FLAHERTY & COLLINS BREAKS GROUND FOR $37.2 MILLION MULTIFAMILY PROJECT

INDIANAPOLIS — Indianapolis-based Flaherty & Collins Properties has broken ground for the construction of Cosmopolitan on the Canal, a 218-unit apartment community located at the corner of Michigan and Senate streets in Indianapolis. The approximately $37.2 million project will feature 20,000 square feet of first-floor retail space, as well as a five-level parking garage. Amenities include a conference room with videoconferencing, a cyber café with Internet access, a health and fitness club with a pool, terrace space, and the Cosmo Café on the Canal. Apartment rents will range from $995 to $2,300 per month; retail space is currently leasing for $21 per square foot. The property is being developed by Flaherty & Collins Properties, with The Housing Studio providing design services, and Flaherty & Collins Construction serving as general contractor. Brian Epstein of Urban Space Commercial Properties is serving as the retail leasing agent.