INDIANAPOLIS (April 18, 2007) – A partnership of leading developers today proposed to the City of Indianapolis a retail, office, and residential development on the former Market Square Arena site.
Market-Ability Partners, LLC combines the expertise of Indianapolis-based Lauth, one of the nation’s leading commercial development companies; Hearthview Residential, one of the city’s top residential developers; Mansur Real Estate Services, Inc., a leading regional urban developer; and Venture Real Estate Services, a brokerage and development firm active in the downtown market. Together these companies have completed nearly $4 billion in projects.
“Our partnership brings together the experience to get this project done right along with the financial strength to make it happen quickly,” said Tag Birge, First Vice President of Midwest Development at Lauth. “As one of the nation’s leading development and contracting companies, Lauth is excited to be part of a great team and this exciting proposed development.”
The 523,000 square foot mixed-use development would utilize the blocks north and south of Market Street. The north block would feature a contemporary 14-story tower with 105,000 SF of Class “A” office space and 228,000 SF of apartments and condominiums ranging in price from $110,000 to over $2,000,000.
“We helped lead a team that was nearly selected three years ago,” said Jim Thomas, Partner with Hearthview Residential. “This current proposal is far more exciting than our previous design and proves that it was worth the wait on the part of the City. This is exactly the right product mix at exactly the right time.”
The south block, which contains land already controlled by Mansur, would feature a proposed Target, additional street level retail, and a public rooftop greenspace. The grass and landscaped garden sitting atop Target will lower energy usage and connect into the downtown cultural trail. Market-Ability Partners has a letter expressing Target’s interest in the proposed site. Brick-front condominiums will line Market, Washington, and Alabama Streets and ring a parking structure.
“Our ability to fully utilize the south block provides a tremendous opportunity to attract new retailers and offer more residential choices downtown,” said Lee Alig, Chairman and CEO of Mansur. “It is my hope that our proposal and the strength, experience, and resources of our partnership will turn this area into one of Indianapolis’ most desirable settings.”
If selected by the City, Market-Ability Partners hopes to break ground on development in October 2007 with completion of the tower and retail marketplace, including the proposed Target location, by the end of 2009.
“As a developer of several downtown properties, Venture is excited to be a part of this proposal to bring much-needed ancillary services to downtown,” said John Bales, President of Venture Real Estate Services. “This proposal meets the City’s requirements and would be a perfect fit for Indianapolis. Our vision for this project creates a new gateway to downtown and a showplace that people will be proud to work, shop, and call home.”
About Hearthview Residential
Hearthview Residential was founded in 2000 to focus on condominium development, both in new construction and rehabilitation projects, in the Indianapolis area. Since their inception, Hearthview has been a pioneer in downtown Indianapolis transforming some of the most unique downtown buildings into luxury condominiums. While maintaining a strong presence downtown, Hearthview has also developed unique infill properties throughout the city and surrounding suburbs. Hearthview focuses on creating new homes with unique features in the best urban locations in metro Indianapolis.
Since 1977, Lauth has been building facilities for clients to lease or own throughout the United States. Lauth’s years of solid experience, coupled with completed projects worth billions, make it one of the nation’s leading development and construction firms. Lauth delivers many types of commercial facilities including office, industrial, healthcare and retail from eight offices nationwide. Additional Lauth information is available at www.lauth.net.
About Mansur Real Estate Services
Mansur Real Estate Services, Inc. (‘MRESI’) is one of the Midwest’s leading real estate development companies, creating nearly one billion in commercial and residential real estate properties in four major metropolitan cities in the United States. MRESI provides to clients the highest level of professional real estate development, construction management and consulting services. Headquartered in Indianapolis, MRES specializes in serving the development and historic redevelopment needs of municipalities and private landowners, and assisting companies with build-to-suit and turnkey development projects, including headquarters and research facilities. Additional information about MRESI is available at www.mresi.com.
About Venture Real Estate Services
Venture Real Estate Services, headquartered in downtown Indianapolis, delivers commercial real estate brokerage and development services to businesses, not-for-profits and government entities. Venture has completed several redevelopment projects in and around downtown, including renovation of its headquarters building at North Street and Capitol Avenue. In addition to company-led developments, Venture also offers comprehensive real estate analysis and planning services to clients, including strategic site selection, build-to-suit, property disposition/acquisition, and leasing services.