by Adriana Pop, Associate Editor
Milhaus Development is currently redeveloping the former Bank One Operations Center in downtown Indianapolis into a five-story mixed-use structure with 258 apartments and up to 68,000 square feet of commercial space. Inside Indiana Business reports that the estimated price tag of the reconversion plan is around $30 million.
Located at 451 East Market Street, the “Artistry” project is centered on the arts theme, reflecting the neighborhood’s history of craft and skill. Marketing and experience-design firm Q7 Associates will brand and market the residences, while the Gene B. Glick Company will provide property management services.
Upon completion, the new development will feature two interior courtyards, which will include a fountain, a vegetable garden, a bocce court, as well as green and sitting areas. On the third floor, residents will have access to an open pool and recreation deck, with stunning views of the city. Concierge services will be provided and will include valet trash, recycling and laundry.
Furthermore, the “Artistry” will offer an art gallery, theatre, café, wellness studio, aqua lounge and outdoor kitchen. Parking will be available within the building, as well as at an existing nearby garage.
“The former building belonged to the city of Indianapolis and its redevelopment today is the result of the vision and hard work of many people. We are excited to bring yet another form of creativity downtown to synergize with the city’s existing support of the arts,” said David Leazenby, principal of Milhaus Development. “Artistry is designed to embrace individuality for those who value style over status.”
The new development will be LEED-certified, bringing cost savings through the use of environmentally sensitive features such as energy-efficient systems, appliances and materials.
“Artistry will be the next great addition to our downtown landscape,” said Indianapolis Mayor Greg Ballard. “This development will turn a long vacant and blighted building into a vibrant and exciting new downtown neighborhood. It also helps set the stage for future development in the area including the Market Square Arena site.”
The first residences will be available for occupancy by October and are expected to rent from $800 to $1,800. Milhaus Development is also considering a second phase of the “Artistry” project, consisting of 200 apartments planned for a site adjacent to the main building.
Photo credits: www.milhausdevelopment.com