Carmel-based J.C. Hart Development is proposing a $40 million apartment community just south of Zionsville’s quaint downtown.
Named Sycamore Flats, the project would be built near the southwest corner of Main and Sycamore streets. It calls for 184 one- and two-bedroom, high-end apartments, a 255-space parking garage for only residents, and 4,320 square feet of retail space. (Click on rendering below for larger view.)
J.C. Hart has requested the 4-acre site be rezoned from the urban village business district to a planned unit development. A public hearing had been slated for the March 18 Zionsville Plan Commission meeting but has been continued to next month.
Residents opposed to the project have already launched a petition against Sycamore Flats, collecting nearly 600 signatures as of Wednesday morning.
“Residents' voices need to be heard, respected, and acted on by our elected officials whose salaries our tax dollars support,” the petition states. “We strongly oppose the 184-unit apartment complex that will overcrowd schools, negatively impact town resources, and is stark contradiction to one of the reasons majority of residences specifically seek out to live in the Zionsville community for its charm, character and authenticity.”
Meanwhile, J.C. Hart has dedicated a page of its website to the project, providing renderings and answers to frequently asked questions. The website also promotes a petition in favor of the project, which has collected 65 signatures.
"While Sycamore Flats will offer convenient and modern downtown living within a short walk of Main Street for its residents, it will also provide benefits to the greater village, including up to approximately 6,000 square feet of retail and commercial space for uses like a coffee shop, neighborhood bakery, small restaurant or other similar neighborhood uses, and no fewer than approximately 90 surface parking spaces, available to the public, and serving the downtown," the petition in favor states.
J.C. Hart believes the apartments would attract young professionals and empty nesters. Units would range in size from 671 square feet for a one-bedroom apartment to 1,387 square feet for a two-bedroom unit with a den. Rent would be between $1,199 and $2,099 a month.
They would be the first new apartments in the village in more than 40 years, J.C. Hart’s website says.
The site is the former home of the Calico Corners Store. Some of the site is in the floodplain, and part of the site is also in the floodway. The portion of the site in the floodway would remain green space, and the area within the floodplain would be raised six feet with excavated soil. The development will not cause a flooding problem, the developer states on its website.
The site is within an existing TIF district, and it’s anticipated that the town would extend the district to capture the new incremental tax revenue generated by the project.
J.C. Hart has worked with the town to purchase a bond that would be repaid by a portion of the TIF revenue generated from the project.
If approved, construction would begin in late 2019 or early 2020 with the first apartments available for rent in late 2021.