Investment Property Advisors Plans More Apartments in Downtown Indianapolis; Edward Rose Seeks Bond Financing for Major Mixed-Use Project in Carmel
- Jul 25, 2014
by Adriana Pop, Associate Editor
Investment Property Advisors is about to complete a large-scale apartment complex along the Central Canal in downtown Indianapolis. According to the Indianapolis Business Journal, the company is seeking city approval to begin construction on the project’s second phase.
Designed by Ratio Architects, the first building is a 10-story structure featuring 319 units, about 8,000 square feet of retail space and a three-level, 278-space garage.
Investment Property Advisors is developing the complex on a 1.2-acre property located between West St. Clair and Ninth streets, on the site of a former 52,000-square-foot warehouse.
For the second phase, the company is planning the construction of a smaller, six-story structure with 197 units, nearly 6,000 square feet of retail space and a 175-space, two-level parking garage.
If approved, the new development would replace a single-story industrial building at 350 W. St. Clair St., just south of the first building, bringing the developer’s total investment in the two projects to approximately $100 million.
The city’s Metropolitan Development Commission is expected to review the company’s request by Aug. 6.
In other news, the Indianapolis Business Journal reports that Edward Rose Development Group is asking Carmel to issue up to $11.5 million in tax-increment financing bonds to support the construction of parking and infrastructure for its proposed $80 million mixed-use project in the Old Meridian district.
Called “The District”, the project will cover an approximately 30-acre parcel southwest of a roundabout at Main and Old Meridian streets.
Plans call for 400 apartments, a four-story parking garage with 500 spots, above-ground-floor retail space, 65 single-family townhomes, a senior-living community (with independent living, assisted living and memory care units) and a 100-plus-room boutique hotel.
The company expects to break ground on the project next year and deliver the first 300 units by mid-2016.
Photo credits: Investment Property Advisors