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Plans for apartment building add to growth in Fountain Square and Fletcher Place

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By: Liz Gelardi

INDIANAPOLIS, Ind. (Oct. 1, 2014) - Two neighborhoods located southeast of downtown Indy are seeing tremendous growth. A developer is talking about his plans to build a $9.1 million mixed-use apartment building in Fountain Square. Located between downtown and Fountain Square, Fletcher place has seen several new businesses pop up in recent months.

Deylen Realty is developing the Fountain Square apartment project called Forte. It will be located at 1202 S. Shelby Street, the land is currently being used for a parking lot.

The building will feature 64 units and two levels for parking. Rent is estimated to start at $740 for a studio, around $800 for a one bedroom and $1,170 for a two bedroom.

"That's really what we've had a shortage of in Fountain Square is really high quality multifamily housing. We've got great retail and we've got great things going on but it's difficult to find a decent place to live," said Craig Von Deylen, developer with Deylen Realty.

Deylen Realty is also behind two apartment buildings in Fletcher Place. The Hinge sits along the Indianapolis Cultural Trail on Virginia Avenue. Construction is also underway on another Deylen project named The Slate. The Cultural Trail forms a pathway connecting both neighborhoods and paving the way for more growth.

"It's one of those things where it's up and coming and on the other hand you can look at certain aspects and think well it has really arrived, you know so it's a great place to be. It's a great place to see so much change happening literally every month," said Jeff Miller, City-County Councillor and area resident.

Businesses are increasingly choosing Fletcher Place to call home. Coming soon signs are up for a gelato store called Cafe Nonna, a bar called 12.05 Distillery and a bakery called Amelia's.

A brunch restaurant is set to open on Thursday of this week. Milktooth will offer breakfast and lunch options inside a former car repair shop turned eatery.

"We know there's a lot of families moving into the neighborhood, a lot of people moving downtown in general, so, we're just excited to be a part of that and give people a great option for brunch," said Ashley Brooks, co-owner of Milktooth.

Deylen is seeking a 10-year tax abatement for its Fountain Square apartment building. The developer hopes to break ground next summer with a completion date set for mid 2016.

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