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. The east side does have potential...and I have always thought Washington Scare should become an outlet mall. Anyone remember how popular Eastgate was? Well, Indy has no outlet malls, we have to go to Edinburgh for the deep discounts and I don't understand why. Jim is right. We need a few good eastsiders interested in actually making some noise and trying to change the commerce, culture and stereotypes of the East side. Irvington is very progressive and making great strides, why can't the far east side ride on their coat tails to make some changes?

  2. Boston.com has an article from 2010 where they talk about how Interactions moved to Massachusetts in the year prior. http://www.boston.com/business/technology/innoeco/2010/07/interactions_banks_63_million.html The article includes a link back to that Inside Indiana Business press release I linked to earlier, snarkily noting, "Guess this 2006 plan to create 200-plus new jobs in Indiana didn't exactly work out."

  3. I live on the east side and I have read all your comments. a local paper just did an article on Washington square mall with just as many comments and concerns. I am not sure if they are still around, but there was an east side coalition with good intentions to do good things on the east side. And there is a facebook post that called my eastside indy with many old members of the eastside who voice concerns about the east side of the city. We need to come together and not just complain and moan, but come up with actual concrete solutions, because what Dal said is very very true- the eastside could be a goldmine in the right hands. But if anyone is going damn, and change things, it is us eastside residents

  4. Please go back re-read your economics text book and the fine print on the February 2014 CBO report. A minimum wage increase has never resulted in a net job loss...

  5. The GOP at the Statehouse is more interested in PR to keep their majority, than using it to get anything good actually done. The State continues its downward spiral.

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