Demand is steady for Maxwell Apartments

October 27, 2009
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Locally based Barrett & Stokely Inc. has taken over management of The Maxwell Apartments downtown at 530 E. Ohio St. and found tenants for about half of the available units. The $24-million project, originally planned as condos, was developed by Kosene & Kosene. Part of the building now serves as Kosene's headquarters. But the company earlier this year decided to convert the residential units into apartments and turn over management to Barrett & Stokely, which owns and manages apartments at Riley Towers and Canal Square. Gerry Kosene said the company is renegotiating a loan with Star Financial and still controls the project, which includes first-floor retail space available for lease. Monthly rates for the apartments range from $850 for a 577-square-foot studio to $1,800 for a 1,543-square-foot two-bedroom. About 80 percent of the 100 or so apartment units are ready for occupancy and about half of those have been filled, said Alex Stokely, vice president with Barrett & Stokely. Interest has been steady, particularly for the studio and one-bedroom units. The higher end spaces haven't leased up as fast, he said.

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  • Maxwell
    Happened to notice this article and thought some of you might be interested.
  • Developer's, Are you Reading?
    This should serve notice...downtown NEEDS more lower-end price points. The market is completed FLOODED with high-end units. Build a tower comprable to Riley in size and height with only 1-bedroom or studios and watch it lease out in a few months.
  • Developers are you reading?
    The Trailside new apartments on Mass Ave across from the Mass Ave Wine shop will be 70 plus one bedrooms for $630 a month for individuals making $28,620 annually and all the way down to $300 a month for individuals making $14,300 a year with appropriate rents in between those two income levels.
  • Kosene&Kosene Management
    Kosene & Kosene calls itself a "development & management" company. I believe they are the property management company for the Hudson & Packard. Are they getting out of the property management business? Why not manage the Maxwell?
  • across the street
    Anyone know if there are any plans to conceal or at least mute the impact of the huge electrical substation immediately across the street from the Maxwell? I guess this is less of a concern if the units are leasing well, but it certainly would have made a hard sell for condos with that eyesore across the street. And it might not help the desirability of the first-floor retail either.

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  1. With Pence running the ship good luck with a new government building on the site. He does everything on the cheap except unnecessary roads line a new beltway( like we need that). Things like state of the art office buildings and light rail will never be seen as an asset to these types. They don't get that these are the things that help a city prosper.

  2. Does the $100,000,000,000 include salaries for members of Congress?

  3. "But that doesn't change how the piece plays to most of the people who will see it." If it stands out so little during the day as you seem to suggest maybe most of the people who actually see it will be those present when it is dark enough to experience its full effects.

  4. That's the mentality of most retail marketers. In this case Leo was asked to build the brand. HHG then had a bad sales quarter and rather than stay the course, now want to go back to the schlock that Zimmerman provides (at a considerable cut in price.) And while HHG salesmen are, by far, the pushiest salesmen I have ever experienced, I believe they are NOT paid on commission. But that doesn't mean they aren't trained to be aggressive.

  5. The reason HHG's sales team hits you from the moment you walk through the door is the same reason car salesmen do the same thing: Commission. HHG's folks are paid by commission they and need to hit sales targets or get cut, while BB does not. The sales figures are aggressive, so turnover rate is high. Electronics are the largest commission earners along with non-needed warranties, service plans etc, known in the industry as 'cheese'. The wholesale base price is listed on the cryptic price tag in the string of numbers near the bar code. Know how to decipher it and you get things at cost, with little to no commission to the sales persons. Whether or not this is fair, is more of a moral question than a financial one.

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