Clearwater will be located at 4016 E. 82nd St. in the Clearwater Lakes area. (Rendering courtesy of Edward Rose & Sons)
A Michigan-based luxury condominium developer plans to build a nearly 300-unit complex on the site of a former entertainment center in the Clearwater Lakes area.
Edward Rose & Sons is seeking city approval to rezoning the former Main Event Entertainment property at 4016 E. 82nd St. to permit a multi-family residential complex to be called Clearwater.
The project is expected to span three four-story buildings, house 299 units and span 9.8 acres. Officials for Edward Rose declined to share the projected cost of developing the project.
“First and foremost, given its access to Keystone at the Crossing, countless dining and entertainment options, and proximity to employment both on the doorstep and freeway access, it’s very attractive. I think it will continue to be a great area,” said Michael Gorman. President of the Indianapolis division of Edward Rose & Sons. “In the long run, we are very [bullish] in the area. “
Clearwater is expected to have units at all market rates. The property has a mix of one, two and three bedroom units ranging in size from 700 to 1,700 square feet.
The development also has an outdoor pool within the courtyard area of the largest building and hundreds of parking spaces.
The plan calls for the demolition of the 54,500-square-foot Main Event Building, which opened in mid-2017. The Texas-based company completed its Indianapolis store with bowling, arcade games, laser his tag, billiards and a full-service bar in July 2020 amid losses from the coronavirus pandemic. Closed.
The property was developed by EPR Properties, a Kansas City, Missouri-based real estate investment trust that specializes in entertainment properties. The company continues to own properties through a subsidiary holding company. The Main Event property is pending approval from the city and has been contracted to Edward Rose for an undisclosed price.
In addition to calling on the city to rezoning the site to a CS designation that allows apartments from C-5 commercials, Edward Rose is calling for the removal of the commitment to allow recreational use.
Edward Rose owns eight apartments in Central Indiana, for a total of 28 apartments statewide.
Gorman said, subject to proper approvals, Rose hopes to close the property by the first quarter of 2023 and start construction by the end of the third quarter of the year.
He said construction is expected to last 18 to 24 months.
Studio M Architecture and Planning is the design firm for this project.