INDIANAPOLIS (WISH) — Construction is nearing completion on a $120 million downtown tower.
The developers behind 360 Market Square are releasing early price ranges for the apartments.
Indianapolis-based Flaherty & Collins Properties said construction will be done in early 2018. People will start moving into the 292 apartment units in early February.
Downtown commuter David Reed said the saltwater pool and sky-high views sound wonderful.
“I definitely think there will be enough people (moving in); I just won’t be one of them,” Reed said.
The one thing keeping him away: the rent.
Studios start at $1,400, one-bedrooms start at $1,600 and two-bedrooms, $2,300. Brian Moore, Flaherty & Collins’ vice president of marketing, said the company plans to release more detailed price ranges before Thanksgiving.
Moore said about 1,800 people are already showing interest in moving in.
“We feel like the prices will be justified,” Moore said. “We’ve done a lot of research on this. They’re right in line with the rents that are in the downtown area right now. It is a different living experience.”
Local real estate advisers Tikijian Associates said the downtown Indianapolis apartment occupancy rate is 94 percent. The group said demand is strong after a recent boom in new downtown apartment buildings.
Joe Hockstra, an employee in the new Cummins building and a downtown resident, said he’s considering moving into the building.
“There’s other apartment buildings still being constructed right downtown here,” Hockstra said. “It will be competitive for sure, and I just hope that companies keep hiring people and bringing them downtown.”
Flaherty & Collins is also the developer of the Axis apartment building downtown.
Moore said the better the views at 360 Market Square, the more expensive the unit.