Green Light for Upscale Apartments atop Broad Ripple Parking Garage

A city committee has agreed to allow a project to move forward that involves building 69 luxury apartment units on top of the existing Broad Ripple Parking garage.

The plat committee voted 3-0 on May 14 to allow developers to extend the garage's foundation into the alley.

Marko On the Canal will add 69 luxury apartment units, ranging from one to three bedrooms, to the existing mixed-use parking garage at the busy corner of North College Avenue and Westfield Boulevard.

The project is raising eyebrows among some residents because the City of Indianapolis spent $6.35 million of the public's money to help the developer build the Broad Ripple parking garage, which opened in 2013.

Clarke Kahlo of Meridian Kessler Neighbors Helping Neighbors spoke in opposition to the project, calling it another public gift to a private developer.

“The structure has failed to provide significant parking and retail growth benefits—but at great public cost,” said Kahlo. “It's difficult to foresee a stable occupancy rate-- the location would likely be attractive only to very young renters who would soon tire of, and exit, the apartments because of the congestion and safety issues at the site.”

The developer declined to provide a timeline for Marko On the Canal, but said when the design is complete, they will have a firmer timeline.

“With the plat committee's unanimous 3-0 approval, our expert engineers and architects will complete design and prepare for construction,” said Alexandra A. Miller, Senior Director of Communications and Public Relations at Keystone Group, in an email to WRTV. “We will share updates with the community when finalized.”

Clarke Kahlo and Terry Sanderson, who both live in Meridian Kessler, say the developer Keystone should return some of the city's investment into the garage.

"I think it was a failed project to begin with," said Sanderson. "I think it would be nice if the city would pull back some of that money."

The mixed-use garage has experienced tenant turnover, with Marco's Pizza, Firehouse Subs, Massage Envy and Hopcat among the tenants who came and left.

According to WRTV Investigates, in 2013, the structure was 6% full on average, and at peak times, around 11 p.m. on Fridays and Saturdays, it was 20% full on average.

The developer Keystone will be adding 16 new parking spaces, bringing the total to 365 spaces.

“The garage will remain open to the public and will be used by both apartment residents and the public in keeping with its original design for use in a mixed-use development,” said a Keystone spokesperson. “As it has been since the project opened more than a decade ago, all spots will be available on a first-come, first-served basis and capacity will vary with time of day and day of the week.”

City County Councilor John Barth provided the following statement:

"The needs of Broad Ripple Village continue to evolve, and housing remains a key priority. The new Marco on the Canal project, strategically located in front of the Red Line, adds to the neighborhood's mixed-use development and increases housing density—allowing more people to call Broad Ripple home.

Expanding housing options is essential to sustaining our local businesses and ensuring long-term investment in our neighborhoods. More residents mean greater support for the vibrant businesses that make Broad Ripple unique.

I am grateful to Keystone for its commitment to meeting the needs of the neighborhood and for continuing to invest in our city's future."