updated: 2/14/2013 1:08:26 PM

Downtown Redevelopment Taking Shape

InsideINdianaBusiness.com Report

A $30 million project to turn an abandoned downtown Indianapolis office building into a mixed-use development is underway. Plans for "Artistry," in the former Bank One Operations Center include more than 400 apartments, an art gallery and a theater.

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February 13, 2013

News Release

INDIANAPOLIS, Ind. - Milhaus Development has taken an artistic direction with one of their current projects, now officially named "Artistry." The project, currently underway, is a redevelopment of the former Bank One Operations Center, located at 451 East Market Street, in downtown Indianapolis.

Marketing and experience-design firm Q7 Associates was hired to brand and market the new residences. The name "Artistry" reflects an appreciation of the arts and the neighborhood's history of craft and skill. It will feature pieces by area artists and incorporate an arts theme into various building features such as interiors, fixtures and signage as well as the overall residential experience.

The former two-story structure is being transformed into a five-story icon of mixed use space with 258 apartments and up to 68,000 square feet of commercial space. Parking will be provided within the building itself as well as an existing garage to the north. An open third floor pool and recreation deck will provide dramatic views of downtown. A second phase will add an additional 200 units on the half-block adjacent to the main building.

"The former building belonged to the city of Indianapolis and its redevelopment today is the result of the vision and hard work of many people. We are excited to bring yet another form of creativity downtown to synergize with the city's existing support of the arts," said David Leazenby, Principal, Milhaus Development. "Artistry is designed to embrace individuality for those who value style over status."

The plan also includes an art gallery, theatre, café, wellness studio, aqua lounge and outdoor kitchen. Two interior courtyards will include a fountain, vegetable garden, bocce court, putting green and sitting areas. Concierge services will include valet trash, recycling and laundry. The building will be LEED-certified; making it environmentally friendly with cost savings to residents with energy-efficient systems, appliances and materials.

"Artistry will be the next great addition to our downtown landscape," said Greg Ballard, Mayor, city of Indianapolis. "This development will turn a long vacant and blighted building into a vibrant and exciting new downtown neighborhood. It also helps set the stage for future development in the area including the Market Square Arena site."

Indianapolis Downtown, Inc. President Sherry Seiwert agrees, "This new development will help transform downtown's east side and spark further growth. The artistic amenities will surely attract new residents who want to be in the heart of our vibrant city."

Milhaus Construction is providing general contracting services and the Gene B. Glick Company will provide property management services. This week the team launched a website www.ArtistryIndy.com which includes details and updates about the building’s many features and amenities. Interested residents may sign up to be contacted when leasing begins early this summer. The first apartments will be available in October and are estimated to rent from $800 to $1,800.

ABOUT MILHAUS

Milhaus is a team of inspired and industrious individuals, headquartered in Indianapolis, who are committed to the development of mixed use and multi-family real estate. They deliver solutions for our urban neighborhoods, cities and partners by providing expertise in real estate investment, development and management. Their projects withstand the passage of time leaving communities in a better place than they found them. For more information, visit www.milhausdevelopment.com.

Source: Milhaus Development

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