$26 Million Development UnderwayPosted: Updated:
Indianapolis-based Milhaus says work has begun on a $26 million downtown apartment complex. The company says Circa Apartments is its fifth project in the last three years. July 31, , 2013
INDIANAPOLIS, Ind. - Work is underway at a new Chatham-Arch historic district development which will be called Circa. Milhaus recently closed on the former Mitchel & Scott Machine Company site to begin the $26 million project.
The name Circa immediately speaks to the historic character of the Mass Ave Cultural District and the Mitchel & Scott building, as well as its proximity to fascinating cultural and creative resources. Circa’s tagline, "Modern History At Mass Ave," promotes modern living within a historic context near all the attractions and amenities that Mass Ave has to offer. Residents will be close to a multitude of live theater venues, one-of-a-kind boutiques, local restaurants, art galleries, the Cultural and Monon Trails—not to mention great schools, a grocery store, sports venues and many major employers.
The property is on College Avenue, just south of Mass Ave and will include 235 studio, one-, two- and three-bedroom apartments in five buildings including renovation of a historic structure, the former office of the Mitchel & Scott Machine Company. It will house the leasing office and apartments with rooftop patios. The other four buildings will be new, four to five stories tall, and designed to blend into the historic district. Some of the first-floor units, approximately 7,000 square feet in all, could be developed as either residential or commercial space.
Like other Milhaus developments, this property will include an abundance of community space, including an outdoor entertainment courtyard and pool, as well as an indoor bar, wellness studio, art gallery and lounge. The apartments will include one parking space per unit and will rent for between $800 and $2,000 per month.
Regions Bank has provided the construction loan. Milhaus, Blackline Studio for Architecture, Anderson + Bohlander Landscape Architecture and CEC Engineering collaborated on the design. Construction will be managed by Milhaus.
This will be the fifth Milhaus Development project to begin in less than three years. Residents are moving into the Mozzo apartments in downtown Indianapolis and the Solana Apartments at the Crossing near Keystone at the Crossing. A wait list is available for Artistry, a mixed use, multi-phase development connecting downtown and the Cole Noble District. It will be available later this fall. Leasing also continues at the Penn Circle Apartments in Carmel.
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 urban neighborhoods, cities and their 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.milhausventures.com