Local investors plan to revamp dilapidated College Avenue building

2701 N. College Ave. (Image courtesy of Google)

A pair of local investors have acquired a two-story commercial building north of downtown Indianapolis, with plans to spiff it up into business space and a pair of luxury apartments.

JBCC Holdings LLC partners Jack Burd and Conner Cunningham plan to spend $500,000 to $600,000 to update the dilapidated and graffitied vacant structure at 2701 N. College Ave.

As proposed, the project would consist of two 1,600-square-foot commercial spaces, including a new space for Burd’s Indiana Farm Bureau Insurance business—a three-person office currently located on Allisonville Road in Fishers. The second floor would feature two upscale three-bedroom, three-bathroom apartments available for lease. Cunningham’s construction company, Hoosier Home Experts LLC, is expected to conduct the interior renovations.

Burd said there has been interest from multiple potential users for the second commercial space, but nothing has been finalized.

The rents for the second commercial space and the apartments have also not been finalized, but the developers said they expect the dwelling units to have higher-end finishes and to fetch a competitive price.

The timeline for completion of the project is about six months.

Both Burd and Cunningham live within ten blocks of the property and have recently considered expanding their business portfolios into small commercial real estate properties.

The pair acquired the site for $235,000 in August; it was previously sold in 2021 for $200,000.

“We just thought it was a good opportunity to bring some life back into that area, and we’re excited about the location,” Burd said. “At the end of the day, it’s close to home. So that’s what really sparked our interest.”

So far, Burd said, neighbors have been supportive of the effort to revitalize the building, and the building’s proximity to the IndyGo Red Line made it even more appealing.

He acknowledge that while the investment isn’t as sizable as some of the other projects happening across the city, including north of downtown, it marks a significant investment both for he and his business partner. Each is paying for half of the costs associated with the project.

“For us, this is a big project. … You know, we’re getting our feet wet, so we’ll see how it goes,” he said. “Certainly, there’s an end-goal to move on to bigger and better projects as time goes on.”

Added Cunningham: “I think we’re at a good entry point with this, investment-wise, on a long-term base. It will definitely be beneficial to have a mixed-use project in our portfolios and having done a lot of residential work, this will be a good commercial project to start.”

The Cunningham-Burd affiliate JBCC Holdings, through Greenfield-based attorney John Cross, plans to present a request to city officials to rezone the property from its C-3 standard commercial designation to that of MU-2, which allows for mixed-use developments. The case is expected to be considered for a recommendation by the Indianapolis Metropolitan Development Commission board of zoning appeals hearing examiner on Oct. 12.

Noblesville-based Peterson Architecture is the design firm on the project. Architectural drawings and renderings are expected to be completed before the case is presented to the hearing examiner.