INDIANAPOLIS, IN – Since first opening its doors in 1958, Glendale Town Center has been one of Indianapolis’ premier shopping and entertainment destinations. With a prime location near bustling neighborhoods, the storied shopping center has set its sights on new horizons. Milhaus, a national award-winning developer, owner and operator of class A, in-fill and mixed-use developments, is partnering with Kite Realty Group Trust (NYSE:KRG) to elevate and enhance Glendale Town Center with the construction of AYR, a $40 million, 267-unit residential apartment project.
Glendale Town Center is conveniently located near Broad Ripple Village at Kessler Ave. and E. 62nd St., boasting a variety of key offerings, including Target and Lowe’s. To continue the evolution of the center, Milhaus and Kite Realty Group identified currently under-utilized land to be transformed into a modern and thriving residential community.
“The Midtown area continues to be a bustling and growing neighborhood, with housing demands to match,” said Brad Vogelsmeier, Vice President of Development for Milhaus. “AYR will transform empty space into an accessible, modern living community at a competitive price point. Residents and nearby neighbors will be footsteps away from retail, dining and entertainment.”
The Glendale Town Center enhancement will also provide significant community benefits. In addition to new living spaces, Milhaus and Kite Realty Group will build bike lanes along Rural St. to improve safety and accessibility. A left turn lane will also be installed at the intersection of Rural and Kessler to help remediate historical traffic safety issues at the intersection. In addition, existing vacant parking spaces will be transformed to green spaces for the neighborhood to enjoy.
“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. We would like to thank the Office of Mayor Hogsett, the City-County Council, and the Metropolitan Development Commission for their support in bringing this project to life.”
The AYR apartments are expected to be completed in in 2021.
For more information on the project, please visit www.glendaletowncenter.com. For more on Milhaus, visit www.milhaus.com. For more on Kite Realty Group, visit www.kiterealty.com.
ABOUT MILHAUS: Milhaus is an award-winning, mixed-use development, construction and property management company that specializes in Class A, urban, multifamily residential buildings. Headquartered in Indianapolis, Milhaus is comprised of inspired and industrious individuals who are passionate about the development of mixed-use and multifamily communities. Milhaus provides exceptional customer experiences and creates solutions for neighborhoods that positively impact communities by providing unparalleled expertise in real estate, investment, development, construction and property management. For more information, visit www.milhaus.com
ABOUT KITE REALTY GROUP: Kite Realty Group Trust (NYSE:KRG) is a full-service, vertically integrated real estate investment trust (REIT) that provides communities with convenient and beneficial shopping experiences. We connect consumers to tenants in desirable markets through our diverse portfolio of neighborhood, community, and lifestyle centers. Using operational, development, and redevelopment expertise, we continuously optimize our portfolio to maximize value and return to our shareholders. For more information, visit kiterealty.com