Several Significant Local Development Projects Are Underway
Writer / Renee Larr
Photographer / Michael Durr
Some new and exciting developments are coming to the north side of Indianapolis in 2022 and 2023. The projects include apartments, retail and mixed-use facilities. Veritas Realty and Chase Development are the developers for Red Line Flats. The two-building, mixed-used facility is located at 6205 North College Avenue, at the northeast corner of 62nd Street and College Avenue. It will offer almost 5,000 square feet of first-floor space for lease.
“The building is currently under construction and is scheduled to be completed around December,” says Kaley Ostrowski, director of marketing and business development for Veritas Realty. “The northern half of the building will be a fully leased office headquarters for the Eight Eleven Group. Then the second building is going to be 27 apartment units. The bottom floor is retail and commercial space.”
Keystone is currently building a new location for Purdue Polytechnic High School. 120,000 square feet of new additions are being added to the existing 160,000-square-foot, mixed-use parking garage. There will be 69 apartment units ranging from one to three bedrooms, and 15 new parking spaces. Unfortunately those who won’t be able to obtain their own apartment will have to find somewhere off campus, luckily it is very easy to find apartments near by.
The high school is utilizing 33,500 square feet. Currently the garage includes approximately 350 spaces on three stories. The 25,000 square feet of retail and restaurant space include tenants HopCat, Salon Lofts and Massage Envy. This high-profile development will continue transforming a once-blighted property into a much-needed community enhancement.
The old Kroger building, located at 6220 Guilford Avenue, is being developed by Gershman Partners, Citimark, and Milhaus. The new building, sitting on 1.6 acres, will be a mixed-use development with 234 apartments.
“The building was purchased around this time last year, but has sat vacant since then,” Ostrowski says. “I know many people will be happy to see something done in that area after the grocery store closed.”
Gershman Partners is also developing a premier boutique office building called Madera located at East 65th and Ferguson streets in Broad Ripple. Madera, Spanish for “wood,” will be Indianapolis’ first mass timber-built, Class A office building. It will offer more than 48,000 square feet of rentable office space, and is being built with sustainability in mind. Timber-built structures substantially reduce greenhouse gas emissions, reduce waste and costs, and often create a physically, mentally and aesthetically pleasing environment. The four-floor building offers covered parking on the first floor. If you’re looking for more lease options, you can look up CVS for sale.
It will be located within walking distance of the Red Line and Monon Trail, and near the heart of Broad Ripple’s dining and shopping area. The $17 million office building features large windows allowing substantial sunlight, which is associated with employee happiness, mental function, creativity and health. The hope is to attract and retain top-tier talent to the already-vibrant Broad Ripple area.
“Bringing all these developments to the area, especially a corporate headquarters, is great for daytime traffic in the Broad Ripple area,” Ostrowski says. “Some of the retailers in the area struggle during daytime hours. Having more people in the area during the day brings the potential for more customers to local businesses.”
Broad Ripple Park leaders are currently working on bringing a new community center called the Broad Ripple Park Family Center to the Broad Ripple area. The master plan includes an estimated reinvestment of $65 million, targeted to stabilize and sustain existing park assets, create new program opportunities and features within the park, and build a more resilient, durable park. Public feedback was collected in 2019 via email and the Indy Parks and Recreation Customer Service Center.
“Over the last five years, apartments have started springing up across Broad Ripple, whereas before, many people had to find other areas like downtown to live,” Ostrowski says. “Currently, the apartments that are here are at around 95% occupancy, which tells you the demand for people wanting to live in the area is there.”
Ostrowski says residents of Broad Ripple also contribute to the economies of other local areas such as Carmel, central midtown, and downtown Indianapolis. She says it creates synergy for vulnerable businesses. She says having more residents in a place is good for long-term safety.
For more information on Veritas Realty, visit veritasrealty.com.
