Thursday, March 13, 2008

Development: Whatever Happened To...?

Lincoln Park Place: This four-story mixed-use project is planned for the SW corner of 25th and Central in Fall Creek Place. The building is to have one underground parking level, ground floor retail and 3 floors of condos. The developer's information webpage is still active, but it's been several years since this project was announced and we've seen zero movement. This would be a fantastic addition to Fall Creek Place, so I'm still hoping for the best on this one.

Folio Lofts: This warehouse condo conversion would have used the building currently housing Central Cabinet at the SE corner of 25th and Central, directly across from Lincoln Park Place. The developers had presold perhaps 20% of the units at one point, but the webpage for the project has been deactivated and this appears dead, dead, dead. (Note: this picture is almost 2 years old.)

Chapel Townhomes: Another church condo conversion that was planned for the former First Lutheran Church at Walnut and Pennsylvania. The conversion would have created 5 new condos bordering the American Legion Mall. Indianapolis Downtown still lists it on their New Residential Projects list but the webpage for the project appears to be deactivated.

Unnamed Condo Project on Indiana Ave: This was never an officially announced project, but the land for this project -- an oddly shapped gravel lot bounded by Indiana, Capitol and Vermont -- was sold by the state to a Hearthview partner last April. It was reported that the land would be used for a project that would include 30 condos and ground floor retail, though almost one year later we've heard nothing offical. Given the location of the land, I'd expect this project (or something similar) to pop back up eventually. In this current real-estate and credit climate, though, it's not likely to happen anytime soon. As commenter thundermutt pointed out, Hearthview has been experiencing slow sales at Meridian Arch. Their other large condo project, Lockerbie Park, has likewise been having sales issues that halted construction last year after just one row of townhouses was built.


Kevin said...

The guy who's doing Chatham Center (well, would be doing it if they weren't being sued by the neighbors) was also going to do Lincoln Park Place. He mentioned that the market just wasn't right for that type of project right now, so it's shelved.

SoBro Planner said...

The Folio Lofts project is almost certainly dead. The developer never finalized the rezoning, and withdrew it from consideration a few weeks ago.