2/1/2006
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Justin Ohlemiller, [317] 327-6709 |
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Revitalization of once vacant, historic buildings spells rebirth for downtown neighborhood
Grand opening of the Blacherne and kick-off of Rink-Savoy’s renovation mark milestones in city’s vision for a 24/7, vibrant Downtown with more mixed-income housing options
INDIANAPOLIS - Before falling on hard times, the Rink-Savoy and Blacherne were two of Indianapolis’ most lavish locations and among the original hotspots for downtown nightlife. Located in the heart of the city, these historic apartments began their decline during the 1950’s and 60’s when cities nationwide saw large numbers of people leave urban centers for the suburbs. Now, revitalization is underway, sparking the rebirth of these buildings and an entire downtown neighborhood.
Mayor Bart Peterson today joined developers, downtown residents and business leaders in cutting the ribbon on the newly opened and redeveloped Blacherne apartments and kicking-off an 11-month renovation of the Rink-Savoy. Together, the two developments mean more than 120 new housing units downtown ranging in price from market rate to very affordable rentals reserved for low-income households.
"This is a great day for downtown Indianapolis, as we celebrate the rebirth of two historically significant buildings and the establishment of a strong residential neighborhood in the heart of our city," said Mayor Peterson. "The opening of the Blacherne and the renovation underway at the Rink-Savoy showcase our community’s tireless efforts to take our already world-class downtown to new and greater heights."
The Mayor noted that the Blacherne and Rink-Savoy are at the center of a resurgent residential community. The area surrounding the intersection of Vermont and Meridian Streets has become a hotbead for housing development and revitalization over the last four years. The 124-unit Continental Towers apartments, just north of the Blacherne, opened in 2002, and the Athletic Club Condominiums at Vermont and Meridian are now under construction.
This near-Northside housing boom supports the city’s vision laid out in the Regional Center Plan, which calls for doubling downtown’s residential population to 40,000 by the year 2020 and emphasizes creating housing units affordable to residents of all income levels.
The Blacherne
Blacherne Renaissance Associates, LLC, a subsidiary of Van Rooy Properties, spearheaded the $4.6 million renovation of the once lavish apartment building. Van Rooy completed redevelopment work on the Blacherne last fall and began renting the building’s 68 market rate units in late 2005. Constructed in 1896 by Civil War General and renowned author Lew Wallace, the Blacherne was originally built as high-end housing for the socially elite. The city took ownership of the building when it was foreclosed on by the federal government in 1998, and then sold the property to Van Rooy, owners of the Continental Towers, in 2004.
The $7 million renovation of the Rink-Savoy, located on the Northeast corner of Illinois and Vermont Streets, is led by Riley Area Development Corporation (RADC) in partnership with Mansur Real Estate Services.
The Rink-Savoy was built around the same time as the Blacherne and stood as one of Indianapolis’ first generation apartment buildings. RACD’s plans for the historic site, which has remained vacant since being ravaged by fire in 1990, include creating 60 rental units and five, for-sale condominiums. All housing opportunities will be targeted to low-income households, including 18 rentals reserved for those in housing crisis. These affordable units, coupled with onsite supportive services provided by the John H. Boner Community Center, are consistent with the Blueprint to End Homelessness, the city’s plan aimed at preventing and ending homelessness in Indianapolis.
The city, which had acquired the Rink-Savoy through foreclosure, transferred the property last year to RADC at no cost. In turn, RADC committed to donate $100,000 to the Housing Trust Fund, which is set up to support increasing affordable housing opportunities across Indianapolis. The city also provided $395,000 in federal grant funding to support the redevelopment.
Although plans for revitalizing the Blacherne and Rink-Savoy have existed conceptually for several years, redevelopment was stalled because of negotiations between the city and the owner of a private parking garage located on Vermont Street adjacent to both buildings. The ability for residents to gain access to the parking garage was seen as vital to the success of both housing developments. After years of negotiations, the city was finally able to purchase the parking garage in 2003, allowing both redevelopment plans to move forward.
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