updated: 4/28/2014 10:13:32 AM

Indy Downtown Continues to Draw Development

InsideINdianaBusiness.com Report

Construction on an $11 million mixed-use development in downtown Indianapolis is set to begin next month. Indianapolis-based Deylen Realty Inc. says SLATE, which will include nearly 70 apartments and close to 10,000 square-feet of retail space, is expected to be complete next summer.

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April 28, 2014

News Release

INDIANAPOLIS, Ind. - In response to the overwhelming success of the The Hinge Flats, Deylen Realty proudly announces SLATE, their second multi-family mixed use development in the Holy Rosary/Fletcher Place Neighborhood. Construction for the mixed-use building at 501 Virginia Avenue is scheduled to begin mid May, 2014. The ground floor will include 9,900 square feet of commercial storefront space that will open directly onto the popular Virginia Avenue leg of The Indianapolis Cultural Trail. The top four floors will include 68 apartment units (many of which will have skyline views) and a shared fitness center that overlooks the southern portion of the trail. The apartment interiors are designed to complement the exterior design, creating a sleek, contemporary living space. The building will also include 76 private garage parking spaces and 30 surface parking spaces.

"As we developed the style of the building, we considered the pedestrian experience in tandem with the message the structure would send. We wanted a design that reflects the values of the growing neighborhood. We intend to deliver another project with great spaces for those looking to live in a cool, progressive downtown neighborhood," said Craig Von Deylen, the lead developer of the project."

Deylen has partnered with the same studio that designed The Hinge, Blackline. Located just blocks from the site, Blackline is an architecture studio that continues to show their dedication to the community development of the near east side.

Scott Perkins, partner at Blackline Studio, described the concept for the new design,

"SLATE represents a new level of refinement along the southeast leg of the Cultural Trail. As an infill project, it is challenged to simultaneously fit in and confidently stand out. We've achieved this through definition of the street wall enhanced by articulation of the form with inset balconies, cantilevered elements and a dramatic fifth floor bridge containing the fitness center. The patterning of the fašade references the Doppler effect as a nod to the building's mid-block location on an active multi-modal corridor."

Blackline partner Nikki Sutton added, "With the design of SLATE, we are aiming to introduce a new design aesthetic to Indy's booming multi-family sector. The neighborhood's enthusiastic response to The Hinge inspired us to push ourselves to develop a structure that would aid in their ambition to be known as one of downtown Indy's most progressive big-little neighborhoods."

Deylen Realty was founded by Craig Von Deylen and Todd Von Deylen, both veteran real-estate professionals and developers, and has been operating on the Southeast side of the Indianapolis' downtown since 2005. Besides The Hinge, the company is known for the award-winning Fletcher Place Lofts development, which transformed a former community center in an historic building into New York style lofts. Deylen currently manages over $22 million in real-estate assets.

Source: Deylen Realty Inc.

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