condos in Fletcher Place. The complex is Deylen Realty’s second residential project in the city’s historic Holy Rosary/Fletcher Place neighborhood.
Just a few blocks south of the site of the SLATE building, the company has also developed The Hinge Flats, a highly successful apartment and retail complex, which opened in August 2012. Also designed by Blackline Studio, the $7.5 million property offers 56 market-rate apartments, 12,000 square feet of commercial space and a 57-space parking garage.
“With the design of SLATE, we are aiming to introduce a new design aesthetic to Indy’s booming multi-family sector. The neighborhood’s enthusiastic response to The Hinge inspired us to push ourselves to develop a structure that would aid in their ambition to be known as one of downtown Indy’s most progressive big-little neighborhoods,” Blackline partner Nikki Sutton said in a news release.
“As we developed the style of the building, we considered the pedestrian experience in tandem with the message the structure would send. We wanted a design that reflects the values of the growing neighborhood. We intend to deliver another project with great spaces for those looking to live in a cool, progressive downtown neighborhood,” added Craig Von Deylen, co-founder of Deylen Realty.
Founded by real-estate professionals and developers Craig Von Deylen and Todd Von Deylen, Deylen Realty has also converted a former community center in Indianapolis into the award-winning Fletcher Place Lofts. The company currently manages over $22 million in real-estate assets.
Photo credits: Blackline Studio