Owners of historic Indianapolis buildings embark on major renovation work
June 14, 2010 | Staff Writer | Print Article | Email this Article
McQuat Place rendering
Owners of key historic downtown properties in Indianapolis, the McQuat Building and the adjacent 10 East Washington Street building, are embarking on a redevelopment project to be named McOuat Place. An exterior makeover will restore many of the original details of the turn-of-the-century structures.
Aided by a Façade Improvement Grant from the local office of Local Initiatives Support Corporation (LISC), owners will repair and restore the cast-iron façade, replace and add additional windows at 14 East Washington, and remove the black metal panels on the 10 East Washington building to reveal its original Art Deco style. LISC is a non-profit organization dedicated to helping people build better urban neighborhoods.
The McOuat Building was built in 1901 by Andrew and William McOuat to house the offices of the brothers’ stove and tin-ware business. It was financed with funds inherited by their father, Thomas McOuat, a Scottish immigrant. Their mother was Janette Smith Lockerbie McOuat, and their sister was Elizabeth Anne, who married Ovid Butler, the founder of Butler University. In the early 1900s, the building housed National City Bank.
Today McOuat Place is owned by various entities including and common to Uptown Realty Investors LLC, which plans to develop retail on the first and second floors and 20 to 22 residential one-bedroom loft units for rent on floors three to seven.
“There’s a shortage of one-bedroom apartments in the downtown housing market. We feel this location in particular – at the heart of downtown – will be very well received,” said John Demaree, an owner of Uptown Realty, along with Bill Ehret. Demaree and Ehret are also principals with Indianapolis-based Summit Realty Group.
The retail space available ranges from 3,640 to 15,480 square feet in the two buildings. There are three options for space configuration on the first and second floors.
“This is a high profile location that has long been vacant. The developers have been conscientious in delivering a plan that complements downtown’s premiere corner. The new mix used development will restore two historic buildings, bring a 24-hour vitality and enhance the streetscape,” said Tamara Zahn, president of Indianapolis Downtown, Inc.
“Nearly 40,000 vehicles drive by this site per day, as well as countless pedestrians,” said Ehret. “The site is just around the corner from Monument Circle, Indy’s geographic and symbolic heart. It’s a prime location.”
Tags | historic renovation, Indiana, Indianapolis, Office, Summit Realty Group
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