Cambridge Arms apartments undergoing renovation - Tri-State News, Weather & Sports

Cambridge Arms apartments undergoing renovation

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Finding an apartment downtown may feel impossible and that's because it nearly is.

This year's housing needs assessment shows almost 100 percent occupancy in the downtown area. Now about 150 new units may open up.

The historic Cambridge Arms apartment building along Walnut Street is now being renovated into 32-new one bedroom apartments and a penthouse suite.

Just down the road, the Cadick apartments are also being renovated.

These two buildings, combined with the McCurdy building, will help fix the city's dire need for more places to live downtown.

Architectural Renovators have already started demolition at the Cambridge Arms. Officials there say units will be similar to those at the Owen Block.

Community officials say with the IU med school and hotel coming, more and more people will want to live downtown.

"Everyone has a waiting list, every apartment building owner that you find, has a waiting list of people who have asked for a unit and are waiting for a unit so the absorption rate, you know the Owen Block that was just finished, 15 units, the absorption rate there was less than 60 days and it was full and there's a waiting list there," said Kelley Coures, the Executive Director of the Department of Metropolitan Development.

Units at the Cambridge Arms apartments will be available by next fall and we're told, they'll go for market value.

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