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A local developer expects to spend nearly $14 million to build a pair of apartment developments in the northwest quadrant of downtown Indianapolis.
Ken Thorpe, an entrepreneur and commercial real estate investor, intends to build up to 52 units between 8th and 14th streets on Dr. Martin Luther King Jr. Street before mid-2025. He’s developing the projects through his company, KTKF Holdings LLC.
Thorpe is planning a 16-unit apartment building near the IU Indianapolis campus that’s set to be completed by the end of this year, as well as a 36-unit project on 14th Street expected to open in May.
The developments, respectively known as The Kennedy and The Chloe, will offer market-rate and workforce housing options for residents on the northwest side of downtown. They are within walking distance of the $4.3 billion, 40-acre IU Health hospital campus under construction at 16th Street and Capitol Avenue and extending south to 12th Street.
“There’s a great need for workforce housing, and I think that we’re helping to fill that gap by providing some units that will be in in play in 2025,” Thorpe told IBJ. “It will definitely allow for some folks that are working, whether at the hospital or the university … the opportunity to perhaps live closer to where they work.”
The projects are expected to offer one- and two-bedroom units ranging from about 600 to 900 square feet. Preleasing is already underway for The Kennedy at 806 Dr. Martin Luther King Jr. St., which is about 95% complete. Units for The Chloe at 1401 Dr. Martin Luther King Jr. St. are scheduled to be available by May 2025.
Each project is expected to feature at least three units for renters who make 30% or less than the average median income for the city of Indianapolis. In exchange, Thorpe is asking the city to authorize developer-backed tax-increment financing bonds totaling $2.26 million for the projects.
The city’s Metropolitan Development Commission is expected to consider the request during its meeting on Dec. 4. Department of Metropolitan Development staffers are recommending approval of Thorpe’s request for financing assistance.
The Kennedy, which began work earlier this year, is a $5.3 million project at the intersection of St. Clair and Dr. Martin Luther King Jr. Boulevard. In addition to its location along the Indianapolis Cultural Trail, the project will offer 18 onsite parking spaces.
The construction timeline on The Chloe is about five months. Thorpe is working with Indianapolis-based modular housing company Volumod to prefabricate the apartment units offsite. The Chloe is expected to cost about $8.5 million and will include a redesign of the underwater stormwater system on the site. It will feature 21 onsite parking spaces for residents.
Both buildings will be professionally managed by Thorpe and his development entity.
Thorpe has completed at least two other projects in the neighborhood over the past 16 years: the eight-unit Canal Gardens Condominiums in 2008 and 26 apartments at Canal Gardens in 2011.
“We want to be a part of what’s happening, and I’m very excited about downtown as it develops and starts to really change,” Thorpe said. “We’re just excited about being a part of it and are hoping that we can add some value.”
R3B Architecture is the design firm on the Chloe.
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I just wish everything wasn’t so cookie cutter and bland. You see these exact same types of projects in every city across America. Which developers would be more creative with their designs. Give Indy a more distinct look that’s unique to Indy yet modern and not typical or trendy.
As I read this, it sounds like approx. 6 units will be available for “renters who make 30% or less than the average median income” out of the planned 52 units (11.5%) in exchange for the TIF bonds. Admittedly, I’m not familiar with the average set-aside for these kinds of projects but it strikes me as not necessarily the best ROI if the City and developer community are interested in providing meaningful relief to the housing challenges felt by folks in the downtown area. Separately, I’m shocked that 39 parking spaces are considered sufficient for projects this size in an already parking-strapped area. Sure, it’ll likely be dominated by students, but there’s no easy way to retrofit parking and ensure sufficient infrastructure to meet the needs of future development.
The parking issues will continue to get worse in downtown as the city builds out. Remember the backlash for the red, blue, and purple line bus routes? The state doesn’t lobby for mass transit and thinks we can build around existing infrastructure. It’s a backwards approach, very costly, and forces to drive cars in places that should not longer be using them. Unless you have a driveway it’s a nightmare for parking.
Cool,keep them coming.