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An Indianapolis developer is tearing down an aging office building near Glendale Town Center, to make way for a mixed-use project consisting of retail, restaurant and office space.
Thomas English Commercial Real Estate expects to spend about $11 million on the project at 6100 N. Keystone Ave., with demolition on the existing six-story building already well underway. The structure will be replaced by a building totaling about 23,600-square feet, with retail and restaurant space on the first floor and medical office on the second.
The property is directly across Keystone from Glendale Town Center, which has undergone extensive renovations and additions in recent years from Indianapolis-based owner Kite Realty Group Trust. Retail residents include Target, Staples, Ross Dress For Less, Old Navy, Sephora, Bath & Body Works, Panera and Taco Bell.
Thomas English CRE acquired the 2.5-acre site in September 2023, buying it out of foreclosure for $1.59 million. The existing 82,000-square-foot building, constructed in 1968 and renovated with a new facade in 2017, was previously home to several tenants, including Accessible Medical Staffing, Access Work and Clear Lane Freight Systems Inc.
“This is a dynamic intersection, and there’s a lot of demand for space, but, really, there’s none available that would be comparable in location and quality” to this project, principal Tom English told IBJ. “So we’re pretty bullish on the intersection and our ability to lease this project.”
The new building is expected to have three street-level storefronts facing Keystone Avenue, each about 2,800 square feet. The second floor medical office space is expected to comprise 8,400 square feet and would occupy the same site footprint as the Keystone-facing shops.
Connected on the west side would be a one-story wing with four spaces facing north and comprising 6,800 square feet (three 1,600-square-foot spaces and one 2,000-square-foot space). English has envisioned a pickup lane and window for a restaurant along the western side of the building, and a drive-thru lane for a financial institution along the south.
English said demolition, which will stretch into the fall, is expected to cost about $500,000, while construction of the new property will cost about $8 million to $9 million.
English expects construction on the new building to begin in the spring, with completion around mid- to late-2026. He said the timing will lend itself to landing a strong group of tenants that will fit well with the Glendale Town Center development and the nearby repurposing of a former Marsh supermarket into a Traders Point Church.
IBJ reported in July that two new eateries are slated for outlots in Glendale Town Center. Starbucks and Panda Express will be located near the intersection of North Keystone Avenue and East 62nd Street.
“I think 2026 is really pretty ideal for us to bring this online,” he said. “In retail and restaurants, there’s a clustering effect—the more that come, the more others want to join. Removing obsolete office space from the market is … ultimately what heals the office glut that is going on right now. So I think you’re going to see more situations like this.”
English said no architectural firm has been hired for the development, but he noted Haus Architecture was commissioned for conceptual designs on the project.
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We managed the Glendale Building one time when it was in foreclosure for Prudential. We were able to make some headway and then it was sold. I can’t recall when that was. I’m sure it was about 40 years ago.👍
About a month ago the Indianapolis Fire Department appeared to be using the building for training purposes. That was likely its last useful function.
There were discussions on converting it into a boutique hotel at one point but i believe the conversion and potential plumbing issues soured venture. The Glendale area is buzzing with activity lately and I’m happy to see that the property is being redeveloped.
As is Nora
Tearing down a 6 story and replacing it with 2 doesn’t seem like a good use of space to me. I wish we would use land to best of its ability more. A lot of two and one story builds.
The problem is the land value has declined and a developer building a new building or remodeling an old one needs to have either committed tenants or likely ones to get financing for the projects.
A taller building requires more infrastructure and more burdensome code compliance.
There has to be a financial justification to build taller. So, the developer is building what they can most likely lease out and get financing to build.