INDIANAPOLIS, Ind. -- A stalled condo project in one of the hottest spots of the city is on the verge of beginning construction again.
Take one look at Meridian Condominiums on South Meridian near the circle, and you can tell it's behind schedule. The building has signs saying "coming 2019".
“I want to say it's been about three years since the original back end of the building was taken down," adds Stephen Alexander, the new architect on the project.
In November, the developer told the Indianapolis Historic Preservation Commission (IHPC) that the original project was 40% over budget. With all rapid development around the project spurring growth, the developers hired the Prince Alexander Architect firm to finish it on budget.
“We are the second or third architects that come in, and the budget is blown, and they are out of time, and it's got to be bigger and better for less money," joked Alexander about his companies reputation, "In [the movie] Pulp Fiction it was the cleaner?”
The new version will be built in three phases and look more like an old warehouse than lots of glass. The original glass-based renderings can be seen all over the current historic storefront that the condo project will be built around. Phase one has been approved by the IHPC and will be just four condos and parking for those owners, as well as the current owners in the building next door. That building currently houses the gaming store Good Games on the first floor.
“I constantly get people coming in, and asking about it as well," says store manager Tiffany Tuttle.
Alexander believes they have a product that downtown is lacking, and that the units will sell quickly, despite Alexander estimating they could be $500,000 to $600,000.
“If you notice, so much new construction is all rental apartments," explains Alexander, "The product not being provided downtown is for-sale housing projects downtown.”
The rapidly growing areas around the condos are a major selling point when it comes to walkability, but Alexander says his team will have to make the warehouse look also provides the square footage and luxury in-home amenities to warrant the high selling price.
“What we are seeing in the tech sector is everyone wants a historic warehouse. I want a loft apartment in a historic warehouse. I want an office building in a historic warehouse," says Alexander adding that there aren't as many warehouses in downtown verse the warehouse district, "How do we make that cool warehouse look in a new building.”
Check out what it may look like below.
Alexander says they are finishing up the permit process before construction kicks off.