Shopping Center Business

MAY 2018

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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Page 248 of 270

BOTTLEWORKS 244 • SHOPPING CENTER BUSINESS • May 2018 Hendricks has been garnering commu- nity support for its development in a num- ber of ways. Last year and earlier this year, the company joined forces with Indiana Landmarks to host "before" tours of the beloved buildings that quickly sold out. Isaac Bamgbose, vice president of asset management at Hendricks, says the com- pany also interviewed local stakeholders during the branding process. The feed- back from these interviews indicated how important this site is to the local community. "This development will be the thread that connects the tapestry of our neigh- borhoods together," said one anonymous interviewee. "These are the types of comments we constantly receive from the local commu- nity, formally and informally," says Bamg- bose. "It's been a special treat to hear some of the stories and feel the signifi- cance that this building, this site and this project hold for the city, and honestly for the state. We have even heard from some surviving members of the former owners of the plant. They have commended us on our team's preservation efforts and hotel plans that will restore this gem to true prominence." Gerbitz says IPS liked Hendricks' RFP best because of its plans to maximize space on the site while at the same time ensuring the preservation of the historic elements. "The art deco features are nothing short of amazing," Gerbitz says. "Our re- sponsibility is to bring all those things out again and use them in new ways. We're not trying to make an old building look new. We're going to be very specific about maintaining what we have." Architects on the project are Milwaukee-based Eppstein Uhen Architects and Indianapolis-based Ratio Architects. The art deco details of the buildings in- clude terrazzo floors, brass-framed floor- to-ceiling windows, tile mosaics above doorways and intricately detailed ceiling, floor and wall tiles, lighting and staircases. Not to mention early to mid 20th century accouterments such as desks, safes, refrig- erators and fixtures. All of these materials and relics will be incorporated into vari- ous aspects of the hotel, from the guest rooms to the lobby, hotel restaurant and meeting spaces. Gerbitz added that IPS also was im- pressed with the quality of the company's previous work. Ironworks at Keystone is one such exemplary project and demonstrates Hendricks' work in Indianapolis. The five-story, 200,000-square-foot, mixed- use development that opened in 2014 features 36,000 square feet of street level retail space and 120 apartments. A 120-room Ironworks Hotel Indianapolis opened in 2017. The retail portion of that project is anchored by the world's largest Ruth's Chris Steakhouse, locally owned Sangiovese restaurant and Food Network Chef Michael Symon's B-Spot. "Our owner Diane Hendricks wants to own real estate she can be really proud of," Gerbitz says. "We're not a private eq- uity fund, we're not publicly traded. We develop with a very long-term mission." SCB Visit us at ICSC RECON Booth N1134 Leverage smart phone data to better understand customers, trade areas, psychographics, and more. Our technology can: » Define existing and future trade areas based on actual patron data » Utilize psychographics to better define your patrons and opportunities » Measure opportunities against potential market cannibalization » Provide the most cost efficient solution for analyzing your market | 972.499.8100

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