Kosene & 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.
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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...
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.
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?
*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.
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 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 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.
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.
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.