A pair of Chicago-based developers are planning to build a 23-story apartment tower in downtown Indianapolis.
Point Real Estate Development LLC and Chicago Atlantic Real Estate LLC are expected to request city approval for the project at 408 N. Delaware St. in mid-July. Billed as a “luxury apartment tower” in public filings, the 265-foot building would feature 256 apartments and a 145-space parking garage.
If built as proposed, the tower would be the tallest structure to be built downtown since the 28-story, 290-foot 360 Market Square tower was completed in March 2018.
The project would sit on a 0.45-acre parcel surface parking lot owned by Cincinnati-based Chavez Properties, directly across Talbott Street from an apartment project now under construction. The land is under contract, pending city approval.
Because of its location in the downtown central business district, the project must receive approval from the Regional Center Hearing Examiner, as well as the Metropolitan Development Commission.
Based on architectural renderings and site plans filed with the city, the building’s facade would be made up mostly of aluminum and large, reflective glass panes. Facing Delaware Street, the building would be supported by three large columns. The building would total about 275,000 square feet.
Point Real Estate CEO Tod Desmarais told IBJ the developers expect the structure’s design will catch people’s attention, and possibly create interest in living downtown. He declined to share how much the companies would spend on the project.
“There’s not a lot of buildings like this, but we feel that’s an advantage for us, since an innovative and 21st Century product is something that will excite people inside the market,” he said. “We’re excited about doing a project like this in Indianapolis.”
Desmarais said the apartments are expected to be a mix of studios, and one-, two-, and three-bedroom units, with each floor featuring 16 units. The top floor would feature the building’s mechanical workings.
Parking would be on floors two through five, although parking is not a requirement for the project, according to the city. The developers also plan to designate about 72% of the parking spaces for smaller vehicles.
An indoor-outdoor amenity space on the sixth floor would feature a pool, fitness center, club and locker rooms, along with a landscaped rooftop deck with fire pits, a barbecue and kitchen area, a dog run and outdoor spa.
Desmarais said there are no plans for first-floor retail space in the property.
The real estate executive said the partnership is “looking at all the ways to finance the project,” including the possibility of requesting city incentives.
For the project to receive city dollars—specifically through a tool like developer-backed tax increment financing bonds—it will likely be required to offer either 10% of units at rents affordable to those making 50% of the area’s median income, or 5% of units for those making 30% of the median income.
“We’re certainly looking for opportunities all over, but Indianapolis is a location we know pretty well,” Desmarais said. “We like the activity that’s going on—a lot of work has been done and there’s a lot of new development and growth in the city.”
He said the firms hope to begin construction on the project by the end of 2021.
Point Real Estate is also the architect on the project.