Condos Bring Company Back to Its Roots

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Fletcher Place project is special for Page Development

By Madhusmita Bora

maddie.bora@indystar.com

April 26, 2006

 

They built their fortunes developing waterfront luxury condominiums in Florida. Now local developers Peter Page and his son, Tony, want to cultivate their roots in Indianapolis.

 

So they are building a $30 million luxury condominium project a block from the house where Peter was raised.

It's their tribute to the close-knit community that nourished them, they said. It's also their way of contributing to the city and its growing Downtown.

Villagio at Page Pointe will offer residents 64 units, five floor plans, a four-story secured parking garage and a ground-floor retail hub, just minutes away from Downtown. The building towers over the historic Fletcher Place neighborhood, adjacent to Eli Lilly and Anthem. The price tags: $325,000 to $750,000.

"It will become an anchor for Fletcher Place and help connect Fountain Square with the rest of Downtown," said Terry Sweeney, vice president for real estate development at Downtown Indianapolis Inc.

The project joins a growing crop of similar condo developments in the heart of the city, or close to it.

The 2001 debut of Firehouse Square townhouses resurrected the craze for Downtown living, experts say. Today, close to 1,800 condominium units are occupied or being built, according to Sweeney's association. The market isn't showing any signs of slowing. And there are reasons for that.

Downtown has had $5.2 billion worth of investments since the 1990s. An additional $3 billion will be invested in projects by 2010.

"The growth of condominiums is offering people choice: choice of surburbia versus Downtown and also a choice within Downtown," said John L. Krauss, director of the Center for Urban Policy and Environment at Indiana University- Purdue University Indianapolis.

For the Pages, riding the trend is just part of the story.

"This isn't going to be a huge money maker for the company," said Tony Page. "It's more of nostalgia."

Fletcher Place is known for its Italian heritage. The Pages' ancestors were part of the group that settled there in the 1800s.

"They did it because it's close to Downtown," said Peter Page. "Back in the old country, that's where people lived."

Peter Page remembers his childhood spent playing baseball at the neighborhood park or racing friends to Monument Circle. Neighbors attended services at Holy Rosary Catholic Church and pitched in for the annual Italian Street Festival. Many of them made a living selling fruits and vegetables. And the tradition of working in a family business is as strong as their Italian roots.

Over the years, some of the residents sought their fortunes elsewhere. Peter Page was one of them.

He entered the real estate market in the 1960s, subsequently launching his company. He developed upscale projects along Florida's Gulf Coast. In the 1990s, son Tony Page and nephews Paul Page and Paul Pittman joined the effort.

Page Development now claims 10 Florida projects in its portfolio. In 2001 the Pages ventured home, building Spirit Lake in Broad Ripple near a 13-acre lake. They sold the last unit there in December, a year ahead of schedule. The project's success symbolizes the popularity of condo living.

"People are happy at Spirit Lake, and it's a wonderful community," said Gabe Carincy, president of the homeowners association.

At Fletcher Place, the Pages say they wanted to contribute to the old neighborhood.

"We knew that it's our roots," Tony Page said. "And we wanted to stay where our roots are."

They found a vacant printing warehouse on Virginia Avenue. The location didn't exactly fit their philosophy: The Pages like building homes overlooking an expansive ocean or lake.

"Here you get the skyline of the city, which is beautiful," said Tony Page recently, as he donned his hard hat and looked out to the city from the fourth-floor parking garage of the Villagio. "We consider the view of the skyline to be our water."

Over the decades, the neighborhood's population shrunk as Lilly expanded its offices and I-65 and I-70 tore through the area. The Pages' return is a good sign, old-timers say.

People stop by at the construction site to reminisce. Many in the area can't afford to live in the luxury residence, but they are happy to have it in their back yard.

"It's the icing on the cake of revitalization of the neighborhood around our church," said the Rev. Joseph F. Schaedel, of Holy Rosary. "My parishioners welcome it because the property was such an eyesore and the impressive structure going up makes everybody happy."

The Pages already have sold 26 of the 64 units. They expect the rest to go fast when they unveil the model units. Completion of the project is expected early next year.

In the long run, they hope the project will bear testimony to their contributions toward their roots.

"We have been there for a long time, taken care of the church and the neighborhood," said Peter Page. "We want generations ahead of us to know our heritage and that our family lived there."