Indianapolis - What's now an empty lot in downtown Indianapolis could soon be home to a multi-million dollar development. The Colts have injected a new energy into Indianapolis, and with the new Lucas Oil Stadium set to open in August, developers want to ride the blue wave of excitement and make a little green in the process.
Developers are looking at building a 10 story building at Pennsylvania and South Streets downtown. The ground floor will be dedicated to shops and business, filling three floors with dozens of hotel rooms, and the top two floors to condos. More than 600 parking spots would be built-in to the lower levels and a fitness center would take up the fifth floor.
And the project is set to be earth-friendly. Plans call for energy-efficient heating and cooling systems, solar shading, and a rooftop terrace with a garden.
Location will drive the dollars to build the $60 million project. It's two blocks from the new stadium and the convention center and it's next to Eli Lilly. That's why real estate brokers say it should be an easy sell to investors.
As far as those thinking about investing in a home in Ralston Square, condos are priced at $275,000 to $550,000.
The building could all come together as early as late 2009 or early 2010 depending on how soon developers can get investors on board to finance the project.
Source: WTHR.com