Allen Plaza

Allen Plaza began as an idea of area commercial developer Greg Allen. Allen, who specializes in commercial retail space desired to move his corporate headquarters into the heart of downtown Indianapolis.

Allen Plaza was intended to be a typical mixed use project with retail on the street level 1st floor with condominiums above. But after purchasing the building, several office space tenants including Noble Romans expressed motivation to continue operating out of the same building. Quickly Allen Plaza became an Indianapolis leader in mixed use, as the building transformed to what it is today.

Currently Allen Plaza is anchored by a long-term 1st floor tenant, Scotty’s Brewhouse. Office space begins on the 3rd floor offering tenants about 13,000 square feet of prime downtown office space a level. Office space occupies floors 3-5, totally about 40,000 square feet. Allen Plaza currently has 3 office space tenants and is working to fill the 5th floor, which originally was intended to be condos.

Above the restaurant and three floors of office space, you’ll find the beginning of a 24 units of prime condos. With currently 5 of the 7 completed condos sold, John Cunningham explained how Allen Plaza has found success in selling condos during a difficult time. John attributes the success of their condo sales despite the struggling economy to their unique, build to suit option. “Potential buyers are given the option to choose one of the seven models to purchase or build their own downtown condo space based off the models. This provides buyers with greater options and more flexibility unlike the typically downtown condo market,” Cunningham explained. Cunningham went on to explain that Allen is currently working with five prospective buyers to modify the condo space to their particular liking. One particular prospect is working with Cunningham to approve plans to create a two-story townhouse. Topping off the nine-story Plaza is three high end Penthouses, equating a total of 9,000 square feet of living space. All this, within the confines of what used to be an outdated eye sore.

Cunningham attributes the flexibility of Allen Plaza to the CB2 multi use zoning. This enabled them the ability to adjust the space from originals plans to what the current economic market dictated. Additionally, the lack of institutional financing eases the approval process of the changes as well.

The flexibility of Allen Plaza has enabled it to become a downtown Indianapolis leader in a tough condo market. Apartment conversions are the norm in big cities throughout the country, but Allen Plaza has deterred this by finding a niche to selling condos to a market that some developers questioning existing anymore.