MOMENTUM.

Wow. Time flies when you are having fun! Since my last post in October 2016, Holladay has been progressing on the development of the Villages at Central State with our partners in Compendium Group and Nottingham Realty. We are very excited to announce that we have pre-sold 6 homes and will be kicking off construction here in May!

Final - Rendering CS 012517.jpg

In addition the site has seen new business activity with local artist/maker companies including Ignition Arts and People for Urban Progress relocating to Central State Village. 

The trends of new artists/markers and for-sale housing will be a pivotal growth point for Central Greens. All these signs point to great momentum for the area and the near Westside in Indianapolis. As new incomes are introduced into the community we will begin to see more organic growth in the neighborhood including home rehabilitation and retail demand along Washington Street! 
 

HOMES FOR SALE AND THE SPILLOVER EFFECTS IN A NEIGHBORHOOD

HOMES FOR SALE AND THE SPILLOVER EFFECTS IN A NEIGHBORHOOD

Wow. Here we are entering the Fall of 2016… the last ten months have blown by! At Holladay, we are getting ever closer to bringing new development to Central Greens. 
One development target we are focusing on, is the creation of new single-family for-sale housing at Central Greens (as you can see in the above yellow tab). 

Here in Indianapolis, there is no clearer precedent of what for-sale housing can do to a neighborhood than the redevelopment of Fall Creek Place (shown in above photo). In the 1980’s, the neighborhood was locally known as “Dodge City” (referring to the high violence in the area), but with strategic public/private investment, the neighborhood has turned around with a high quality mix of market-rate and affordable housing. The stabilization of the neighborhood has resulted in trickle down growth with the addition of new restaurants, new apartments, and other commercial development.

Bringing it back to Central Greens, we are excited to partner with Compendium Group and Nottingham Realty on the development of 16 single-family homes, 5 townhomes, and 1 duplex. It is anticipated that the development will break ground in the Spring of 2017! (shown in above photo)

We believe that for-sale housing will further complement the investment that has been made to-date. 

Feel free to contact us if you are interested in buying a house!

 

POWER UP!

POWER UP!

I just got back from a wonderful trip to London, England where my wife and I were able to explore all of the cool sites and neighborhoods. 

Tate Modern - London, England

Tate Modern - London, England

During this trip, there was one particular building that struck me which was the Tate Modern, a free modern art gallery across the Thames River from St. Paul’s Cathedral. In researching this fascinating mid-century modern structure, the building was the former Bankside Power Station (built in 1952) which produced oil-fired power to London for thirty years. After the facility was closed, many developers considered demolishing the iconic structure, but by 1994, Tate Galley had committed funding and efforts to revitalize the Bankside Power Station. The result of this adaptive reuse project has created a sensational public art gallery that attracts residents and tourists alike.  

In touring Tate Modern, a couple of weeks ago, the designers allocated the art gallery rooms to the sides of the building, while leaving the central interior mostly unoccupied, which displays stunning views of the massive structure. 

Central State Powerhouse Building

Central State Powerhouse Building

In applying this fun precedent to Central Greens, there is a 18,000 square foot, multi-story Old Powerhouse building sitting in the middle of the redevelopment area. The building has had some initial clean-up and environmental work (including asbestos removal), but for the most part, it is uninhabitable. With that said the architecture of the exterior is striking and perhaps this building could also be utilized as a museum of some sort. 

The former Central State Powerhouse still needs a lot of work, but with the help from other community partners, this building could have a new life.

Obviously, there are some interesting precedents out there on alternative reuses of powerhouses, but I am curious if anyone reading this article has seen some cool powerhouse reuses out there? 

Feel free to email me at dnaber@holladayproperties.com if you have heard any cool precedents! 

Derek

DIARY OF REDEVELOPING A HOSPITAL CAMPUS

DIARY OF REDEVELOPING A HOSPITAL CAMPUS

In the late 1800’s, a physician named Dr. Thomas Kirkbride, through the urging of psychiatric care reformer Dorothea Dix, created a plan for large-scale campuses for state mental hospitals. Soon, state-owned +100-acre psychiatric campuses started to grow all over the country. In the nineteenth and twentieth centuries, more than 250 institutions were built in the US, which housed more than half a million patients.

Seven Steeples Hospital (Demolished in 1974)

Seven Steeples Hospital (Demolished in 1974)

Fast forward to the new century, where rising costs, new drugs, and community-based care has forced many states to close down their respective hospitals and abandon their expansive campuses. The closure of these hospitals has left huge development gaps within cities and hurt their respective adjacent neighborhoods. As states and communities began to look at reuse alternatives, new development trends including urban redevelopment and new urbanism began to drive people to consider building mixed-use villages featuring a blend of commercial, residential, and public uses.

There are many studies and precedent information on how to manage a variety of urban redevelopment projects, including former industrial sites, strip centers, parking lots, old historical buildings, military bases, etc. With that said, the reuse and redevelopment of former psychiatric hospitals has gotten little to no coverage, with the exception of “ghost hunters”. :)

When researching what progress has been made at abandoned mental hospitals, I found that majority of closed hospitals are still sitting vacant and underutilized However, some communities are finding successful reuses, including Traverse City, Michigan (link) and Washington D.C. (link).

Here in Indianapolis, the 150-acre psychiatric campus at Central State (established in 1880’s) was closed in 1994 and was sold ten years later to the City of Indianapolis in 2004. In 2007, the master development planning process began and, to date, over $60 Million in public, private, and non-profit investment has been made. This has resulted in built and planned mixed-use developments: a charter school, track and field, new roads and infrastructure, a multi-family housing development, and a new senior living facility. The site, renamed to Central Greens, is focused on leveraging high-quality open spaces with high-quality urban development.

Central State Track and Field at Central Greens, where Indy City Futbol plays

Central State Track and Field at Central Greens, where Indy City Futbol plays

Since 2007, Central Greens has had a unique set of redevelopment challenges including unusable buildings, botched demolitions, lack of usable utilities, environmental problems, and unmarked burial sites. Further, there are unique marketing challenges relating to overcoming “haunted” or “spooky” associations with the property. With that said, there have been several key development philosophies that we have utilized to achieve success thus far:

  • Be Patient – Over 20 years has gone by since Central State was first closed and only 50 out of the 150 acres have been redeveloped.
  • Be Flexible – The master plan should never be “set in stone”. You never know if a better proposal may come along.
  • Leverage Existing Assets – Emphasize unique site opportunities including location, architecture, and mature trees in order to pitch prospects and encourage investment.
  • Municipal & Community Support – New infrastructure investment and community support is needed in order to encourage private investment.

Finally, at Holladay, we are working on new project proposals that will continue to build off of the successes at Central Greens!

Stay tuned for more from our excited redevelopment experiences!

Feel free to reach out to me with any comments or questions –   dnaber@holladayproperties.com.

Best,
Derek