Florida-based developer proposes building community for rent in Carmel – Indianapolis Business Journal

Homes in the proposed LEO Living Cottages and Multi-Family Development will include cottage, duplexes, campers, and home-style dwellings. (Aid to the city of Carmel)

Florida-based Advenir Oakley Development LLC is proposing to build a community of homes for rent in the Legacy development on the northeast side of Carmel.

The developer has submitted plans with the city to build 230 attached and detached single-family homes and 120 garden-style apartments. The residential community will be called Leo Living Cottages and Multifamily.

The proposal will be presented to the Carmel Plan Committee on September 20.

The 400-acre mixed-use Legacy development has been in the works for more than a decade. Current housing communities include several subdivisions of single-family homes and the $28 million Legacy Towns & Flats, which opened in 2010.

The 32-acre rental construction project will be on the north side of Legacy, which is located along the south side of East 146th Street and west of River Road.

Advenir Oakley will also propose building a 1,500-square-foot clubhouse with a rental desk and fitness center that will anchor a 1,950-square-foot pool.

Amenities will be for residents of the construction community for rent, who will not be allowed to use recreational facilities in other parts of the Legacy.

LEO Living Cottages and Multifamily will have small parks, open spaces and landscaping.

The project will include cottage-style homes, duplexes, campers, and townhouses with one, two and three bedrooms, ranging in size from 1,064 to 2,173 square feet.

The old planned unit development controls zoning on the site, and Advenir Oakley will request several modifications to the PUD at the Carmel Plan Committee meeting.

The amendments include increasing the number of residential units allowed in the Legacy from 1,250 to 1,447, according to documents filed with the city.

Old residents who contacted the city by email expressed concerns about traffic and property values, according to documents the city provided in the project information package.

The project adds to the number of communities built for rent that have been proposed in recent weeks in Hamilton County.

On August 22, Ohio-based AMH Development LLC submitted preliminary proposals to the Noblesville City Council for two sets of rental homes totaling 168 new homes.

Corporate ownership of single-family homes has become a controversial topic. Fishers Mayor Scott Fadence requested a review earlier this year of large out-of-state investors who buy and rent homes.

Advenir Oakley was formed in 2020 after a merger between Miami-based Advenir Living and Birmingham, Alabama-based Oakley Group. The company currently owns communities for rent in Alabama, Georgia, South Carolina and Texas.

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