Downtown Indianapolis building targeted for $16.8M investment
A well-known downtown eyesore will soon be brought back to life.
The Whitsett Group plans to redevelop the old Consolidated Building on 115 North Pennsylvania St.
Joe Whitsett said the plans call for 100 market-rate apartments with retail, including a restaurant on the lower level.
Whitsett pegs the investment at $16.8 million with $900,000 in incentives from the city through the downtown TIF District
The deal needs final approval from the Metropolitan Development Commission. That vote is set for November 7th.
Whitsett said if approved, construction would begin in April with completion in June of 2014.
Whitsett said demand for more downtown housing is strong with the vacancy rate for rentals at five percent.