From the Indianapolis Business Journal

A troubled low-income housing project called Caravelle Commons has a new owner with plans to redevelop the complex to better connect with the Herron Morton Place neighborhood.

Next door, the grocery chain Kroger has revived efforts to acquire land and plan a new supermarket at 16th and Central Avenue to replace a cramped, old-format location. The chain bought the corner a few years ago, closed on a vacant parcel that was previously part of Caravelle earlier this year, and is negotiating with the owner of another vacant lot.

Together, the developments could represent a turning point for a blighted stretch of 16th Street that has bedeviled the surrounding neighborhood for years. Community groups aren’t getting hopes up just yet; talk of redevelopment along the stretch has been buzzing for at least a decade.

But they are encouraged by plans to either drastically revamp or replace the 65-unit Caravelle, which sits on about seven acres north of 16th Street between Central and College avenues.

The Indianapolis Housing Agency bought the complex in March from the Near North Development Corp., which took over the failed co-op in 2003. Near North stepped in to refinance, renovate and stabilize the property with an eye toward eventually selling it to a more appropriate owner, said Michael Osborne, the group’s president.

FULL STORY

From IndyStar.com, Jan 15, 2009

Ivy Tech Community College today it has received a $3.8 million grant that it plans to use on a variety of uses for its Northside campus -- including programming, student services, and a neighborhood hub.

College officials in a news release called the grant from the Richard M. Fairbanks Foundation “transformational” and that it will be combined with $6.2 million in federal funding to construct a multi-use facility in conjunction with IndyGo on the northeast corner of 27th and Illinois streets.

Besides the bus hub, preliminary plans call for the facility to house amenities that will better serve the campus’ growing student population as well as residents of the surrounding neighborhood.

Possibilities for the multi-modal facility include a coffee shop and convenience store, learning labs, admissions, testing and financial aid offices, expanded library and/or cafeteria services, Ivy Tech said.

In addition to the proposed street-level services, two to four levels of parking are expected to top the building. Groundbreaking for the project is set for this summer, with completion expected in summer 2010. A committee will determine final plans.

This is from the IBJ Property Lines blog.  The Grain Dealers Building is at 18th and Meridian.

A local accounting firm has bought the Grain Dealers Mutual Insurance building along Meridian Street for its headquarters after a local developer couldn’t secure financing for a proposed $50 million redevelopment (shown here). London Witte Group plans to move its offices from OneAmerica Tower and lease out the remaining space. Locally based developer Inner-Urban Homes & Hospitality let an option to buy the building expire after it couldn’t land financing, said company president George Nichols. The group had proposed adding a 14-story tower including a six-floor, 130-room hotel and 160 condos, along with 600-car parking garage over retail along Illinois Street. London Witte principals were not available to discuss details of their plans.

The Talbot Commons project proposed for the northeast corner of 22nd and Talbott Street was approved by the Metropolitan Development Commission Hearing Examiner today.   After hearing only support for the project from neighbors, the HOA provided a support letter for the rezoning and variances.  The HOA also negotiated three restrictions for the property:

1. Operating hours no later than 10pm Sun-Thur and Midnight Fri-Sat
2. No outdoor pay phone on premises
3. The following permitted C-3-C uses are to be excluded from the tenant space:
   • Check cashing or validation service
   • Furniture rental/leasing
   • Tobacco store

You can view the HOA support letter here. 

This project on the northwest corner of 22nd/Talbott proposes to restore the existing tan/white brick building and build a similar new building to the east, with a small private courtyard in between and two garage structures in the rear. Similar to (and developed by the same people) as the building housing Teas Me a block east, the project would have ground-level retail with 4 residential units above. The 5,718 square feet of retail space could accommodate up to 5 tenants (3 in existing building and 2 in new building). A small parking lot would be located to the rear of the property and be accessed from the alley as well as from Talbott Street. This parking lot would also provide access to 2 garage structures, each with 3 two-car garages.

Download Complete Project Info Packet

We are interested in hearing your thoughts on the position the neighborhood should take regarding this project.  We are offering three ways for you to provide feedback to help us make that decision.

1. Attend an informational meeting with the project developers THIS SATURDAY, July 19 at 11am at the offices of the King Park Area Development Corporation, 2430 N Delaware Street.
2. Email your thoughts to progress@fallcreekplace.com
3. Drop your thoughts off in writing to the Acting Progress Committee coordinator at 2433 N Delaware St (just drop them in mailbox). 

You may also attend the scheduled public hearing for this project next Thursday, July 24 at 1pm in the Public Assembly Room of the City County Building. 

The project is requesting both a rezoning and a variance of development standards.
The rezoning is from C4 to C3C, which is a less intense zoning category that provides for a mix of residential and commercial uses.  The variances of development standards relate to the site design having buildings up to the sidewalk, having buildings block the “clear sight triangle”, and having a reduced “rear yard” setback.  Such variances are not unusual requests in redeveloping urban sites. 

It should also be noted that the project also includes a property on the southeast corner of 22nd and Talbott.  This portion of the project was approved by the Herron Morton neighborhood and subsequently by the Indianapolis Historic Preservation Commission.