A Midwest developer group spent $1 on an abandoned baseball stadium in Indianapolis and turned it into a luxury apartment complex.
That apartment complex is Stadium Lofts, a former baseball stadium that was converted into 138 apartments by Core Redevelopment, a Midwest developer group. The property is owned by Michael Cox, John Watson and his two sons."Initially, people thought that we were crazy for wanting to turn an abandoned baseball stadium into apartments," Cox, the principal at Core Redevelopment, tells CNBC Make It.
"Often cities dispose of properties to nonprofits for disposition," Watson says."That is what happened here." Cox, Watson, and his sons had a budget of $14 million for the Stadium Lofts conversion and, in the end, spent roughly $13.8 million. The amount includes $1 million from Cox, Watson and each of his sons, a $6.5 million mortgage, $5.3 million in grants from the city of Indianapolis, and the $1 acquisition cost.Monthly rent for apartments at the Stadium Lofts range from $900 to $1,700.
The stadium is located in Marion County, Indiana. As of April 2024, the median rent for all bedroom counts and property types in Marion, IN is $600. This is 70% lower than the national average, according toCox admits turning the stadium into a residential space was a tough project for the group from a technical standpoint. When they took ownership, they needed to solve the many issues the property already had while still maintaining its character.
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