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. Thank you for pointing out the absurdity of having The Naked Cowboy at Zoobilation. For the life of me, I don’t know why anyone would want a picture with that guy, but there were plenty of folks lined up to get a shot with him. The event could have used more restrooms out on the bridge, more photo booths and vendors offering something besides meat. There were a few more veg-friendly options this year than last, but it has a long way to go.

  2. Went to Zoobilation Friday night and had a great time. The weather was super nice and the food was very good, for the most part. Lots of sliders this year at many different tents. The slider from Alexander's was inedible, all four in my group ended up tossing it after one bite. Some tents were out of food by 8:30 and one bar area was out of cups at 8:30, not sure how that can happen. Great event in Indy and I look forward to it each year.

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  5. Truly great and funny play. Vocalists were Broadway caliber and stage settings ideal for small stage. Would go again!

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