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An apartment project slated for Broad Ripple is still in the works but now is under the guidance of a different developer that’s well known in the Indianapolis market.
J.C. Hart Co. has bought from three local real estate professionals the land at the northwest corner of East 66th and Ferguson streets, just south of the Indianapolis Art Center.
J.C. Hart intends to build a $17 million project. The cost is roughly $3 million higher than what the previous developers planned to spend.
Michael Kosene and Chris Chabenne of the Indianapolis developer Kosene and Kosene Residential, along with Nick Laviolette of F.C. Tucker Co. Inc., formed JHJ Holdings LLC to build the 98-unit project.
After receiving zoning approval early this year, the trio changed course and chose to sell to J.C. Hart, which has previously partnered with Kosene and Kosene on residential developments. Michael Kosene is the son of Gerry Kosene and nephew of David Kosene, co-founders of Kosene and Kosene.
“The Hart family is one of the very few apartment developers that, based upon our shared vision, we would have been able to complete this transaction with,” Michael Kosene said in an email. “I have no doubt that their execution of this project will be a proud addition to Broad Ripple.”
Now known as Park 66 Flats, the L-shaped project follows the original plan to stretch from Northside Opti Park along 66th Street east to Ferguson Street and north along Ferguson.
The design of the four-story, 140,000-square-foot Park 66 also is similar to what JHJ envisioned. J.C. Hart kept Demerly Architects as the architect but made changes to the interior layout of the building.
J.C. Hart has increased the number of units—from 98 to 108—by reducing their size by about 200 square feet, company President John Hart said. Units range from 650 square feet for the smallest one-bedroom apartment to 1,200 square feet for a two-bedroom apartment.
“The design they created, we felt the average square footage of the apartments was a little too large to keep the rent levels competitive for a younger demographic,” Hart said.
Rents should range from $1,100 to $1,700 per month, he said, or about $300 less than original plans called for.
The ground level primarily will be occupied by a parking garage. J.C. Hart has added rooftop amenities to the plans, including a glass-walled fitness center, grilling area and gathering room.
“We tried to stay close to the architectural character that they presented,” Hart said, “but we have made some changes that we think dramatically improve the property.”
The site’s proximity to the park, the art center and the Monon Trail prompted J.C. Hart to undertake the project, Hart said.
Two homes on Ferguson that already have been purchased need to be razed to make way for the project. Demolition should start within the next few weeks, with site work starting later in the fall.
J.C. Hart also is part of the team that plans to develop the $50 million Montage on Mass project on Massachusetts Avenue. It would feature 236 apartments, 36,000 square feet of retail, two levels of underground parking and a giant three-story, electronic-mesh art display at the building’s corner.
The Indianapolis Historic Preservation Commission first heard the plans on Sept. 2 and continued the discussion until Oct. 7.
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