A new luxury apartment complex is coming to Greenwood’s north side, with construction possibly starting this spring.
Indianapolis-based MHG Apartments received preliminary approval from the city of Greenwood to construct a 202-unit luxury apartment complex on about 4.75 acres of land located at 764 Greenwood Springs Drive, just north of The Verge near the County Line Road Interstate 65 interchange. The project, which has not yet had a name finalized, is expected to cost between $41 to $42 million, MHG Apartments Vice President Andrew Quinto said via email Thursday.
The complex did not have to go before the city’s plan commission for a zone map change, as the current zoning — Interstate Commerce — allows for multi-unit building complexes. A re-plat for the project was approved by the city on Dec. 5, with several revisions being requested. These revisions have since been made, and it’s in the process of getting signatures, Planning Director Gabe Nelson said Wednesday.
The 202-unit complex has been under development for the past year, Quinto said. It is expected to consist of one, two and three bedroom units, with rents expected to be near market-rate.
Amenities for the complex are expected to include a pool, an outdoor courtyard with seating and a high end-grill, a dog wash/park and high-tech amenities, Quinto said.
“This is a project we’re really excited about because it’s going to have all the amenities you could want from an apartment community,” he said.
MHG Apartments chose to build the complex in Greenwood because of the strong market demand for rentals, Quinto said. He cites The Verge as an example of how much demand there is for higher-end apartments.
“(The Verge) was entirely leased within six months of opening, and its average monthly rent for its one-, two- and three-bedroom units last year was about $1,400,” Quinto said.
The developer is responsible for several other apartment projects across Indiana in recent years. This includes Overlook on 3rd in Bloomington and another luxury housing project under construction in Noblesville, he said.
“MHG Apartments’ mission is to bring a culture of hospitality to the residential industry to ensure our residents love where they live by putting them first,” Quinto said.
MHG Apartments is also a subsidiary of MHG Hotels LLC. MHG is currently developing Hampton Inn & Suites at the Founders Square in Speedway and Residence Inn in Noblesville, he said.
Other hotels managed by MHG include several Comfort Suites hotels around Indianapolis, along with Fairfield Inn & Suites in Avon, Seymour and Deerfield Beach, Florida.
Though the timeline for the Greenwood project hasn’t yet been finalized, MHG is looking to start construction this coming spring, Quinto said. A building permit has not been issued.