They bought a stadium for 1 dollar in the US and converted it into luxurious apartments

The member of a group of developers shared through social networks the curious transformation of a stadium located in Indianapoliswithin the state of Indiana, United States, in an apartment complex that maintained the essence of the previous facilities.

Since the dawn of architecture, designers have created homes in different parts of the world with unique features that can surprise clients, although until now, the event that took place in Indianapolis had not been seen. There, a developer group from the Central West of the country, Core Redevelopment, transformed a stadium into an apartment complex called Stadium Lofts.

In dialogue with the media CNBCthe group’s director, Michael Cox, explained that “in the beginning, people thought we were crazy for wanting to convert an abandoned baseball stadium into apartments“Another of the group’s directors, John Watson, was part of a nonprofit organization that had been asked for innovative ideas to save the stadium, which has important history for the region. Then, the investors, who had presented without successful projects to renovate it and reuse it as a stadium, they had a revealing idea.

The process of transforming the United States stadium into apartments

In 2011, Cox, Watson and their two children took possession of the land for the price of US$1. “Cities often transfer property to nonprofit organizations for disposal,” Watson explained. In the agreement, the organization committed to building 144 apartments in locations adjacent to the stadium.

After an investment of US$13,800,000the developer group Construction finished in 2014with sections of ninety one-bedroom apartments, forty-eight one-bedroom apartments and six more one-bedroom apartments, while The rents for each of them range between US$1,067 and US$1,470..

In this sense, the organization split the costs into $1,000,000 for Cox, Watson, and each of their children, a $6,500,000 mortgage, and $5,300,000 in grants of the city of Indianapolis. Currently, the mortgage has been canceled and replaced with permanent long-term financing.