‘Indy Square’ Among Proposals For Former Coke Plant
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Strategic Capital Partners is leading an investment group proposing a major redevelopment of the former Coca-Cola Bottling plant on Massachusetts Avenue. The $220 million Indy Square plan is one of six proposals submitted to Indianapolis Public Schools, which owns the property.
Indy Square would feature 1.3 million square feet of new development including retail and commercial office space, mixed-income apartments and townhomes, a park and pedestrian corridor, along with over 1,600 public parking spaces. The group says the project would increase annual property tax revenue by $5 million and create 1,000 permanent jobs and nearly 5,000 construction jobs.
"Our design preserves as much of the historically significant portions of the site as possible," said Desma Belsaas, partner at Schmidt Associates, the architectural design and facility planning team member. "The plan retains the terra cotta facades of the expansion, more than three quarters of the existing square footage (about 288,000 square feet), and the entire original bottling plant."
The proposal also includes a YMCA daycare and 150-room hotel. Strategic Capital Partners says the development will bring new energy to surrounding neighborhoods with its housing and employment options.
The investment group now awaits a decision from IPS.