Council Approves $33.5 Million For RedevelopmentPosted: Updated:
The city-county council in Indianapolis has approved $33.5 million to help fund a major redevelopment project in a well-known cultural district. The bonds will help relocate a fire station, credit union location and Red Cross building to make way for a $43 million, 235-apartment complex on Mass Ave. Work could begin in September.
The proposal can be viewed by clicking here.
Details of the development were outlined by Mayor Greg Ballard and John Hart of J.C. Hart Co. during a news conference last October.
Source: The City of Indianapolis
Originally Posted October 25, 2012
INDIANAPOLIS, Ind. - Mayor Greg Ballard today announced that a development team including J.C. Hart Company; Strongbox Commercial, led by Paul Kite; and Schmidt Associates has been selected to lead the redevelopment of the Mass Ave fire station location. The winning proposal includes up to 235 market-rate apartments, up to 40,000 square feet of ground-floor retail, two levels of underground and surface parking, and an exciting electronic art and media mesh feature that will serve as a gateway to the activity in the Mass Ave area.
"We received a number of exciting proposals to redevelop this area of Mass Ave," said Mayor Ballard. "This proposal by far contained the largest investment, number of apartments, retail space and parking, making it a great choice to add new residents and economic activity to this vital corridor in Indianapolis."
In addition to the apartments, retail and signature architecture, this development will include $100,000 of public art, seek LEED certification and involve substantial construction by a Minority Business Enterprise. Today's announcement concludes a year-long process led by Develop Indy to work with neighborhood groups and developers on the best use for this property.
"The Mass Ave Merchants Association is so pleased that the Fire Station Block project is proceeding," said David Andrichik, President of the Massachusetts Avenue Merchants Association and Owner of the Chatterbox Jazz Club. "After having extensive community brainstorming sessions, a year and a half ago, we now have a vital development to complete the link to all our blocks. This will allow our Mass Ave community to further our vision of continuous 24-hour activity up and down the Avenue."
The project is anticipated to cost approximately $43 million. The City's investment includes approximately $3 million from the downtown TIF for parking and contributing the land to the project. When complete, this project is anticipated to generate more than $500,000 annually in property taxes and $275,000 in income tax revenue. Construction is expected to begin in 2014.
"We are extremely excited to be a part of the team selected to develop the Mass Ave fire station site," said John C. Hart, Jr., President of J.C. Hart Company. "It is an exceptional location for a live-work-play residential and retail development given its convenient location to the central business district and the already vibrant Mass Ave district."
As part of this redevelopment, the current IFD Headquarters will be relocating to the former IPS School 97 on the Near Eastside. The City and Indianapolis Fire Department are currently evaluating a number of potential sites near Mass Ave for the construction of a new IFD Fire Station No. 7. Negotiations continue with the Firefighters Credit Union to sell its property to make way for the development. Construction of the new fire station and headquarters are expected to begin next spring.
NOTE: To ensure project completion, the City is selling the property to the developer for $5.4 million. Those funds will be placed in escrow and can be accessed by the developer to help fund construction on the site. If the project does not come to fruition, the City will keep the land and purchase price.
Source: The City of Indianapolis