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A pair of Chicago-based developers are planning to build a 23-story apartment tower in downtown Indianapolis.
Point Real Estate Development LLC and Chicago Atlantic Real Estate LLC are expected to request city approval for the project at 408 N. Delaware St. in mid-July. Billed as a “luxury apartment tower” in public filings, the 265-foot building would feature 256 apartments and a 145-space parking garage.
If built as proposed, the tower would be the tallest structure to be built downtown since the 28-story, 290-foot 360 Market Square tower was completed in March 2018.
The project would sit on a 0.45-acre parcel surface parking lot owned by Cincinnati-based Chavez Properties, directly across Talbott Street from an apartment project now under construction. The land is under contract, pending city approval.
Because of its location in the downtown central business district, the project must receive approval from the Regional Center Hearing Examiner, as well as the Metropolitan Development Commission.
Based on architectural renderings and site plans filed with the city, the building’s facade would be made up mostly of aluminum and large, reflective glass panes. Facing Delaware Street, the building would be supported by three large columns. The building would total about 275,000 square feet.
Point Real Estate CEO Tod Desmarais told IBJ the developers expect the structure’s design will catch people’s attention, and possibly create interest in living downtown. He declined to share how much the companies would spend on the project.
“There’s not a lot of buildings like this, but we feel that’s an advantage for us, since an innovative and 21st Century product is something that will excite people inside the market,” he said. “We’re excited about doing a project like this in Indianapolis.”
Desmarais said the apartments are expected to be a mix of studios, and one-, two-, and three-bedroom units, with each floor featuring 16 units. The top floor would feature the building’s mechanical workings.
Parking would be on floors two through five, although parking is not a requirement for the project, according to the city. The developers also plan to designate about 72% of the parking spaces for smaller vehicles.
An indoor-outdoor amenity space on the sixth floor would feature a pool, fitness center, club and locker rooms, along with a landscaped rooftop deck with fire pits, a barbecue and kitchen area, a dog run and outdoor spa.
Desmarais said there are no plans for first-floor retail space in the property.
The real estate executive said the partnership is “looking at all the ways to finance the project,” including the possibility of requesting city incentives.
For the project to receive city dollars—specifically through a tool like developer-backed tax increment financing bonds—it will likely be required to offer either 10% of units at rents affordable to those making 50% of the area’s median income, or 5% of units for those making 30% of the median income.
“We’re certainly looking for opportunities all over, but Indianapolis is a location we know pretty well,” Desmarais said. “We like the activity that’s going on—a lot of work has been done and there’s a lot of new development and growth in the city.”
He said the firms hope to begin construction on the project by the end of 2021.
Point Real Estate is also the architect on the project.
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What is the “ask” going to be from the City?
The article already states that if the developer requests TIF financing support they will be required to set aside a certain percentage of the units as affordable units.
Take this with a grain of salt. The developer has only ever completed 5 projects, and they’re suburban memory care facilities.
(Also, pretty sure project to the west across Talbott is apartments, not condos.)
(Or they’re a different Point and they just don’t have any web presence at all, which isn’t really more assuring.)
Did you predict 360 Market Square would never happen too? Oops…
That was built by a well-established local company–different situation. Not saying this won’t happen, but there’s no track record to evaluate.
Looks great. Hope it happens.
Good luck with this. Be sure to include accommodations for the so called homeless & panhandlers – Hogsett’s favorite city people.
Great point!
What an ignorant point.
Yeah, John M. doesn’t quite comprehend the fact that federal court rulings give elected officials very little leeway with removing the homeless and panhandlers from public rights-of-way. But why let pesky legal stuff get in the way of his obsession with the mayor?
Like the project, just would be better if it was on an empty site in the heart of downtown like East Washington or Maryland and Pennsylvania.
It’s a half-mile from Monument Circle, so I think that qualifies as being in “the heart of downtown.”
And is currently planned for an “empty site”… It’s a parking lot. Doesn’t get more empty than that, Robert. Would you consider Riley.Towers outside of the downtown. I usually assume everything inside 65/70/river as downtown.
Your tax dollars ???
It does not fit well with that specific location but the idea is interesting. There are a lot of surface parking lots not doing much downtown that would be a better location.
That spot IS a surface lot, though!
Make it happen! We need more of this and less of that 5 story crap
The site is downtown within the mile square. Thought it would fit in better within the other high rises. May appear somewhat out of place with the adjacent buildings.
This project will likely spark more development of similar mass and style along that stretch of Delaware Street. Progress is a block-by-block thing.
I’m pretty sure the ~40′ tall concrete wall that would be seen from street level is anathema to the Regional Center Design Guidelines that the City is supposed to use to determine whether to approve the project. Total dead space. Hopefully, they’ll be asked to do much better.
So true. The most important part of the pedestrian experience is the street level visual experience of the first floor. It is critical to creating a vibrant city and with this design has been totally disregard. Unfortunately the first 3 floors of this building are a gigantic concrete wall creating a huge dead space. It couldn’t be much worse. Other than the good density, this building is an incredibly poor example of urban design.
Finally indy is building UP!I’ve always wondered why indy doesnt build more high rises.its cheaper to build up than to build a wide building that takes up tons of space.not to mention this would definitely add to the cities mediocre skyline.just wish indy would think more bold and build a city that looks more like a 21st century modern city on the move and growing. With this project and the new 40 story Hilton Sigma to be build and possibly a second hotel after the Hilton,this would be a very nice boost and make Indy’s skyline a little more attractive for a city our size.
Here is some interesting trivia. New Orleans, with less than half the population of Indianapolis, has more than twice as many high-riser of 20 or more stories.
Population is not a criterion for high rise building. And, historically, New Orleans was a significantly more populous and dense city compared to Indianapolis. It was a major port and has been a ‘major’ city since the Louisiana Territory. It was a city of incomparable character and charm. Katrina washed it aside. Indianapolis was an industrial hub developed “on the cheap” — lack of sidewalk and streetlights, many unpaved alleys, poor infrastructure. Indianapolis building heights were once restricted to be less than the Soldier’s and Sailor’s Monument. Hence, Ft. Wayne had the tallest building in Indiana in the early 1900s. There were more tall(er) buildings that have been razed. The anti-urban mindset of the Statehouse and, apparently, some with too much control of Planning, has proven counterproductive at best. Mercifully, downtown Indianapolis was not completely paved over for parking lots.
Meridian should be a corridor or high and mid-rise office and residential development from downtown north to 38th Street. More double boulevards should be implemented across the city — think of Ellenberger Parkway and Burdsal Parkway. And, what happened to the trees? Could the city at least be proactive in tree planting to soften the hardscape and be a natural elements that improves the visual and physical environments. It certainly creates more attractive neighborhoods.
Build high!!! Stop wasting space and build up!!! Up!!!!!!!