Ind. developer plans to build student high rise along canal

The high-end high rise developers hope to add a luxurious, student housing complex to Indianapolis' skyline

Indianapolis

A proposed high rise in the works would become Indianapolis’ ninth tallest building and offer student housing and parking along the canal.

The high-end high rise developers hope to add a luxurious, student housing complex to Indianapolis’ skyline.

"It's not entry level, it's not a low cost animal house kind of approach, it is a very high level secure furnished building with nice amenities so those are the kind of students its intended to attract," said Andy Buroker, attorney for Investment Property Advisors.

The developer, Investment Property Advisors based in Valparaiso, has already built high-end furnished student living centers in Valparaiso and Louisville.

The first six stories would be used for parking, and 20 floors above will include one, two and three bedroom units.  To rent, the apartments will cost between $700 and $1,100 a month.

The developers believe the area along 9th Street and the canal is a perfect place, close to campuses, where there is a huge demand for student housing.

"With there being 37,000 students between Ivy Tech, Marion and IUPUI right now, and the number of housing units, there are tremendously below that, there is a need for student housing in that area," said Buroker.

"It's pretty good because it's close to campus,” said Karen Chiu, IUPUI student. “I don't' have a car so it's easier for me to walk from here to the campus.”

"The prices for housing are very expensive near the campus, so if they have more places and more opportunities it would be cheaper for them,” said Ali Danesh, IUPUI student.

The Kirkbride Bible Company currently sits on the land but the company has already agreed to a purchase agreement to relocate.

Developers believe it will also improve the area around it.

"The curbs and sidewalks are fairly gone along that stretch of 9th Street, so it needs enhancements to the infrastructure there that this project would bring,” said Buroker. “It'll enhance the attractiveness of going down there for the public."

The project would also include public restrooms and access to the canal, which the city has requested.
The first floor "mixed use" part of the plan would include information kiosks about events downtown and a few commercial spaces.

The next step is getting the Indianapolis hearing examiner to approve the plan, referred to as regional center approval.

Investment Property Advisors will hold a meeting for surrounding neighborhood associations next month.

For more information on the development, visit the Indianapolis Business Journal, Fox59’s media partners. 

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