Developers Break Ground on $40M Property
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based PK Partners LLC has unveiled plans for a $40 million residential and commercial development in Marion County. It includes a 100,000 square-foot office building, which will serve as the future headquarters of the Gene B. Glick Co., and a 190-unit apartment and retail complex. March 12, 2015
News Release
INDIANAPOLIS, Ind. (March 11, 2015) – “River North at Keystone” will become the newest development to join Keystone at the Crossing off of 86th Street and Keystone in Indianapolis, and is a $40 million fruition of anticipated expansion of Indiana's premiere shopping and office-building complex.
Indianapolis developer PK Partners, LLC., which also developed River Crossing, unveiled the new mixed-use project's name and renderings today during a groundbreaking ceremony at the site.
The announcement and groundbreaking, which included city officials, city-county council members, and executives from Gene B. Click Company and CBRE Group, is a major milestone in the development of a multi-use complex on the northern section of River Crossing Boulevard. The development will include an office building, parking garage, and a 190-unit apartment building. Separately, PK Partners plans to develop a select service hotel just west of the River North project.
Currently, a 100,000-square-foot office building is underway, which will include underground, structured and surface parking that will add 480-plus new parking spaces to the area for office personnel and apartment residents. The building will include lifestyle features such as balconies, terraces and a communal living room space. Construction is anticipated to be completed within 12 months, and will ring in at a price tag of $20 million.
“This development is crucial to attracting and retaining major employers here in Marion County,” said Wes Podell, senior vice president of development with PK Partners. “River North will also give suburban Marion County a dynamic place to live, work and play that is competitive with the new town centers in nearby Hamilton County.”
PK Partners has been in negotiations with the Gene B. Glick Company for some time to become a major tenant of the planned office building at the new River North site. The two companies have reached an agreement to partner on the development and for Glick to move its headquarters to the new office building upon completion.
The Gene B. Glick Company is one of the largest privately held real-estate management and development firms in the United States. It owns and manages more than 20,000 apartment units in 10 states throughout the Midwest and the Eastern U.S., and operates and invests in a number of real estate and related businesses.
PK Partners and Glick have also agreed to jointly build a multi-story, 190-unit luxury apartment complex with first-floor commercial space and additional parking as part of River North. Construction is anticipated to start later this year, and should be completed within 16 months. The price tag adds another $20 million of investment to the area.
Public improvements in the plan
PK Partners will also invest a minimum of $500,000 in infrastructure to support the project, including public road and streetscape improvements to River Crossing Boulevard, and in addition to building new sidewalks, adding on-street parking spaces to accommodate overflow parking, calm traffic, and improve walkability in the area.
Indianapolis-based development partners in the project also include project architect CSO Architects, Cripe Engineering, and Dillon Construction.
ABOUT: PK Partners is a privately held real-estate development and investment company focused on developing, owning and operating first-class retail, office and mixed-use properties in the Indianapolis area.
ABOUT: The Gene B. Glick Company is one of the largest privately held real-estate management and development firms in the United States. It owns and manages more than 20,000 apartment units in 10 states throughout the Midwest and the Eastern U.S., and operates and invests in a number of real estate and related businesses.
Sources: PK Partners LLC And The Gene B. Glick Co.