In a public-private development deal, REI Real Estate Services and its partner, Vermillion Enterprises LLC of Chicago, have been selected to build a 100,000-square-foot office facility at the IUPUI campus. According to the Indianapolis Business Journal, the proposed five-story building would house the university’s School of Philanthropy, as well as the offices of Chancellor Charles R. Bantz.
The IU Trustees have received a total of 18 development proposals for the $22.9 million project. Pending a final approval from the Commission for Higher Education and the State Budget Committee, construction could begin this summer and be complete next year.
Ratio Architects will design the building, which will be located at the northeast corner of New York Street and University Boulevard. IU has agreed to lease space in the building for 20 years, after which it would take ownership of the property.
The developers are currently lining up financing for the project, which is expected to generate a solid income stream. The university’s estimated annual cost of occupying the facility would amount to approximately $2.6 million, $1.7 million of which would be rent.
In other news, the Indianapolis Business Journal reports that the city’s Metropolitan Development Commission has approved a $30 million mixed-use apartment project that would be built at the corner of 86th Street and Keystone Avenue in suburban Indianapolis.
Developed by Hendricks Commercial Properties of Wisconsin, the five-story Ironworks at Keystone Village building would replace the long-vacant Woodfield Centre retail strip with 120 high-end apartments and 36,000 square feet of ground-level retail space. On March 25, the development proposal will go before the City-County Council. If approved, construction on the project would begin this year.
Photo credits: www.iupui.edu