Milhaus swings creative deal for $16M apartment project in Fountain Square - Indianapolis Business Journal
Mar 6, 2019Milhaus Development LLC is buying two parcels from separate owners totaling more than 1.3 acres at the northeast corner of Olive and Prospect streets, and just a block from where Prospect intersects with Virginia and Shelby streets. It's across Prospect Street from the former site of Value World.Plans call for 118 apartment units, ranging from studios to two-bedroom units, and 3,000 square feet of ground-level retail space in a four-story, U-shaped building.CLICK IMAGE FOR LARGER VIEW: The Milhaus project will run along Prospect Street and offer 118 apartment units. (Image courtesy Milhaus Development LLC)The properties stretch from Olive Street east to where the Indianapolis Fire Department is building a new station. They currently contain a two-story, single-family home and the Wilson St. Pierre funeral home.Wilson St. Pierre also has locations on East Thompson Road on the city’s south side, in addition to Greenwood and Pendleton. It operates under the Simplicity Funeral & Cremation Care name in Southport and Zionsville.The funeral services company will stay at the Fountain Square location until May. In the meantime, it will open in the next few weeks a Cremation Society of Indiana location farther south, at Shelby Street and Hanna Avenue, said Paul St. Pierre, president of Wilson St. Pierre Funeral Service & Crematory.“It’s way too big a building, and choppy, for what we need today,” St. Pierre said of the building on Prospect, which dates to 1897.Milhaus is purchasing the lot with the two-story residence from local owner Attack Life LLC. The structure formerly housed Burkhart Marketing, which is now located on East Riverside Drive near West 16th Street.“A lot of people would consider Fountain Square one of the best urban neighborhoods we have in Indy,” said Jake Dietrich, Milhaus’ director of development. “Unfortunately, it’s been undersupplied with apartments compared to places like Massachusetts Avenue. This is a good opportunity to meet that need.”The funeral home will be demolish...