Sluggish condo sales have led developer Kosene & Kosene Residential to consider turning its latest downtown project, The Maxwell, into apartments.
The local company has moved its corporate headquarters and 40 employees to space previously designated for condos on the second floor of the five-story building, and employees are gearing up to offer the remaining 100 or so units as rentals.
As condos, the units started at $140,000, but prices were not yet available for the apartments. The rental market downtown is thriving, at more than 95-percent occupancy, while demand for new condos has dwindled.
Apartments at The Maxwell could be more in demand after a fire destroyed the Cosmopolitan project by locally based Flaherty & Collins Properties, which would have added more than 200 luxury apartments.
The $24 million Maxwell project, which sits along Ohio Street between Park and East streets, also features ground-floor retail space.