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A South Bend-based developer plans to spend $21.4 million to convert the Angi Inc. headquarters on East Washington Street in downtown Indianapolis into a 180-unit apartment building.
Holladay Property Services Midwest Inc., a division of Holladay Properties, is set to overhaul the 236,000-square-foot office building at 130 E. Washington St. starting next year. The project is expected to be a full conversion of the upper floors of the 12-story building, which is also home to sports governing body USA Track & Field and civil engineering company T&M Associates.
The project would include 180 apartments, 22 of which would be reserved for residents earning up to 60% of the area median income, or AMI. The affordability component would be in place for 15 years. The city of Indianapolis generally requires an affordability component for projects receiving incentives, either through abatements or tax-increment financing.
Holladay is requesting a 10-year real-property tax abatement for the project, at a level of 95% for the duration of the incentive. The city’s Metropolitan Development Commission is set to consider the request during its Oct. 2 meeting.
According to filings, the project would increase the assessed value of the building by about $28.6 million, with savings of $4.264 million in property taxes over the life of the abatement. Holladay would still pay about $223,345 annually in new property taxes, in addition to the nearly $447,000 it would owe for the building’s existing value.
After the abatement period, Holladay would pay about $677,581 in new property taxes, along with its current annual amount, totaling $1.12 million. The project is expected to create two jobs at $26.44 per hour.
The Angi building, constructed in 1922 for Meyer Kiser Bank, has been home to numerous firms over the years, including Farm Bureau Insurance and various U.S. Olympic Committee-affiliated sports governing bodies. USA Track & Field is set to move to a new location at the planned IU Indianapolis Athletics Center, which opens in 2026.
Minneapolis-based Onward Investors LLC has owned the building since 2017.
The building was designed by local firm Vonnegut and Bohn and features an extensive lower level amenity area for office workers, including a fitness center, showers and lockers, a tenant lounge, training rooms and a game room within the former bank vault. It is also connected to a 301-space parking garage immediately to the west, with rights to 250 spaces, according to marketing materials from the Indianapolis office of Toronto-based brokerage Colliers International.
The conversion is one of several projects included in the city’s second professional sports development area map that is awaiting approval from the State Budget Committee, connected to a proposed soccer stadium for Major League Soccer.
Holladay has been involved in numerous developments across the state, including in Indianapolis, where its local headquarters are at the former Milano Inn site on College Avenue. The company has led development of AmeriPlex, a 1,500-acre mixed-use campus near the Indianapolis International Airport, as well as had involvement in the Grand Park Sports Campus and numerous multifamily projects in or near downtown Indianapolis.
A representative for Holladay did not return a voicemail or a text message requesting comment for this story.
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Hmmmm.
“The project is expected to create two jobs at $26.44 per hour.”
This is going to be great for this building. It’s solidly built and the bank vault is still place, mainly because it’s tons and tons of steel and concrete. Last time I was in the building (maybe 8 years ago) it was just what I thought was cheap class B office space.