Thursday, September 21, 2017, in the Chauncey Village in West Lafayette. (Photo: John Terhune/Journal & Courier)Buy Photo
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WEST LAFAYETTE, Ind. – How continued has the bend of State Artery and Northwestern Avenue been in limbo, larboard to sit with plywood over windows as a aboriginal consequence for admission acceptance advancing to Purdue University?
When West Lafayette Burghal Council accustomed affairs for State Artery Corner, a five-story mix of restaurants, retailers and apartments, in July 2012, Mitch Daniels had aloof been called as Purdue’s abutting admiral but wouldn’t access on campus for addition six months; NBA amateur A.J. Hammons was an admission apprentice at Purdue; and Carly Rae Jepson’s “Call Me Maybe” was a new hit arena in the final canicule of the Breadth Else? Bar afore it was affected to move beyond the artery to Chauncey Acropolis Mall.
And arena hadn’t been burst on The Fuse, a development at 720 Northwestern Ave. aboriginal fronted by Marc Muinzer and his ambition to get a ballast on a denser, taller contour abreast campus. That project, opened in 2014, has been accustomed – or blamed, depending on who you ask – as one of the aperture shots in what angry into a beachcomber of development meant to capitalize on a added urban, walkable West Lafayette abreast campus.
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This week, Muinzer emerged as the abeyant new buyer of State Artery Bend as allotment a accord that shuffles the stakes in three prime pieces of complete acreage at the top of State Artery acropolis in West Lafayette’s Village area, including Chauncey Acropolis Mall, as appear actuality beforehand this week.
According to those in on the accord and to burghal admiral ecology it, Muinzer additionally would own the Chauncey Annex, a two-story retail architecture at the bend of State Artery and Chauncey Avenue. (For reference: Jimmy John’s and AJ’s Burgers and Beef are tenants there today.)
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Muinzer’s plan: 1. Put State Artery Bend aback into apportionment as bound as possible. 2. Go as alpine as the Federal Aviation Administration will acquiesce at the Chauncey Acropolis Annex armpit by 2020.
First, though, Muinzer will accept to accommodate with agnostic West Lafayette admiral who accept been bright in contempo months that they plan to cull the reins on proposed developments able endless of new apprentice housing. They say they accept time to see the ripple furnishings of three projects of 10 belief or added that are accepted to be accessible with 2,100 beds by 2019.
“The aboriginal time I fabricated an action to access the Chauncey Acropolis portfolio – Chauncey Annex, Chauncey Hill Mall and the barrio at the bend of State and Northwestern – was aback in 2006,” Muinzer said. “I assumption you could say it has taken 11 years to get here. People acquaint me that I am persistent.”
Here are the basics of the deal.
Loren King, CEO of Trinitas, a Lafayette-based development company, bought a 50 percent allotment in Chauncey Acropolis Partnership, buyer of the three properties, at bargain in 2013. That’s afterwards affairs for State Artery Bend sank amidst banking problems.
The Chauncey Acropolis Annex Wednesday, September 27, 2017, in the Chauncey Village in West Lafayette. (Photo: John Terhune/Journal & Courier)
Under the new arrangement, King is beneath arrangement to buy Chauncey Acropolis Mall complete and redevelop the 2.5-acre band centermost that has 25 shops, confined and restaurants and that has been a accoutrement abreast Purdue back 1979. King said Trinitas affairs to booty a year to assignment with West Lafayette and Purdue on what Chauncey Acropolis Mall’s backup would be.
Muinzer is beneath arrangement to buy and advance State Artery Bend and the Chauncey Acropolis Annex.
Terms of the accord haven’t been revealed. Kevina Schumaker, who has a pale in the added 50 percent of Chauncey Acropolis Partnership, did not anon acknowledge for animadversion on this story.
Earlier this year, Muinzer’s Chicago-based South Artery Capital teamed with T2 Capital Management of Wheaton, Illinois, spent $4.7 actor to buy the Miller Building, a 19th-century architecture beyond Northwestern Avenue from State Artery Corner. Muinzer formed out a new charter for Greyhouse Coffee, a accepted coffeehouse that affairs to aggrandize there soon.
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“There are alone two corners at State and Northwestern, and they are easily bottomward the best in the complete market. I like the abstraction of owning both,” Muinzer said. “The best retail tenants appeal the complete best corners. Greyhouse Coffee is a accoutrement in the market, and I was never activity to let them go. I am aiming for a actual appropriate retail addressee to alter the boarded-up barrio on the added corner, but I am activity to charge the city's advice to accomplish that happen.”
How so? Muinzer said aggregate starts with the Chauncey Acropolis Annex property, which he put into the aforementioned alliance with Rise at Chauncey, a 16-story retail-and-housing activity the burghal accustomed this year aloof beyond State Street. That activity was congenital abutting to the best accustomed by the FAA in the flight arrangement of the Purdue Airport two afar away.
“I assumption you could alarm my angle ‘Rise Plus,’” Muinzer said.
Erik Carlson, West Lafayette development director, said he and others in burghal anteroom accept met with Muinzer’s company. The burghal gets a ample say in the size, attending and feel of any activity alfresco the city’s 35-foot acme banned accustomed in the zoning code.
Carlson again altitude laid out back the J&C appear King’s Chauncey Acropolis Mall intentions beforehand this week. He said the burghal wants to accord time to see how the near-campus rental bazaar deals with those 2,100 beds in the new aerial rises. He said the burghal would be accommodating to accede addition 10-plus-story architecture alone afterwards that.
“Come at us in 2019 on that one,” Carlson said.
Muinzer contends that West Lafayette is “in the additional inning” of ambidextrous with Purdue’s growing acceptance and the growing appeal for apartments abutting to campus. Purdue set an acceptance almanac with 41,573 this semester. That’s up 1,122 acceptance from abatement 2016. That’s additionally up 2,803 – a 7.2 percent access – back abatement 2014.
Muinzer said he wants to alpha the zoning action now and accept article accessible to accessible by 2020. That would be a year afterwards the third of the adjoining high-rises open.
“The timing curve up perfectly,” Muinzer said.
Carlson’s take: “He could actual able-bodied be actual on apprentice housing. But we charge to be abiding that the arrival of apprentice apartment advancing online can be captivated afore we alpha committing to more.”
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On State Artery Corner, a five-story plan exists.
“I can see a book breadth we add a few floors on top of the absolute affairs that were accustomed in 2012,” Muinzer said. “A lot of it depends on what can be congenital on the Chauncey Annex site.”
Carlson said the burghal is afraid to get article started at that corner. But that didn’t accommodate activity college than bristles stories. He said that “would be out of bash with the celebrated barrio about it … and wouldn’t fit the ambience of the Village.”
Muinzer’s been through this before.
The Fuse activity was whittled from 15 belief to bristles over about a year of negotiations with burghal anteroom and the genitalia of the planning action done at accessible hearings. In March, his South Artery Capital presented a five-story circuitous forth Stadium Avenue that was accustomed a algid accept by the city’s Celebrated Preservation Commission, which aghast at how the development would advance into the New Chauncey Neighborhood.
Now he’s attractive at two backdrop that could advice ascertain the Village area, breadth West Lafayette is burying the banderole of a new burghal and spending tens of millions of dollars to amend State Street.
One of those has been a burghal embarrassment back afore Mitch Daniels got to campus. Such an embarrassment that the burghal assassin an artisan to awning the plywood with acting murals – three years ago.
“I am attractive advanced to alive with the burghal and (Area Plan Commission),” Muinzer said, “to amount out a band-aid that works for all stakeholders.”
This should be interesting.
Reach J&C columnist Dave Bangert at 765-420-5258 or at dbangert@gannett.com.
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