Developers propose 23-story apartment tower in downtown Indianapolis

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INDIANAPOLIS– A pair of Chicago-based developers are proposing a 23-story apartment tower in downtown Indianapolis.

Point Real Estate Development LLC and Chicago Atlantic Real Estate LLC are requesting approval for a 23-story apartment building on Delaware Street.

“It’s fantastic, especially on the heels of COVID, that developments are starting to percolate again, and people want to get their shovels in the ground and add more residences to our downtown,” said Sherry Seiwert, president of Downtown Indy Inc. “We’re at roughly 93 percent.”

“From the trends that we’re seeing at the city level, we’re seeing filing’s like this project coming in and different projects for multifamily housing,” said Scarlett Andrews Martin the director of the Department of Metropolitan Development for the city of Indianapolis.

With many local businesses moving to virtual or hybrid models, are complexes like this one even needed?

“So far, our downtown occupancy has held very steady,” Seiwert said. “We’re at roughly 93%.”

She says vacancy is minimal in the downtown area. 

Andrews explained that even if people aren’t going into the office every day — they have other reasons to live downtown.

“Certainly the pandemic was challenging for downtown not having as many people working downtown every day but we knew downtown was a place people wanted to work, live and play so that would be the case moving into the future,” Andrews said.

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