Developer plans $9.1M project on Fountain Square parking lot

An Indianapolis developer plans to spend $9.1 million to build a five-story apartment-and-retail project on part of a surface parking lot in Fountain Square that had been owned by the city.

The city has selected Deylen Realty from three proposals it received in November to redevelop the lot at 1202 S. Shelby St., Department of Metropolitan Development Director Adam Thies told IBJ on Monday.

The 72-space parking lot, located about a block southwest of the Fountain Square Theatre Building, is ripe for redevelopment because it doesnt generate any taxes for the city, Thies said.

Thats one of my goals, he said, to get properties that arent paying taxes on the tax rolls.

Deylen Realty hopes to begin construction next summer and complete the project in about a year.

Called Forte, the mixed-use development will include 4,000 square feet of retail space along Shelby Street and 64 market-rate apartment units above. A two-story parking garage, with one level underground, will provide 70 spaces for tenants.

About 55 surface spaces would remain behind the apartment building for public parking.

Deylen Realty bought the nearly one-acre parcel from the city for $332,500, an average of two appraisals done of the property, said Craig Von Deylen, a principal of the firm.

We think Forte is an architecturally interesting project that follows up on the Hinge, he said. These will be high-quality, market-rate apartments.

The Hinge apartment and retail development on Virginia Avenue in the nearby Fletcher Place neighborhood is just one of several projects Deylen Realty has undertaken southeast of downtown.

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Developer plans $9.1M project on Fountain Square parking lot