A trio of local developers plan to spend at least $65 million to redevelop a former Kroger store site in Broad Ripple into more than 200 new apartment units.
Gershman Partners Inc. and Citimark Inc.—who together acquired the property in mid-2021—have partnered with Milhaus LLC to develop the yet-to-be-named project at 6220 Guilford Ave. The project is expected to consist of about 234 multifamily units, a 240-space parking garage and 3,600 square feet of street-level restaurant space.
IBJ initially reported in December about Gershman and Citimark’s plans to redevelop the property, but the firms were still finalizing plans at that time and had few details to share about the project.
According to filings with the city’s Department of Metropolitan Development, most of the building will be six stories tall with a peak height of 80 feet.
The development will include patio and courtyard spaces and a dog park. The retail space will have its own patio area for outdoor seating.
About 130 parking spaces are required by city code as part of the project, which will have a total of 253 stalls—including six on-street spaces.
The apartment-unit mix, including rent prices and sizes, has not yet been finalized, although most units are expected to be offered at market-rate prices. It’s not clear whether the development team will ask for city financial support.
Milhaus will manage the multifamily part of the development, while Gershman will oversee the retail space.
Gershman has multiple projects under way in the Broad Ripple neighborhood—most notably a $17 million four-story, timber-built structure slated for the 6400 block of Ferguson Street.
Eric Gershman said his firm is interested in projects like the Kroger site redevelopment because demand to live in Broad Ripple continues to grow.
“There has been a big renewal of interest and desire for people to live, work, play in Broad Ripple, which attracts us to the area,” he said. “We see a big runway of increased demand that leads us to want to be in a village neighborhood setting.”
Gershman said there has already been extensive interest in the retail space at the northwest corner of Guilford Avenue and 62nd Street. The firm hopes to sign a lease with a “high-quality restaurateur,” he added.
The development cost for the project is expected to be “north of $65 million,” Gershman said.
The development team received support from the Broad Ripple Village Association’s land use and development committee on Tuesday—a preliminary step in its effort to receive city approval for a rezoning request.
That request is set to go before the DMD’s Metropolitan Development Commission in April, with the firms asking to reclassify the property from the C3 commercial designation to that of MU-2 for mixed-use developments.
The 12,250-square-foot former Kroger will be razed as part of the project. Gershman and Ciitmark spent $3.1 million to buy the site in June 2021 from Kroger’s corporate holdings arm.
A representative for Milhaus did not immediately return a call requesting comment Wednesday.
Hamilton Designs and DKGR are the architectural firms on the project.