Developer could turn Maxwell to apartments

Sluggish condo sales have led developer Kosene & Kosene Residential to consider turning its latest downtown project, The
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

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our updated comment policy that will govern how comments are moderated.