PK Partners Plans $80M Mixed-Use Project on Vacant Parcels in Indianapolis
- Mar 04, 2014
by Adriana Pop, Associate Editor
An $80 million commercial and residential project could soon rise on two vacant parcels along River Crossing Boulevard in Indianapolis.
According to the Indianapolis Business Journal, PK Partners LLC is proposing the construction of 100,000 square feet of office space and 200 apartments with lakefront views and parking on about 10 acres on the east side the boulevard. Across the street, the developer is planning a 125-room hotel, 50,000 square feet of office and retail space, and possibly more apartments. Plans also call for a one-mile walking trail along the lake, on-street parking and sidewalks.
The city’s Metropolitan Development Commission will consider the developer’s request to rezone the site on March 19. The move would allow more flexibility for the project, the newspaper reports.
PK Partners also owns the Champps Americana restaurant building, which could be redeveloped as part of the larger scheme.
Construction on the first phase of the mega-project could begin this year. Overall, it could take between three to seven years for the entire development to be complete.
To the south, PK Partners is currently building a stand-alone restaurant for the Piada Italian Street Food chain. The company’s other developments in Indianapolis include the Shops at River Crossing (pictured), One River Crossing, Two River Crossing, Three River Crossing, Willow Lake West, Starbucks at 38th & Meridian, The Shoppes at 54th Street, Nora Plaza Shops and Shoppes at Buck Creek.
In regional news, Inside Indiana Business reports that a March 10 groundbreaking has been set for the much anticipated $71.3 million Convention Center Hotel by DoubleTree and residential apartments in downtown Evansville.
HCW Evansville Development Inc. of Branson, Ind. will be developing the 257-room hotel, which could welcome its first guests by next fall.
“After a frigid winter resulting in sub-zero temperatures and significant snow fall, HCWE and City officials are excited to break ground and move the project forward,” Rick Huffman, president of HCWE, said in a news release.
Photo credits: www.pkpartners.com