Indianapolis-based Anderson Birkla Investment Partners
plans to buy and redevelop the Second National Bank Building, located at 830 Main St. downtown, as well as the adjacent parking lot. Both properties are currently under contract, with plans to close on the deal before the end of the year.
Anderson Birkla — the firm behind the AT580 building
— says the price point on this project will be more affordable, and more geared toward millenials.
The 61,000-square-foot Second National Bank Building will be redeveloped into 60 apartments. As part of the project, an adjacent parking lot will also be redeveloped into a six-story parking garage with about 200 parking spaces. The public garage would be topped with an additional 40-60 apartments.
Built in 1903, the 13-story bank building is of the Beaux Arts Classic style. In May, the building was 64 percent occupied, but many of the 14 tenants are leasing month-to-month, which will make it easy to convert the building from office space to apartments.
Anderson Birkla is considering applying for state historic tax credits to help fund the project.