Real Estate

IPS Real Estate Initiative

IPS continues its efforts to right size the district’s real estate portfolio. Since 2015, IPS has sold ten properties with an aggregate market value over $20 million dollars with development property tax value of more than $400 million. As important, the redevelopment projects located on the former IPS sites have contributed enormously to revitalization of urban neighborhoods within IPS boundaries.

Examples of IPS real estate sales benefitting the community include:

  • Van Rooy Properties’ “Temple Lofts” on Dr. Martin Luther King Jr. Street; 40 market rate apartments; won Indiana Historic Landmarks award for adaptive reuse; formerly IPS Phillips Temple property
  • Core Redevelopment’s “Roberts School Flats” on E. 10th Street; 30 market rate apartments; formerly IPS James E. Roberts School #97
  • Hendricks Commercial Properties’ “Bottleworks” on Mass Avenue; mixed use development with office, hotel, retail and residential uses; formerly IPS coke plant transportation facility
  • TWG’s “Ford Building” on E. Washington Street; mixed use project with office, retail and residential uses; formerly IPS warehouse facility
  • Milhaus’s “Pinnex” on Fletcher Avenue; 77 market rate apartments: formerly IPS CIRT radio and television facility

All questions about IPS real estate offerings are to be in writing and directed to Abbe Hohmann, CCIM at abbe@site-strategies.com.

IPS Surplus Property Closed Sale List

Letters of Interest

1840 N. Meridian St./ 1839 N. Illinois St. Description

The office property is ideally located on N. Meridian Street, with easy access to the Red Line, 16thStreet and Interstate 65. It is composed of two parcels, one improved with an office building and the other with surface parking spaces. Purchased by IPS in 1993, it is zoned Community-Regional Commercial District (C-4) and is subject to Regional Center (RC) and Wellfield district (W-5) approval.

The building was constructed in 1966 and contains approximately 30,000 sq. ft. on three floors. The building fronts N. Meridian St. at E. 19th St. and sits on a block that will include a station as part of IndyGo’s Red Line Bus Rapid Transit project, to be completed in late-2019.

IU Health Methodist Hospital, which sits two blocks west of the property, is preparing to undergo a $1 billion consolidation of its Academic Health Center campus.

The site is located within one of 156 federally-designated Opportunity Zones throughout Indiana. Opportunity Zones provide an additional tool to attract investment, putting capital gain funds to work in new projects.

Address

1840 N. Meridian St./1839 N. Illinois St.

Indianapolis, IN 46202

Broad Ripple High School Market Study Presentation

The purpose of the Broad Ripple High School Market Study was to identify the market-feasible mix of uses as redevelopment options for the 16.27 acre property.

To discover the potential for the site many factors were taken into consideration including:

  • Assessment of site characteristics and location
  • Data-driven analysis of drivers of supply and demand
  • Market interviews
  • Community feedback

While the study scope does not include analysis of public or institutional uses, redevelopment on the site may include an educational use.

Supporting Materials