The planned complex is located at the southeast corner of 96th Street and Westfield Boulevard, just north of I-465. (Image courtesy of the city of Indianapolis)
A local developer plans to spend at least $60 million to create an expansive, upscale apartment complex on the southern side of the Marion County and Hamilton County border, with the potential for office uses along Interstate 465.
J.C. Hart Co. Inc. plans to build the 376-unit project at the southeast corner of 96th Street and Westfield Boulevard, on 15.2 acres of wooded land the Carmel-based firm now has under contract. The property will have the addresses of 9495 and 9530 Kerwood Drive.
Initial plans for the development call for seven apartment buildings and a clubhouse, although an alternative plan includes four apartment buildings, the clubhouse and two headquarters-type office buildings fronting the Interstate.
John Hart, president of the firm, said he expects the development to cost about $66 million, but said that figure could change depending on the ultimate configuration—either all apartments or including office space. He said the firm does not expect to request incentives from the city of Indianapolis for the project.
The apartment units are likely to be priced at or above market-rate, he said.
“We have looked at this area for some time and felt, due to [its] visibility … it would be a perfect location for us to build an upscale apartment community,” Hart said. “Because of the location—we’re right at the very edge of Marion County—in a lot of ways, our property will feel like it’s part of Carmel.”
Plans for the complex include 32 studios, 150 one-bedroom units, 160 two-bedrooms and 34 three-bedroom apartments, although that figure would be modified if office space was incorporated into the project.
The largest building—a five-story, podium construction—would include a first-floor parking garage, while the six other apartment buildings (all of which would be three stories) would have tuck-under parking. In total, there would be about 209 covered parking spaces, at least 379 surface parking spaces and 79 street or parallel parking spaces for a total of 667 spaces.
The 96th Street project will be about three-quarters of a mile east of the Monon Trail, and Hart said he expects some residents to utilize the trail for leisure and work. But he expects most tenants 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 suburban level of parking but probably more than we would expect” in more urban areas like Broad Ripple, downtown or Carmel.
In fact, the parking space-to-unit ratio for the development is just under 1.8. Suburban apartment developments typically have a ratio of 2, he said.
The alternative office plans call for two two-story buildings—one at 21,000 square feet and another at 18,000 square feet—in place of two smaller apartment buildings on the southeastern portion of the property. The office buildings would have a combined surface parking lot with 161 spaces and 10 parallel parking spaces on a roadway running between them.
Hart said the office market will still be recovering from the pandemic as work gets underway on the project, so apartments are a far more likely choice.
He said that if office buildings ultimately are placed there, they would be built for a “signature corporate headquarters” for specific users, rather than on a speculative basis.
“As you might imagine, offices are a really tough use right now,” he said. “Not only since the pandemic but even before that, to make the economics work on office developments can be very challenging.”
The developer said the company has had “a tremendous amount of success” with its Carmel apartment properties, such as the Midtown Flats, Legacy Towns and Flats, and Lakeside Apartments. The firm 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 project’s size means multiple phases or stages of construction will likely be necessary. A timeline has not yet been finalized for the project’s development.
J.C. Hart is expected to seek approval from the city of Indianapolis Metropolitan Development Commission on Wednesday to rezone the land from the DA (dwelling agriculture) designation to DP for a planned development.
City-County Councilor Keith Potts, District 2, said in a letter to the commission he supports the project and the rezoning effort.
Indianapolis-based Blackline Studio is the architect on the project, with Kimley-Horn as a design and engineering consultant. Storie Co. Development is a consulting firm on the project.
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