Downtown developer intends to rebuild

INDIANAPOLIS (WISH) - The developer of the downtown apartment complex charred by Thursday morning’s massive fire said his company has a great plan and will rebuild. But, until that happens, the president of Flaherty and Collins Properties said the fire caused a huge loss.

Jerry Collins expected to open the first 70 units this spring. He said more apartments would have opened in September for a total of 218 units, plus retail space. Collins proudly said his tenants would have paid the highest rental rates in town.

"This is our landmark. We're very proud of this property. It's heartbreaking to sit here and watch it burn," said Collins.

The fire was perhaps more heartbreaking because the sprinkler system wasn't ready.

"It's a fully-sprinkled, state-of-the-art fire system that -- had it been charged up with water in it -- the fire would be out now," said Collins.

Collins said they expected the system to be working in just two weeks.

The company's head of construction, Gordon Benner, said that when people devote so much time to a project, something so destructive becomes a very personal loss.

"Just totally sick and my whole construction team is devastated over this," said Benner.

Even so, Jerry Collins said the fire is just a temporary setback.

"That's what you have insurance for. So, we're fully insured and we will rebuild on the spot," said Collins.