Downtown's Condo Craze

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Project will add 100 units

By Madhusmita Bora

maddie.bora@indystar.com

May 10, 2006

 

After six years of battling uncertainties, another Downtown project is about to join the city's condominium craze.

The 3-acre Lockerbie Park will add 100 units to the growing inventory of Downtown condo options available.

Across the city, developers are competing to cash in on the trend of baby boomers, empty nesters and young professionals vying for a slice of maintenance-free city condo living.

Downtown Indianapolis Inc., an organization that promotes Downtown, estimates that more than 1,100 condo units will be available Downtown by 2010. Lockerbie Park is part of that trend.

Sitting on the fringes of the historic Lockerbie neighborhood, the project is expected to echo the urban brownstone style architecture of Boston, Chicago and San Francisco. It also will complement the historic feel of its surrounding neighborhood, officials said.

As backhoes worked in the background Tuesday, developer Hearthview Residential and partner Dinmont Development unveiled details of the $25 million project.

For Dinmont President Brian Knapp, the announcement was the culmination of years of planning and waiting.

Dinmont got the approvals to build the project in 2001. But that was before the 9/11 terrorist attacks and the stock market crash. Dinmont's original partner, Young & Laramore, bailed, and the project was shelved.

Two years ago, Hearthview offered its support and redesigned the plans.

Plans allow buyers at Lockerbie Park to choose from Lockerbie Park Plaza, a 30-unit midrise with underground parking, or the 70-home Lockerbie Park Brownstones with private garages and entrances. Prices range from $200,000 to $500,000.

Currently, 186 condominiums in that price bracket are awaiting buyers, said Julie Brooks, a Realtor for F.C. Tucker Co.

"That's a lot of inventory, but I don't think the future is bleak for developers like Hearthview," Brooks said. "They have an established reputation for quality products that's priced competitively."

Hearthview Residential already boasts several Downtown projects in its portfolio, including the Athletic Club Condominiums, Mill No. 9 and Meridian Arch.

"There's no place better than Downtown Indianapolis," said Jim Thomas, a partner at the firm.

"It's at its peak," Knapp agreed about the condo craze. "What we have come to learn is that the Downtown buyer is not a high-end buyer. They are just looking for hip units that give them a good value per square foot."

The key is to hit the preferred price range of $200,000 to $300,000, experts say.

A Downtown marketing group and residents along Lockerbie say the project will be good for the city and the neighborhood.

"Lockerbie Park will be instrumental in transforming the neighborhood, enhancing an important gateway into Downtown and bringing new customers to Massachusetts Avenue and the Culture District," said Tamara Zahn, president of Indianapolis Downtown Inc.