CARMEL, IN, DECEMBER 20, 2016
J.C. Hart Company, Inc., a Carmel-based multi-family residential builder, developer and management company led by John C. Hart, Jr., in partnership with Strongbox Commercial led by Paul Kite, have purchased the former City of Indianapolis Firefighters Headquarters and Firefighters Credit Union to begin demolition and construction of Penrose on Mass.
Financing for Penrose on Mass was provided by U.S. Bank. This upscale development is located in the heart of Mass Avenue across the street from the Old National Centre and north of the Athenaeum. The project, designed by Schmidt & Associates, will consist of 236 luxury apartments, 40,000 square feet of retail, and a 379 space parking structure. Construction will begin in the 1st quarter of 2017.
“Penrose has been five years in the making, from the initial Request for Proposal from the City of Indianapolis in October, 2011, to finally achieving a closing. We believe Penrose will be a signature project on Mass Ave and for J.C. Hart.” John Hart, President of J.C. Hart Company, Inc. “It is really exciting to finally begin construction. We are looking forward to announcing our lineup of restaurants and shops which will anchor the proposed retail along Mass Ave for Penrose, as the preliminary interest has been phenomenal!” Paul Kite