Local Development Team Plans $13.5M Apartment Project in Broad Ripple
- Mar 31, 2015
by Adriana Pop, Associate Editor
A new apartment complex with 99 units will soon rise on the northern side of Broad Ripple Village in Indianapolis.
According to the Indianapolis Business Journal, the $13.5 million project is being developed by JHJ Holdings LLC, a partnership between three local real estate professionals, including Michael Kosene and Chris Chabenne of Kosene and Kosene Residential and Nick Laviolette of F.C. Tucker Co. Inc.
The new four-story building called Residences at 66th will be located at the northwest corner of East 66th and Ferguson streets, south of the Indianapolis Art Center.
Designed by Demerly Architects, the L-shaped development will feature a mix of one- and two-bedroom apartments ranging in size from 560 square feet to 1,350 square feet, with rents starting at about $1,000 per month. There will be nine different floor plans with floor-to-ceiling windows and 9-foot ceilings to choose from. On the first floor, residents will have access to a parking garage with 104 spaces.
Construction on the project, which has recently been approved by the city, is scheduled to begin this fall. Kosene and Kosene will serve as construction manager, as well as property manager upon completion.
This area of Indianapolis is quite attractive for this type of product, according to Michael Kosene, who told the newspaper that the only other upscale housing development on the north end of Broad Ripple is The Coil. Developed by Browning Investments, the upcoming $37 million apartment and retail complex will bring 150 luxury residences to the market in the following months. A Fresh Thyme grocery scheduled to open by next spring will anchor the building’s retail portion.
Photo credits: Demerly Architects