Living in Indianapolis:
Increased residential opportunities support increased demand

Today, Downtown Indianapolis is a thriving success story and model for revitalization. However, building a successful Downtown is an ongoing process. A desirable mix of retail shops, restaurants, entertainment and employment must be woven into a safe, clean and vibrant Downtown. Once this environment is established, momentum builds and new businesses are attracted to Downtown, bringing employees, customers and a steady stream of people. From this group of people that enjoy working and playing Downtown, many choose to live in the heart of the action.

Living Downtown means easy access to the area's 210+ shops, 270+ restaurants and bars, 20 museums and historic sites, 21 performing arts and theatres, more than 20 galleries, more than 20 memorials and parks spanning more than 200 acres of green space, eight major sports venues and various unique attractions. It means skipping the daily commute and suburban traffic jams and having time after work for family, friends and fun. Downtown is attractive to people of all ages and offers a broad range of homes in every price range. Whether the view is overlooking Downtown's Central Canal, high above ground level spanning the city or nestled in a historic neighborhood, each home lies in the heart of Indianapolis. It's a place where 20,000 people currently call home - and many more would like to.

New Development
Downtown has seen record demand and occupancy levels, driving the surge in residential development. This has led to more than 1,990 new residential units currently in the pipeline totaling more than $389 million. The following houses, condominiums and apartments are scheduled to begin or be completed by 2010 including:

For Sale- Several options are available to those looking to own a home in Downtown. Thirty-three projects will produce 988 new units. From custom homes to condominiums, Downtown has numerous options:

• 340 N. Senate Ave., developed by Hearthview Residential, will include five condominiums and retail space.
• 3Mass, located at 333 Massachusetts Ave., developed by Halakar Properties, Inc., will feature 44 condominiums from $299,000 - $2 million by early 2009.
• 500 Walnut, developed by Citimark Management, will feature nine condominiums.
• 707 East North Street Condominiums, developed by Beilouny Luxury Properties, will include 17 luxury condominiums ranging from $800,000 - $3 million. The project will be completed in the first quarter of 2009.
• 757 Mass Ave, developed by Beilouny Luxury Properties, features retail space and 23 condominiums ranging from $550,000 - $1.6 million will be completed in the fourth quarter of 2008.
• The Burnside located at Alabama and 16th streets, developed by Central 13 Redevelopment, will include nine condominiums starting at $379,000. The project should be completed by the first quarter of 2009.
• Canal Gardens, developed by JMK Development, LLC, located at 11th and Dr. Martin Luther King, Jr. streets will feature 32 condominiums ranging from $260,000 - $425,000.
• Chapel Townhomes at 701 N. Pennsylvania St., for sale by The Sycamore Group, will include five loft-style condominiums from $600,000 - $800,000 to be completed by the third quarter of 2008.
• Chatham Kynett Court at 716 N. East St., developed by SC Devcon, will add 11 new condominiums Downtown starting at $249,000 and should open by the fourth quarter of 2008.
• Conrad Indianapolis Residences, developed by Kite Realty Group, located at One N. Illinois St., includes 15 condominiums starting at $800,000 above the upscale Conrad Indianapolis hotel. Project will be completed in the second quarter of 2008.
• The De Soto at 521 E. New York St., developed by Kosene & Kosene Development, will include 32 townhomes from $329,000 - $413,000, all featuring two-car garages, to be completed in the second quarter of 2008.
• Fletcher Pointe Condominiums at 501 Fletcher Ave., for sale by The Sycamore Group, will include four condominiums to open in the fourth quarter of 2008. Prices start at $850,000.
• Herron Square located at 1701 N. Pennsylvania St. will feature seven loft-style condos, seven new live/work townhomes and three new single family homes at the former Herron School of Art campus. Units range from $175,000 - $400,000.
• Jefferson Plaza renovation, located at 21 Virginia Ave. developed by SC Devcon, will include 30 condos along with restaurant and office space. The condos start at $220,000 and will be completed by the end of 2008.
• Landmark of Lockerbie located at 240 N. New York St. will feature 26 condominiums from $375,000 - $650,000 to be completed by the third quarter of 2009.
• Lockerbie Park located at 620 E. Michigan St., developed by Hearthview Residential and Dinmont Development, will feature 100 townhomes and flats ranging from $200,000 - $300,000s. The project is set to be completed in the first quarter of 2009.
• Martindale on the Monon located at 16th Street and the Monon Trail, developed by Development Concepts, Inc., will be comprised of 150 homes starting at $130,000 and a new retail center along a revitalized 16th Street corridor. This project will be complete by the end of 2009.
• The Maxwell located at 530 E. Ohio St., developed by Kosene & Kosene Development & Management Company, will feature 105 flats and townhomes from $140,000 - $400,000. The project will be complete in late 2008.
• Meridian Arch Condominiums at 802 N. Meridian St., developed by Hearthview Residential, will include 75 condominiums starting in the high $100,000s, combining the best of the historic church features along with new amenities. Completion is set for the fourth quarter of 2008.
• Meridian Lofts at 207 S. Meridian St. includes 18 condominiums from $229,000 - $484,000, to be completed by late-2008.
• Myron Place located at 620 E. 11th St., developed by Kendall Construction Group, includes 16 townhomes and four homes. Prices range from $249,900 - $264,900 and is set be completed in the fourth quarter of 2008.
• The Old Northside Lofts, at 1529 N. Alabama St., developed by The Old Northside Lofts, LLC, will feature 11 condominiums ranging from $169,000 - $579,000 in the former Ashantii building. Completion is set for the fourth quarter of 2008.
• Renaissance Flats at 233 E. St. Joseph St., developed by Britton Buildings Design, Inc., will include 16 flats starting at $159,000, opening the end of 2008.
• Residences at 429 on the Park, developed by the Stenz Corporation, will include 22 condominiums from $330,000 to $1.4 million, to be completed in the first quarter of 2009.
• The Shelton, located at 825 N. Delaware St. will include 16 condominiums from $140,000 - $275,000 to be complete by fourth quarter of 2008.
• Shively Carter Townhomes condominium conversion, located at 902-916 N. Alabama St. will include seven townhomes starting at $195,000 completed in second quarter of 2008.
• Spring Street Condominiums at 537 Spring St., developed by Dimensions Realty Solutions, will feature 16 condos from $189,000 - $329,000, set to be complete in the fourth quarter of 2008.
• St. Mary's Commons Phase III, located on the 1000 block of N. New Jersey St., developed by The Downtown Alternative, will include 17 condominiums from $125,000- $225,000, set to be completed by the second quarter of 2008.
• Victoria Centre Condominiums, at 22 E. Washington St. will include 13 condominiums ranging from $300,000 - $900,000. The project is set to be completed by the end of 2008.
• Villaggio at Page Pointe at 435 Virginia Ave., developed by Page Development, features 61 new luxury condominiums starting at $335,000. The project is set to be completed by the end of 2008.
• The Walsingham at 1601 N. Delaware St. will include nine condominiums from $136,000 - $199,000. Completion is set for the fourth quarter of 2008.
• The Waterstone, located at 1540 N. College Ave., developed by Laurel Luxe Development, LLC, has five brownstones beginning at $299,900, completed in the second quarter of 2008.
• West Merrill Tower Residences, located at 21 W. Merrill St. developed by Prince Alexander Architects, features 48 condominiums and a hotel. The project is set to be completed in the third quarter of 2009.

For Rent - Five projects will total 1002 units. Downtown offers several rental options including apartments and lofts:

• 961 N. Meridian St., developed by Buckingham Companies, will include 70 apartments and retail space, set to be complete by the second quarter of 2009.
• Chatham Center at 901 N. East St., developed by Teagen Properties, will feature 10 apartments renting from $700 - $1,500. The project is set to be completed by the first quarter of 2009.
• The Cosmopolitan at Senate Avenue and Michigan Street will feature 218 apartments and retail shops. Units will rent for $995 - $2,300 and is set to open in the first quarter of 2009.
• The Paramount Towers at 500 N. Capitol Ave. is a 16-story student housing project with 540 beds to be completed by second quarter of 2010.
• The Waverley 151 South East, developed by The J.C. Hart Company, will include 164 apartments renting between $869 - $1,729 and retail space, set to be completed by the second quarter of 2008.

Recently Completed
Downtown devotees who can't wait for the above developments to be completed can choose to live in a variety of recently constructed residential projects including:

• Vermont Place is comprised of three historic buildings being redeveloped by Van Rooy, Mansur and Indiana Black Expo Economic Development Corporation.
  1. Rink Savoy, 401 N. Illinois St., was renovated into 60 low to moderate income apartments and five affordable condos with contiguous parking, completed in the second quarter of 2007.
  2. Blancherne Apartments, 402 N. Meridian St., renovated into 68 apartments, opened in the first quarter of 2006.
  3. The Continental opened in 2000.
• The Fletcher Place Lofts at 410 S. College Ave., developed by Fletcher Place Lofts, LLC, features eight apartments and lower level office space completed in the first quarter of 2007.
• The Waldorf at 704 N. Park St., developed by Carreau Design, is located in Chatham Arch. Eight 3,000 square-feet custom brownstones starting at $650,000 are available.
• College Avenue Condos at College Avenue and 16th Street includes seven condominiums from $187,500 - $352,900 completed in the fourth quarter of 2007.
• Renaissance Tower Condominiums at 230 E. 9th St., formerly the Renaissance Historic Inn, includes 60 condominiums from $69,000 - $99,000, completed the end of 2006.
• 16 at 1629 N. College Ave., developed by Urban Forward, includes 22 condos from $140,000 - $175,000 in an emerging development and intermixed with new construction and restored historic homes. The project opened in the third quarter of 2006.
• Lockerbie Corners Condominiums located at 420 E. New York St., developed by Monument Realty & Management, includes 10 condominiums ranging from 900 to 1,750 sq. ft. This project opened in the fourth quarter of 2006.
• The Hudson located at 355 E. Ohio St., developed by Kosene & Kosene Development, includes 70 condominiums ranging in price from $160,000 - $750,000 and was completed in the third quarter of 2006.
• Mill No. 9: Phase II, formerly the Hilltop Press Building on College Avenue and Walnut Street, developed by Hearthview Residential, added 44 new condominiums in phase one and 40 condos in phase two completed in the third quarter of 2006.
• 26 West Washington Apartments, developed by Mansur Real Estate Services, includes 30 apartments from $700 - $1,500 and was completed in the third quarter of 2006.
• Athletic Club Condominiums at 350 N. Meridian St., developed by Hearthview Residential, features 83 condominiums starting at $170,000. The project opened in the second quarter of 2006.
• Broadway Lofts at 10th and Broadway streets, developed by Britton Buildings Design, Inc., includes 13 condominiums in the Chatham Arch neighborhood starting at $159,900. The project opened in the second quarter of 2006.
• H. Lauter Lofts at Washington and Harding streets west of the White River includes 43 loft-style condominiums from $105,000 - $225,000. The project opened in the first quarter of 2006.
• Six Over Meridian at 141 S. Meridian St. above Jillians, developed by Halakar Properties, includes 21 condos starting at $375,000, completed in 2005.
• One Eleven South Meridian, developed by The Jupiter Group, added condos and retail space in 2005.
• Shoemaker Flats at 135 W. Market St., developed by Monument Realty & Management, features eight apartments and retail space that opened in 2005.
• Dunbar Court Apartments at 1022 Dr. Martin Luther King Jr. St., developed by the Downtown Alternative, include 30 apartments in historic Ransom Place.
• Stonegate Apartments at 1220 N. Illinois St. include 53 apartments.
• Lockerbie Terrace at 225 New Jersey St., developed by Hearthview Residential, includes 42 condos with purchase prices starting at $163,000.

Continually Strong


• 11th Street Townhomes Phase II, an RADC project located at East 11th Street, added five additional townhomes in 2002 (10 completed in 2000) with purchase prices starting at $90,000.
• North Park Commons Townhomes, located at 920 - 926 N. Park Ave., developed by Britton Buildings Design, Inc. added four townhomes in 2002.
• 110 E. Washington, the former Morris Plan Building developed by 110 E. Washington, LLC, offered 26 new condos ranging from $205,000 - $650,000 in 2002.
• The Gardens of Canal Court Phase IV extension, developed by the Sexton Company, includes a one and a half block area from St. Clair St. to 11th St., with 48 new apartments with rental rates of $850-$1,000 a month. The expansion opened in 2002.
• Canal Square Apartment expansion on New York Street, developed by Barrett & Stokely, added another 43 apartments in 2002.
• The Clevelander Phases I & II, a Scott Hillard Kosene, Inc. development located on the northeast corner of New Jersey and Ohio streets, includes 107 new condominiums with prices ranging from $150,000-$230,000 in 2002.
• The Gardens of Canal Court Phase III extension, developed by the Sexton Company, includes a one and a half block area from St. Clair St. to 11th St., with 129 new apartments with rental rates of $850-$1,100 a month.
• The Continental, part of Vermont Place located at 410 N. Meridian St., 124 renovated apartments with a lobby, fitness center and interior parking, opened in 2000.
• The Davlan, 430 Massachusetts Ave., features 28 one-bedroom and 22 two-bedroom apartments, 36 that are affordable and 14 market rate. In addition, 12,000 square feet of street-level retail space was developed. The Davlan apartments, which opened in 2001, have a monthly rental range between $307-$850.
• Firehouse Square, a 2001 Ryland Homes project on the Northwest corner of Ohio and Alabama streets, included 56 new townhomes with an average sales price of $240,000.
• Watermark Phase I, a Mansur development on the Downtown Canal, includes 29 townhomes priced between $375,000 and $520,000.
• Lombardi Row, an Empire Development located at 929 - 937 N. Alabama St., includes five new townhomes with a $305,000 average sales price.
• Canal Court, Canal Square and Canal Overlook are three apartment complexes that overlook the Downtown Canal. There are nearly 650 units between the three properties. Rents range from $770 to $1,030 a month.
• Vermont Row, near the Lockerbie Square neighborhood on Downtown's eastside, is where one-of-a-kind townhomes sell from $340,000 - $1.2 million.
• Riley Commons, row houses in the Chatham-Arch neighborhood, have an average price of $135,000.

Safe, Decent Housing for All People
The City of Indianapolis, community development corporations, the Indianapolis Neighborhood Housing Partnership (INHP), Indianapolis Coalition for Housing Development (ICHD), Indianapolis Downtown, Inc. and other partners are committed to providing safe, decent homes for all residents. Through their efforts, a number of renovated Downtown buildings designed to meet the needs of residents who would not otherwise be able to afford homes, have been completed:

• The Salvation Army Barton Center at 525 N. Delaware St., developed by the Salvation Army Indiana Divisional Headquarters, includes 28 apartments, completed the first quarter of 2007.
• The Davlan, formerly known as the Hoosier Apartments, offers affordable apartments with rental rates beginning at $307.
• Seminole Apartments, a RADC project, located at 920 N. Alabama St. renovated in January 1999, offers 33 affordable units for seniors.
• Blue Triangle Apartments, a Partners in Housing project located at 725 N. Pennsylvania St., completed in December 1998, offers 96 supportive housing units.
• St. Joe Flats, a Van Rooy and RADC project located at 124-138 S. St. Joseph St., introduced eight affordable special needs units in 1994.
• Center City Residence, a Salvation Army development located at 222 E. Michigan St., offers 52 subsidized apartments with a variable rental rate of approximately $150/month based on income.

Historic and other Renovations Many Downtown neighborhoods have been revitalized with the restoration of homes, lofts and apartment buildings and the enthusiastic support of active, friendly residents. These areas have the charm of antique lighting, tree-lined cobblestone and brick-paved streets and classic architecture. Downtown's historic and other renovated living areas include:

• Fayette Street, in the northwest quadrant of Downtown and in the Indiana Avenue Cultural District, where 19 homes, some dating to the late 1800s, were renovated in a 1996 public-private project. The City of Indianapolis invested $1.8 million in Fayette Street improvements. These homes sell for $90,000 to $170,000.
• Ransom Place, the center of African-American life and culture in Indianapolis in the early 20th century, is also located in the Indiana Avenue Cultural District. The average sale price of Ransom Place homes in 2000 was $70,000.
• Lockerbie Square (which was once home to famed Hoosier poet James Whitcomb Riley), Chatham-Arch, St. Joseph, the Old Northside and Fletcher Place are five of the 14 neighborhoods in the Regional Center area that have seen substantial renovations and are listed on the National Register of Historic Places.
• Real Silk condominiums, a former five-story factory building in Downtown's northeast quadrant, was renovated into 69 unique units, many with loft ceilings and exposed brick walls.
• Historic Fountain Square, another Cultural District on the southeast side of Downtown, has had more than $9 million invested in it since 1996 to renovate property for senior citizen housing, a library branch and police department facilities. Some 65 homes and 100 apartments have been restored since 1991. In that time, the value of an average Fountain Square home has increased 70 percent.

Neighborhoods Surrounding Downtown
Ownership opportunities at various price points are abundant in many of the neighborhoods surrounding the city's core. For example:

• Fall Creek Place, south of Fall Creek Boulevard to 22nd Street between Pennsylvania and Park streets, is the result of a $4 million Home Ownership Zone grant from the U.S. Department of Housing and Urban Development.

  Construction for Phase 4 of Fall Creek Place began in 2006. The boundaries were extended east to include Broadway and College avenues from 22nd Street north to Sutherland Avenue. Fall Creek Place homes, with an average cost of $132,000, have sold at an overwhelming rate. Visit www.fallcreekplace.com.

• Martindale on the Monon is also listed above in For Sale section. Special incentives are being offered to benefit early buyers during the initial stages of construction. Base prices start at $130,000. For more information, visit www.martindaleonthemonon.com.

By the Numbers…


• In 2007, the number of Class A and B apartments in Downtown increased to 3,362, a 1 percent increase compared to 2006 and a 49 percent increase compared to 1994. In 2007, the average vacancy rate of surveyed Downtown apartments decreased to 4.2 percent, a 50 percent decrease from 2006 and a 29 percent decrease from 1994. (Source: Tikijian Associates Multihousing Investment Advisors)
• In 2007, 117 residential units totaling $30 million were completed, down 63 percent in value from 2006 yet a 512 percent increase since 2000. Since 2000, 2,510 residential units totaling more than $325 million have been completed. (Source: Indianapolis Downtown, Inc.)
• In 2007, 56 single family homes were sold, stable compared to 2006 yet a 5 percent decrease compared to 2000. In 2007, 189 condominiums were sold, a 36 percent decrease compared to 2006 yet a 330 percent increase compared to 2000. (Source: Metropolitan Indianapolis Board of Realtors)
• 19,640 people live Downtown. (2000 Census)
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Indianapolis Downtown, Inc. exists to improve Downtown. It is action-oriented and addresses critical issues that affect Downtown's growth and well-being. IDI focuses on three areas: development, management and marketing.

Updated 4/08

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