New apartment housing going up in Indianapolis's downtown
Buckingham Companies is planning to start the second phase of its CityWay project in downtown Indianapolis.
According to a November 6, 2015 news article, the project comprises seven buildings, one of which is an apartment tower, and costs $110m. The new building will have 450 apartments, which is the largest single increase in the number of apartments downtown since 1987, when the Lockefield Gardens opened, with 493 units.
Buckingham is planning to start construction on the project in mid-2016, with completion anticipated approximately two years from then. In addition to the apartment tower, Buckingham will construction a parking garage with 220 spaces, and 19,500 square feet appropriate for retail use. CityWay is located at the corner of South and Delaware streets, and includes the Cerulean restaurant, the Alexander Hotel, and a YMCA comprising 80,000 square feet that is slated to open this December. Another 40,000 square feet in the project will be used as offices and retail shops.
Buckingham's construction comes at a great time, since downtown occupancy rates are remaining steady at about mid-90%, and rents are rising slightly. One apartment brokerage expects these trends to continue, and thinks the demand for downtown housing will continue for the long term.
City officials might use Buckingham's new project as a starting point and create brochures highlighting the great feature of living downtown. The brochures could be distributed to both commercial and residential realtors in the local area.
According to a November 6, 2015 news article, the project comprises seven buildings, one of which is an apartment tower, and costs $110m. The new building will have 450 apartments, which is the largest single increase in the number of apartments downtown since 1987, when the Lockefield Gardens opened, with 493 units.
Buckingham is planning to start construction on the project in mid-2016, with completion anticipated approximately two years from then. In addition to the apartment tower, Buckingham will construction a parking garage with 220 spaces, and 19,500 square feet appropriate for retail use. CityWay is located at the corner of South and Delaware streets, and includes the Cerulean restaurant, the Alexander Hotel, and a YMCA comprising 80,000 square feet that is slated to open this December. Another 40,000 square feet in the project will be used as offices and retail shops.
Buckingham's construction comes at a great time, since downtown occupancy rates are remaining steady at about mid-90%, and rents are rising slightly. One apartment brokerage expects these trends to continue, and thinks the demand for downtown housing will continue for the long term.
City officials might use Buckingham's new project as a starting point and create brochures highlighting the great feature of living downtown. The brochures could be distributed to both commercial and residential realtors in the local area.