Some economists project U.S. rents will be down modestly this year after soaring nearly 25% over the past four years, but the trend will likely be little comfort for many U.S. renters.
The Wisconsin-based firm behind Mass Ave’s Bottleworks District plans to spend the next decade transforming the downtown mall into an open air, pedestrian-focused campus with housing, offices and shopping.
The mall redevelopment is not the largest downtown project in terms of cost. But it will elevate a vast and critical piece of real estate as more than $9 billion in other downtown projects are slated to come to completion over the next decade.
Brokers are filling vacant retail spaces with corporate parties, personal events and an assortment of fan-focused pop-ups. They hope the crowds will want to return later for a fun night, a nice dinner or even office or residential space.
Hendricks Commercial Properties has spent more than $550 million to acquire and redevelop properties across Indianapolis and Carmel since 2013. But the Wisconsin-based firm says it’s just getting started with work it hopes to do here.
Plans call for the 215-room L7 Westfield hotel to be built on 6.5 acres in the Lantern Commons development near the intersection of U.S. 31 and 161st Street.
Indianapolis-based New City Development is formulating plans for Padgett Commons, which would be built on 40 acres of undeveloped property east of I-65 near the intersection of East County Road 550 South and Perry Worth Road.
The Carmel-based commercial real estate firm said longtime developer and real estate consultant Adam Broderick has been named the company’s chief executive.
