Mixed-Use

INDIANAPOLIS — Construction is set to begin on the $26 million Chatham-Arch, a mixed-use development in Indianapolis this summer. Milhaus Development has received design approval and site rezoning from the Indianapolis Historic Preservation Commission to redevelop the former Mitchel & Scott Machine Co. site into the Chatham-Arch historic district. The development will include 236 studio, one-, two- and three-bedroom apartments in five buildings and office space. The apartments will include one parking space per unit and will rent between $900 and $2,000 per month. Apartments will become available in the spring of 2014. The project’s design was the result of a collaboration by Milhaus, Blackline Studio for Architecture, Anderson + Bohlander Landscape Architecture and CEC Engineering. Construction will be managed by Milhaus Construction LLC and leasing will be handled by The Gene B. Glick Co.

TERRE HAUTE, IND. — Indiana State University (ISU) has announced plans to expand student housing options and create new retail space in downtown Terre Haute. Thompson Thrift Development will construct a multi-story building at 500 Wabash Ave., which will include three floors of student housing and ground-floor retail, and retain ownership of it. According to the Tribune-Star, the project is estimated to cost $17.5 million. Diann McKee, vice president for business affairs and finance for ISU, will present a 30-year lease agreement to Indiana State's board of trustees on May 3 that will give the university control over the student housing portion of the building, which will include an estimated 228 beds. The project is expected to be complete in fall 2015.

LOMBARD, ILL. — Marcus & Millichap has arranged the sale of a 12,440-square-foot mixed-use property located in Lombard, about 20 miles west of Chicago, for $850,000. The buyer, a local property investor, was secured and represented by James Clough of Marcus & Millichap. Brian Kochendorfer of Sperry Van Ness represented the seller, a family partnership that developed the property. The asset is located at 145 S. Main St. and includes 23 units. The property consists of two buildings: the front building has four commercial units, eight studio apartments, and eight one-bedroom units; the rear building is a converted house with two one-bedroom units and one two-bedroom unit.

CHICAGO — Marcus & Millichap has arranged the sale of a 3,975-square-foot mixed-use property in Chicago. The list price for the property was $1.2 million. The building is located at 3439 North Halsted in the Lakeview neighborhood of Chicago and includes one retail unit occupied by Buck’s, a bar, and two floors of apartments. Stephen Rachman and Kyle Stengle of Marcus & Millichap represented the seller, an individual/personal trust, and the buyer, a private investor who plans to rebrand the bar. Recent capital improvements to the property include a new roof and windows, updated porches, some plumbing work, installation of circuit breakers and dry wall/fireproof basement walls.