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Milhaus starts its third year

Posted on January 01, 2012 by Milhaus Development

It's hard to believe that Milhaus has entered its third year today. The last couple of years have zipped by and we have been pushing hard into a lot of areas and with a lot of new projects. We settled into our office at the Maxwell in March and now feel at home on the east edge of downtown Indianapolis. Penn Circle Apartments in Carmel, IN started construction in November and should have units available this upcoming Summer. We purchased University Square in Muncie, IN and continue to enhance its significance to Ball State University. We've also recently been selected to work with the City of Michigan City, IN on the redevelopment of two downtown blocks. Look for more information on that project in the coming months. In Indianapolis we received city approvals for the Mozzo to begin construction this Spring. We're working on further growing our portfolio there with the redevelopment of the former Renaissance Bay community near Keystone at the Crossing in 2012. Finally, we have entered the Houston market and are working on a project to be announced there in the next few months.

Before going forward on this year's business, here a few of the highlights from Milhaus in 2011:

Deals closed: 4
Meetings at ICSC RECon: 115
Employees: 5
Interns: 3
States with projects: 3 (Indiana, Texas, Tennessee)
ULI speaking engagements: 5
Miles flown: a lot
Units started construction: 193
Total units: 304
Total commercial SF: 41,000
New babies: 2
Jimmy John's deliveries to the office: 41
Cookies with Milhaus logos: 10

Thanks for following along. Hope you have a great start to the new year.

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New Lawrence Office Space Available

Posted on December 20, 2011 by Gregg Donaldson

Milhaus Realty LLC is pleased to represent the Lawrence Township Trustee in procuring a tenant for the newly remodeled office space within the Morris Settles Municipal Building located at 4455 Mc Coy St., Indianapolis, IN. 1,846 sf is available in two separate suites (1,434 and 412 sf respectively). The Trustee is asking $14/sf gross annual rent. The landlord has tenant improvement funds available depending on lease terms and tenant qualification. This office space is ideal for service professionals that cater to individuals whom might be visiting the adjacent services of the Small Claims Court or the Trustee's Office (energy assistance, child support services, etc...). Please contact Gregg Donaldson 317.236.7117 for additional information or to setup a showing.

This entry was posted in News and tagged Lawrence Office Space, Trustees Office, Office Space for Lease

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Milhaus Closes on $20 Million Project in Carmel, IN

Posted on November 01, 2011 by Milhaus Development

Milhaus Development has completed its financing of Penn Circle apartments in Carmel, Ind. and plans to begin construction this month on 193 units on the approximately six-acre site. The project is one of the first in the area to take advantage of the emerging central Indiana regional transit system.

“One of our goals at Milhaus is to build sustainable buildings and neighborhoods,” said David Leazenby, Principal, Milhaus Development. “The Penn Circle location is perfectly positioned to provide housing for people employed within the North Meridian Corridor. The area has terrific access to growing companies as well as three hospitals. It is also near shopping, cultural and recreational amenities.”

The apartments are within walking distance of the northern stop for the Indy Express commuter bus, which is located in the Meijer parking lot across the street from the project. Sidewalks will be added so residents can easily get to the bus and downtown Indianapolis.

“Progressive companies like Milhaus are investing in a future with improved public transit in Central Indiana,” said Ehren Bingaman, executive director of CIRTA, the Central Indiana Regional Transportation Authority. “In addition to providing immediate access to Express Bus service to downtown, the Penn Circle project is well-placed for envisioned transit-oriented development.”

Penn Circle will include studio, one- bedroom and two-bedroom apartments with open concept floor plans and high-end features including granite countertops. The community will also have a pool and an outdoor living room with an outdoor kitchen. Leasing will begin in the Spring of 2012.

Milhaus has partnered with Gershman Brown Crowley, Inc. and the Gene B. Glick Company on the project. Gershman Brown Crowley has listed a 0.76 acre parcel on the corner of Pennsylvania Street and Old Meridian Street for retail use. The Gene B. Glick Company is serving as the general contractor as well as the property manager. The approximately $20 million investment has been financed by PNC Bank.

This is the third transaction Milhaus has completed since it began less than two years ago. In December 2010, the company partnered with the Gene B. Glick Company to purchase The Maxwell Apartments. In May 2011, Milhaus purchased a commercial shopping center on 1.8 acres in Muncie, Ind. called University Square and is now renovating the building while working with current and potential tenants on leasing arrangements. The company has multiple projects under development, including the Mozzo Apartments in Indianapolis, as well as two apartment properties in Houston, TX.

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"Shark Tank" at ULI Los Angeles

Posted on October 31, 2011 by David Leazenby

I had the opportunity last week in Los Angeles to lead off the first ever "Shark Tank" session at a ULI Fall Meeting. While planning it over the last few weeks, we were not sure what to expect. Would we have enough content? Would anyone show up? Would the sharks really be interested in these deals? What will it be like to present real deals to different people with different criteria all while sharing all of our strengths and weaknesses? Well, if the immediate response is a good indicator, it was a wildly successful session in front of about 500 people. The concept (the brainchild of Lynn Carlton at Sasaki) was modeled after the popular TV show where entrepreneurs present their product or service to a group of investors. ULI is not typically a large format "deal-making" sort of meeting, but rather an educational and networking organization focused on developing leaders in the real estate industry. However, for 105 minutes in LA, four real estate investment pros poked and prodded their way through two different real estate opportunities while the presenters (and the audience) were educated on what these ladies and gentlemen are looking for in a deal today. Moderating the session was Steve Furnary, CEO of Clarion Partners. The sharks included Cia Buckley, Partner at Dune Real Estate Partners; Arthur Fefferman, President of AFC Realty Holdings; Trish Healy, Principal of Hyde Street Holdings; and Charles Burd, CIO of Bentall Kennedy. The result: I pitched a 380-unit redevelopment project in Indianapolis and asked the sharks for $15M in equity on a $42.6M project; two of them voted to do the deal. Well, actually three if you count Trish Healy's hedge. Thanks to them all and to Lynn and my co-presenter Craig Cherney of American Land Fund for helping to make a great idea come to life.

This entry was posted in Finance, News

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Two new businesses opening at University Square

Posted on October 10, 2011 by Milhaus Development

Milhaus Development, LLC announces two additional businesses have signed leases to open at University Square in Muncie, Indiana. Cleo’s is the second endeavor for Chris Ellison, owner of Silo Bar and Restaurant in downtown Muncie. Also cardinal cupcakes and coneys will bring a new concept to the market.

University Square, purchased by Milhaus in May 2011, is a shopping center in the heart of the village near Ball State University’s campus. Construction has already begun on Cleo’s in the 3,350 square foot space at the corner of Martin Street and University Avenue. The bar and restaurant plans to open in December.

Melissa Bucur, a BSU alumna, will open cardinal cupcakes & coneys in 1,530 square feet on Martin Street later this fall. The restaurant will feature cupcakes, coneys, hot dogs, nachos, and New England coffee. “I am excited to see The Village get back to what I remember it as when I was a student on the BSU campus,” said Bucur. “Milhaus is doing an amazing job to restore University Square back to a great place for students and the community.”

Together they join Dill Street Bar and Grill and Oh Fusion Sushi, which also recently signed leases to remain at University Square.

“What makes the Village so attractive to businesses are the thousands of customers that live within walking distance,” said David Leazenby, Principal, Milhaus Development. “We believe the Village can become a model of campus area shopping districts in the nation. University Square is only one piece of the puzzle, and it is proving to be an attractive location for business.”

For information on other spaces available at University Square, please contact Gregg Donaldson, Milhaus Realty, at gregg.donaldson@milhausrealty.com or check out the listings here.

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The Mozzo Apartments

Posted on October 06, 2011 by Milhaus Development

This week we filed more detailed plans with the City of Indianapolis for our planned redevelopment of the former BMV at 531 Virginia Avenue in the Holy Rosary Neighborhood into a mixed-use building. The Mozzo (meaning “hub” in Italian) will contain 64-units and 1,700 square feet of café space along the new Cultural Trail set to open here in 2012. Its contemporary design by Blackline Studio for Architecture in Fountain Square is intended to complement the area’s mix of historic and modern architecture.

The $5.8 Million investment will include studios, one-bedroom, and two-bedroom units. A unique feature of the building will include first floor studios along the Cultural Trail that are designed to be flexible for residential or commercial uses. In addition, the plans call for public art at the corner of Virginia Street and Merrill Street to identify the Holy Rosary Neighborhood and its historic significance to the City of Indianapolis.

Ground breaking on the 0.82-acre site is projected to be in the first quarter of 2012, with project completion by the end of 2012.

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CEC moves into the Maxwell

Posted on August 16, 2011 by Gregg Donaldson

Civil and Environmental Consultants Inc. (CEC) has become the first commercial tenant to move into the Maxwell. Earlier this year we announced the company would be moving into the 2,750 square foot end-cap space at the corner of Ohio Street and Park Avenue. Since then the space has been built-out and as of August 1, 2011, CEC is fully moved into their space.

“CEC is very excited to be located in the Maxwell building, being part of the Cole Noble Neighborhood, and downtown Indianapolis,” said Aaron Hurt, Vice President, CEC. “We wanted to be located in a unique setting that fostered creativity and excitement. Milhaus Development and their team exceeded our expectations.”

CEC works in the primary practice areas of environmental services, civil and site development engineering, ecological sciences, and solid waste management. The company has established 13 locations across the United States, building a rapport as an industry leader in the process.

You can find more information and learn about other available spaces here or contact Gregg Donaldson with Milhaus Realty, LLC at 317-236-7117.

Check out some pictures of CEC’s new space below.

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New Project Downtown Indianapolis

Posted on August 11, 2011 by Milhaus Development

Milhaus Development, LLC is pleased to announce plans for a new mixed-use building in downtown Indianapolis. The project will redevelop the former Bureau of Motor Vehicles site at 531 Virginia Avenue, in the Holy Rosary and Fletcher Place Neighborhoods just southeast of the downtown core.

Today we filed plans with the City of Indianapolis for rezoning of the property to allow for a change in height. Our site plan and building elevations are shown below. We continue to refine the design and anticipate filing for Regional Center approval within the next 3-4 weeks. The project, with a name to released soon, will include a 4-story mixed-use building that includes 64 apartment units and approximately 1,670sf of ground floor commercial space. The site is in walking distance to major employers, cultural attractions, and sports facilities. Located directly along the new Cultural Trail Southeast Corridor, the building will be an ideal environment for residents who work downtown and value living in a unique cultural hub.

Milhaus has contracted with Blackline Studio to be architect of the project. Blackline has been active in the recent revitalization of the surrounding neighborhoods with other mixed-use projects such as The Hinge and Fletcher Place Terrace.

Civil and Environmental Consultants, Inc. (CEC) has been selected as the project engineer. With 13 offices employing over 350 people across the United States, CEC is a proven industry leader and its Indianapolis office has worked on several other Milhaus projects.

Ground-breaking is projected to be in the first quarter of 2012, with project completion by the fourth quarter of 2012.

Photos

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Oh Fusion and 420 Underground at University Square

Posted on August 10, 2011 by Milhaus Development

Milhaus Development, LLC is pleased to announce that two additional businesses, 420 Underground and Oh Fusion Japanese have signed new leases to remain in their respective spaces at University Square in Muncie, Indiana.

University Square, purchased by Milhaus in May 2011, is a shopping center in the heart of the village near Ball State University’s campus. 420 Underground will remain in its existing space, of approximately 800 square feet, at 420 N. Martin Street for at least another three years. The tobacco shop is a subsidiary of Wishbone Gifts in downtown Muncie.

Oh Fusion will also remain in its existing space, of approximately 2,600 square feet, at 1609 West University Avenue for at least another three years. The Asian restaurant offers a menu of Japanese, Chinese and Korean cuisine, as well as a full sushi bar. Open for lunch and dinner, the restaurant is a great dining choice for young people and families alike.

They join the Dill Street Bar and Grill which also recently signed a new lease to remain at 421 N. Dill Street for another three years.

“The village is a shopping district that will be successful because of the variety of goods and services it provides,” said David Leazenby, Principal, Milhaus Development. “Continuing to grow and foster that variety is one of the visions that we have for University Square. Retaining 420 Underground and Oh Fusion are great steps toward reaching that goal.”

For information on other spaces available at University Square, please contact Gregg Donaldson, Milhaus Realty, at gregg.donaldson@milhausrealty.com.

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Dill Street Bar and Grill to Remain at University Square

Posted on August 03, 2011 by Milhaus Development

Milhaus Development, LLC is pleased to announce that Dill Street Bar and Grill has signed a lease to remain in their space at University Square in Muncie, Indiana.

University Square, purchased by Milhaus in May 2011, is a shopping center in the heart of the village near Ball State University’s campus. Dill Street will remain in its existing space, of approximately 6,000 square feet, at 421 N. Dill Street for another three years.

“We understand the tremendous potential that the village has to offer as a neighborhood shopping district for not only Ball State, but the entire city,” said David Leazenby, principal, Milhaus Development. “Dill Street’s presence here will help us re-sign existing tenants and attract new ones while pursuing improvements to the building.”

“Dill Street has been located here since 1992 and offers great drink specials, live music and a popular atmosphere with students,” Phillip Wills, president, Dill Street Bar and Grill. “We are very happy to have been given the opportunity to remain in University Square. We look forward to a long relationship with Milhaus.”

For information on other spaces available at University Square, please contact Gregg Donaldson, Milhaus Realty, at gregg.donaldson@milhausrealty.com.

Photos

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