A brand-new Maxwell rendering

August 7, 2007
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The MaxwellKosene & Kosene has begun construction on its latest downtown project, the 105-unit Maxwell. The six-story building sits along Ohio Street between Park and East streets and will feature condos starting at $140,000. Kosene expects to begin selling residential units Aug. 15. Meanwhile, they're talking with restaurants and an organic grocery about the building's 12,000 square feet of retail space. The architect on the Maxwell is Weaver Sherman Design.

PLUS: Kosene buys more land
The local company also recently bought the .6-acre parking lot just west of the Maxwell project for a future mixed-use development. They hope to build more retail and about 20 residential units, said Tadd Miller, a company principal.

  • quite frankly i'm sick of all the low-rise construction going on in the mile square. although it looks nice it needs to be in broad ripple or downtown carmel. this city needs a skyline and it's time for the powers that be say so.
  • most large cities have LOTS of this low-rise type construction in their downtowns and it certainly has its place. Quite frankly, a towering skyscraper would not fit in at ALL in that area. I do agree that there is a need for more vertical development, but feel that this type of project is perfectly appropriate for that area.
  • Agreed. I don't think there is anything wrong with this type of development here. What the downtown condo market is missing is a lower price-point, and this seems to be there (although small SF). More importantly, this project includes street level retail...something Kosene hasn't included in the past, and will complement the urban location.
  • That's a nice looking building. Too bad the view across the street is a mess of power transformers. I think that's the real impetus for the competitive price point.
  • At 140k these will be a steal transformers or not. I'll consider it..
  • I think tha this looks great.

    I agree that we need to go vertical. It seems EVERY city in the region has built at least ONE residential tower over 20 stories in the past few years; why can't we? Besides, we probably have more development going on than most, but it is all infill. Eventually there won't be any parking lots, so they will have to go up...
  • I'm not disappointed at all. A grocery is a GREAT idea, and I'm sure there'll be an increasing organic market downtown! I'll admit, I forget about all the low-rise development in big cities unless I think about it. Both Chicago and Seattle, despite their impressive skylines and current high-rise developments, have relatively dense neighborhoods w/o a highrise in sight. What I'd like to see, with or w/o highrises, are more trees! Indy's done a LOT to improve greenspace downtown in the last 20 years, but I'd like to see these new developments putting PLENTY of trees on the sidewalks around them. Our downtown roads need more trees..though I think the cultural trail will help accomplish this...
  • At least the building is six stories tall...that is not a small development. It's very exciting to see all of the development downtown and to see how fast the residential population is growing. Gives me hope for more decent retail that I might actually be able to walk to rather than drive to. Now when can we put the tram system back in that was taken out back in the 1930s or so? Also...someone needs to talk to Trader Joe's about opening a downtown store. Then my life will be complete!
  • I'd like to point out that this site isn't in the One Mile Square. It is just outside bordering Lockerbie Sqaure Neighborhood. I think that it is a good size for that neighborhood. Part of good design is creating a structure that fits in the current context. Also I am really exited about what appears to be some good ground floor commercial space. We desperately need more of this mixed-use development downtown. Also excited that these condos are more affordable. That's is three for three in my book. Excited to see more detail about the project.
  • Call me crazy, but if it's East of East Street, technically it's not in the mile-square. And since everyone is expressing opinions... my two cents. Indy needs development that expands the footprint of downtown, especially at that location where there really isn't much south of Lockerbie all the way to Washington. I guess I'm just of the opinion that ten five story buildings fill ten blocks and one fifty story building fills one block. Sure, the skyscraper would look great as you drive by on I-70, but for those of us that live and work down here, we're tired of all the empty, vacant space. Expand the footprint, fill in the empty lots (especially if retail is invovled) and get more people and jobs downtown. The skyline will follow...
  • love it! good size for that specific area. i'm not typically a fan of kosene and kosene, but i think they've done well here. awesome price-point, awesome first-floor retail. love the art deco-ish building design. kind of looks like some of the old car manufacturing buildings littered across the city. classic. i wonder what the material used is - brick? i hope. obviously terra cotta is way too expensive. i do agree that we need more vertical buildings, but this fits well in it's context. and...do i believe my eyes?? is the building actually sitting right up next to the sidewalk?? hopefully this trend will remain in future buildings...
  • I believe the exterior is going to be concrete with a paint mix in it to give it some color.
  • Unless the sidewalks are a good 10-15 feet wide with a tree strip next to the curb we really DON'T want buildings built right up to the sidewalk on busy streets, for safety and visibility reasons. An exception is anywhere there is street parking in the curb lane, as is the case in the next block west of this site.

    Unfortunately the existing sidewalk is 5-6 feet wide at the site, and there is no curb parking. It's hard to tell from the rendering if Kosene is widening the existing sidewalk and setting the building back...the aerials show the old building on the site with about a 10-foot setback from the sidewalk.
  • Didn't they try to built a highrise condo development at Market Square with the previous design and it went over like a led balloon.
  • Great project for the location. I would love a new skyscraper downtown, but this is not the location for it.
  • Marc, the reason the last MSA proposal fell through had nothing to do with the fact that it was a high rise development. It had everything to do with an unrealistic (and quite extraordinary) pre-sell requirement in order to obtain the neccessary financing. Not many people are willing to plop down that kind of money without being able to actually SEE a product or at the very least knowing that financing is secure and that the project will actually come to fruition.
  • The street-level retail idea is great. The trick is to have a lively street scapes and tenants who keep their lights on, such as restaurants, bookstores and grocers, and not the goofball tenants who sell cell phones and other junk until 6pm and then lock up and leave.

    Of course, if you have 105 units upstairs and hundreds nearby, your restaurant tenant can't do too poorly.

    One caveat would be the Lockerbie Park project, where the developer programmed retail at the SW corner of Michigan St. and College Ave. They have a stipulation with the IHPC that says that if they can't lease the (still unbuilt) retail shops at the corner, they can convert them to residential. This would be a horrific blow to the immediate area. And I haven't seen any commercial Coming Soon signs lately on the site. Kosene should not get trapped into this kind of situation if they can help it.

    I bet they are only 5 units of this condo that sells for $140K. It's a common strategy used by developers to bring people to their showroom. Remember what I said here when you go to the sales office!

    ...and by the way, I bet the $140K unit is just 650 sq.ft...And for that, you'll be tax in the amount of $3,500.00.

    So, you still want to live downtown?
  • Randy is right. I was really wanting to buy a condo downtown, but with the property tax rates so high in center township, it just isnt affordable for a young professional like myself. All this development is great, but there needs to be some major government reform and consolidation in Marion County or we will begin seeing a big decline in the future.
  • *The price for the units is less overall, but the price per square foot is still very high. It's just the units are smaller.
    *I wonder what the tax rates are in Chicago or the other cities we keep comparing ourselves to, and to which we are trying to aspire.
    *There are still plans (eventually) for a high rise 4 blocks away at Market Square.
    *Hope they're built better.
  • It really depends what you consider high price per square foot. If you want to compare ourselves to Chicago or other cities, you won't get anything for what you are going to pay per square foot in this property. If you compare it to other developments downtown, its substantially cheaper per square foot than 3 mass ave or the Beilouny properties. Also, its not that property tax rates are that high in center township, its just that they increased the rates from rates that were too low for a long time. There was a drastic increase that was a major mistake but that doesn't mean that the new rates are so high compared to other areas and cities. Unfortunately for Todd, developers can't give away condos for nothing.
  • I can't help but think that MORE then halve the post on here. Are working for Kosene & Kosene
  • Bob, it wouldn't surprise me at all, not in the least bit.
  • (For the record, I do not work for Kosene, but I do live in Center Township.)

    Mike, property taxes ARE high. At about 4% of market value with no mortgage or homestead exemptions and no abatement, that would be $5,600 a year (or over $450 a month) on a $140K condo.
  • I do not work for Kosene either but do live in Center township. Thundermutt, I was responding to people that are picking Center township out of Marion County in general. Lawrence, Perry, Washington, Pike and other townships in Marion are all at 4% market value. It's not just Center township. Also, compared to large cities, our property tax rates are not exorbitant.
  • Also, Indianapolis really should have to tax at a higher rate than other major cities because our property values are so much lower than other major cities. A 140K condo in downtown Indy is worth at least twice that in New York. Higher property values in other major cities gives their gov'ts so much more money through taxes to fund public improvements. Indianapolis residents can't have it both ways. If people want Indianapolis public amenities to be on par with major cities, us taxpayers have to pay taxes like citizens in these other major cities.
  • Mike, you are absolutely right!
  • it is a fact that center township rates are higher than washington township.
  • Colts, you are correct...by .0425%. If you move from Center township to washington township you are right, you will save 4/100ths of a cent on your dollar. So on a 100,000K mortgage you will save $42.50 if you live in washington township instead of Center township. I don't know about you Colts, but that is not that big of a difference to me.
  • I can't help but feel that this site has recently been infiltrated by some of those that like to post over at the IndyStar forums. Keep the negativity there.
  • I really like the look and the placement is nice too. And no, I don't work for Kosene, LOL
  • no doubt, coryw....
  • thundermutt, based on your calculation for the monthly tax of $450, that's approximately 50% of the monthly mortgage payment for $140K loan. I think it's too much, and still within not the comfortable range for most young professionals who are just starting.

    I want to live downtown but I'm already priced out.

    Mike, you can't compare Indianapolis to New York. Family income is much lower in Indy, hence house prices tend to be lower also.
  • I absolutely love this project. This is how the rest of Kosenes projects should have been....with ground level retail. We need more projects like this in that area and if the NIMBYS would ever shut up, in Broad Ripple.
  • Sophia-

    I agree with you. I wish that Broad Ripple would get more projects like this. It would also be nice if a developer with some vision could get in on the Glendale redevelopment and do some housing! That would be the true savoir to Glendale Town Centre.
  • Randy, family income is not what drives home prices. Plus, Indianapolis has a higher median income than New York or Los Angeles while average home prices in NY and LA are 4x higher than Indy.
  • Exactly my point Randy. Even the low end downtown isn't low enough for younger people who still have student loans and car payments. In order to carry that $140K condo, you'd have to be grossing $60K or more a year 'cause a 650-sq.ft. condo isn't big enough for two.
  • I'm a big supporter of downtown development...But, the Kosene developments have not pleased all those who have purchased condos. I have heard that their work is not of high quality and that the responsiveness when there are problems is not there. I am also surprised at the price psf these developers are getting for condos downtown. $450+ for a 2 BR, 1200 sf condo in INDY????
  • No one is paying 450K for a 2 BR 1200 sf condo from Kosene. The 2 BR 1250 sq ft condos in the hudson went for under 300K
  • Michael, that's still approximately $250 per sq.ft. That's still a lot. But if anybody can afford it, that's fine.
    But as an alternative to condos, there are a lot of planned apartments to be constructed downtown. I'm thinking of just renting and still live downtown, but without paying the high property tax.
  • Randy -- those property tax increases are simply going to be passed on into rental rates. I'm lucky that I resigned my lease before the property tax increase, but I'm sure my rate is going to go up next summer.
  • Thats great,
    though the design is retro, it looks nice.
    The fact of an organic grocer is even nicer. :)
    I cant wait for this to be built, it looks fantastic, and follows urban laws with flying colors.

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