An Indianapolis developer wants to bring a massive, multi-use development to Franklin’s northside that would include up to 230 new homes, a market-rate apartment complex, two commercial spaces and a 28-acre public park.
Platinum Properties Management Company, LLC is planning the development, dubbed Kingsbridge. The developer is asking the city to annex 33 acres and rezone 149 acres south and west of the Knollwood Farms subdivision to a planned unit development from agriculture, mixed-use and rural residential zonings.
The Franklin Technical Review Committee looked over plans this week, and the proposal will go before the Franklin Plan Commission next.
The two commercial buildings would be built on U.S. 31, with a road between leading to the apartment complex and subdivision behind it. The park would be on the westside of the property, according to plans for the project.
The housing development, by Miami, Florida-based Lennar Corp., would be developed first if the project is approved, said Paul Rioux, owner of Platinum Properties. The development would include homes at three price points that have not been determined yet, he said.
The new development would be laid out along the southern and western edges of Knollwood Farms to the land near Turning Point Church, according to the plans. New streets in the subdivision would connect to existing stub streets, plans show.
Up to 230 homes are planned on 86.25 acres, for about 2.66 homes per acre and 11.46 acres of open space, according to the plans.
The apartment complex would be built sometime after housing construction begins, when Platinum receives a proposal from a multi-family housing firm, Rioux said. It would likely include an undetermined number of market-rate units on 14.76 acres, he said.
The commercial buildings would be built on eight- and nine-acre lots, with a goal to have two specific users, though that would be determined by the market, Rioux said.
A walking trail would also be built through the development that would connect to the future park and a future five-mile trail along U.S. 31. The U.S. 31 trail will be built during a planned reconstruction of the road through Franklin in 2023.
The park would be built by the developer, with input from the Franklin Parks and Recreation Department and eventual ownership and maintenance of the park by the city, Mayor Steve Barnett said. Park impact fee income from the new homes in the development would fund construction of the new park, he said.
The developer has already been in conversations with the city’s parks department for input on what type of equipment would work best for the 28-acre space, Barnett said. The park is expected to include playground equipment, a water feature, trails and public parking, plans show.
The development is consistent with how the city has developed, with commercial spaces on U.S. 31 and housing behind it, he said.
Barnett welcomes the development and said it would fill two needs — additional housing at multiple price points and a park for northside residents. Both have been needs for years, he said.
The proposed development has a long way to go, but Rioux hopes to start construction this year, if possible. The full project would be built over the course of five to seven years, depending on the market, he said.
“We have done a lot of development on the northside and we are excited to come to Franklin,” Rioux said. “This is a great market for new homes. It is a really exciting little town.”
