A more than 60-year-old shopping center on the north side of Indianapolis is once again changing its look. Indianapolis-based Milhaus and Kite Realty Group Trust (NYSE: KRG) are planning to build a $40 million apartment building on what they call under-utilized land at the Glendale Town Center.
Known as AYR, the building will feature 267 apartment units. Additionally, Milhaus and Kite say they will help build nearby bike lanes to improve safety and accessibility, and existing vacant parking spaces on the mall property will be transformed into public green spaces.
“Glendale Town Center has been a mainstay of the Indianapolis community for over 60 years,” said Mark Jenkins, senior vice president of development for Kite Realty Group. “The evolution of the property will allow it to play a vital part in the community for decades to come.”
Construction on the AYR apartments is expected to be complete in 2021.