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Developers say west-side neighborhood near downtown could become hot spot
Local developer Sam Brougher is plan2 2 invest $15 million in Indianap' ' neighborhood over the next five years, building 40 to 50 homes priced at $250,000 to $350,000 in addition to some mixed-use development.
Brougher's vision would dramatically transform the lower-income neighborhood packed with older homes that have seen better days. Just north of Washington Street along the west bank of the White River, across from IUPUI, it includes many rental homes along with occasional empty lots and vacant houses.
But Brougher-and other local investors-say they're convinced Stringtown is on the verge of becoming Indianapolis' next hot neighborhood. They point to its proximity to the river and downtown, and the fact that it's between several largescale development projects, some of which are already under way.
"It's a no-brainer. It's really a nobrainer," Brougher said of the neighborhood's upward potential. "I'm very excited about it."
Through Brougher Developments LLC, he has purchased about $300,000 worth of property in Stringtown over the past 18 months or so, and he's hoping to purchase additional land that would quadruple his holdings in the neighborhood.
Brougher's mixed-use plans include a property with retail on the ground floor and "some sort of a boutique hotel on a very small scale" above that.
The company held a groundbreaking this month at 274 N. Reisner St., where its first home will be built.
Meanwhile, another investor group, River West Property LLC, has been making its own moves in the neighborhood. Since January, business partners Roger Lee and Steve Flanagan have purchased 10 homes and vacant lots along Saulcy and North Richland streets for a total of $600,000. The two have started renovating the properties, with the intent of keeping them as rentals.
Brougher, meanwhile, is planning new houses.
Some of the parcels he has purchased are vacant lots, while some contain homes that will be demolished. Brougher plans to fill those lots with high-tech "smart homes" designed by the local firm Indy Smart House.
The homes-both ranch and two-story designs-will be 1,600 to 2,400 square feet, and all will include off-street parking. "There's going to be about eight different floor plans to choose from," Brougher said.
At as much as...