Deliberate upscale $ 66 million residence advanced on the northern fringe of Indianapolis

0
283
Planned upscale $ 66 million apartment complex on the northern edge of Indianapolis

A concept rendering of JC Hart’s planned apartment complex on 96th Street and Westfield Boulevard. (Courtesy of the City of Indianapolis)

A local developer plans to spend at least $ 60 million to create a sprawling, upscale apartment complex on the south side of the Marion County’s / Hamilton County’s border that can potentially be used for office use along Interstate 465.

JC Hart Co. Inc. plans to build the 376 unit project on the southeast corner of 96th Street and Westfield Boulevard on 15.2 acres of woodland now under contract to the Carmel-based company. The property is located at 9495 and 9530 Kerwood Drive.

Initial development plans include seven residential buildings and a clubhouse, although an alternative plan includes four residential buildings, the clubhouse, and two headquarters-type office buildings off the interstate.

John Hart, president of the company, said he expected the development to cost about $ 66 million but said that number could change depending on the final configuration – either all homes or including office space. He said the company does not expect to seek incentives from the city of Indianapolis for the project.

The prices for the residential units are likely to be at or above the market price, he said.

The proposed complex is located on the southeast corner of 96th Street and Westfield Boulevard north of I-465. (Courtesy of the City of Indianapolis)

“We have been looking at this area for a while and feel because of it [its] Visibility … it would be a perfect place for us to build an upscale community, ”said Hart. “The location – we’re right on the edge of Marion County – our property will feel like part of Carmel in many ways.”

32 studios, 150 one-bedroom units, 160 two-bedroom apartments and 34 three-bedroom apartments are planned for the complex. However, that number would change if office space were included in the project.

The largest building – a five-story pedestal structure – would include a parking garage on the first floor, while the other six residential buildings (all three floors) would have parking spaces. There would be a total of around 209 covered parking spaces, at least 379 parking spaces and 79 street or parallel parking spaces for a total of 667 parking spaces.

The 96th Street project will be about three quarters of a mile east of the Monon Trail, and Hart said he expected some residents to use the trail for leisure and work. However, he expects most renters will rely on automobiles due to the suburban nature of the development.

“I think there will be more of a traditional demand for parking,” he said. “Not quite the normal level of parking in suburbs, but probably more than we would expect” in urban areas like Broad Ripple, Downtown or Carmel.

In fact, the ratio of parking area to unit for development is just under 1.8. Suburban apartment buildings usually have a ratio of 2, he said.

The alternative office plans include two two-story buildings – one 21,000 square feet and one 18,000 square feet – instead of two smaller residential buildings in the southeastern portion of the property. The office buildings would have a combined parking lot with 161 parking spaces and 10 parallel parking spaces on a street between them.

Hart said the office market will still recover from the pandemic as work on the project begins, so apartments are a far more likely choice.

He said if office buildings were eventually placed there, they would be built for a “signature corporate office” for specific users, rather than on a speculative basis.

“As you can imagine, offices are a very difficult task right now,” he said. “Not only since the pandemic, but also before that, it can be very difficult to get the economy going when it comes to office developments.”

The developer said the company has had “tremendous success” with its Carmel apartment properties such as Midtown Flats, Legacy Towns and Flats and Lakeside Apartments. The company has also developed a handful of projects in Indianapolis and elsewhere in central Indiana, including The Line Urban Flats, a project along the Monon Trail in Broad Ripple that opened in November.

Hart said the size of the project means it will likely require multiple phases or construction phases. A schedule for the project development has not yet been set.

JC Hart is expected to seek approval from the Indianapolis City Development Commission on Wednesday to relocate the land from DA (Residential Farming) to DP for planned development.

Keith Potts City Councilor, District 2, said in a letter to the commission that he supported the project and the rededication efforts.

Indianapolis-based Blackline Studio is the architect of the project, with Kimley-Horn as the design and engineering consultant. Storie Co. Development is a consultancy for the project.