Property Lines - Scott Olson

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Real Estate & Retail

Downtown apartment complex to expand

September 1, 2009

The developer of The Waverley apartments downtown has filed plans to expand the complex at 151 S. East St., IBJ's Tom Harton reports in today's Real Estate Weekly. Carmel-based J.C. Hart Co. Inc. wants to add 48 one-bedroom units to the 164-unit complex. Out of 86 existing one-bedroom units, only one is vacant. The four-story expansion would feature apartments with balconies overlooking East Street on the second, third and fourth floors. A 41-space parking garage would occupy the first level. A small surface parking lot shielded from the street would provide enough extra spaces to accommodate all 48 apartments. When Hart won its original approvals for The Waverley from the city in 2006, the vacant land the company now wants to build on was earmarked for three separate buildings for townhomes and ground-level retail space. But J.C. Hart found little interest for the commercial space. The company hopes to start construction as soon as next spring. The full story is here.

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