'Indy Square' Among Proposals For Former Coke Plant

Posted: Updated:

Indianapolis-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.

  • Perspectives

    • How to Find a New Audience After Hitting a Marketing Plateau

      It may sound like a marketer’s dream scenario: efforts have proven to be so successful it appears a company has completely saturated their target audience. While it may be a good problem to have, it still may be a problem. Hitting a marketing plateau is an opportunity for companies in any industry to reevaluate, re-energize and come to the table with new ideas for better understanding existing customers and engaging new audiences.



  • Most Popular Stories

    • Gas City Startup Helping Hemp Farmers

      Last month, it became legal for Hoosier farmers to grow hemp and a Gas City-based startup is being aggressive in being among the first to take advantage of market opportunities. Heartland Harvest Processing is helping farmers connect the new agricultural commodity to consumer products, including CBD. Founder and Chief Marketing Officer Chris Moorman says the first hemp harvest under the new law is expected to begin next month. In an interview with Business of Health...

    • IU, Purdue Notch New Enrollment Levels

      Indiana’s two largest state universities are starting the fall semester with a record number of attendees. Indiana University Bloomington says it is welcoming its largest-ever class of first-year students, nearly 8,300 based on preliminary figures.

    • Eleven Fifty is headquartered at Launch Fishers.

      State to Launch 5G Hub in Downtown Indy

      The state of Indiana has announced plans for what it says is a first-of-its-kind 5G hub. Launching in October, the Indiana 5G Zone aims to "attract business, foster innovation and propel research and development in 5G-enabled advanced technologies." The hub will be located inside the new downtown Indianapolis headquarters of the nonprofit Eleven Fifty Academy. The Indiana 5G Zone will include a 3,000-square-foot research lab, which will be used to develop and test...

    • (image courtesy of The Times of Northwest Indiana)

      Crews Start Demolition of Carson's in Hammond

      The face of downtown retail in Hammond is changing once again with the demolition of Carson’s department store, the one-time the anchor of Woodmar Mall. Our partners at The Times of Northwest Indiana report excavating crews have started to demolish the last vestige of the shopping center which stood since the 1950s. 

    • Nationwide, AAA Travel says nearly 47 million Americans will travel at least 50 miles from home.

      Indiana in Bottom Half of Annual Highway Report

      Indiana's highway system needs a lot of work, according to a new study. The Hoosier state ranks 33rd in the nation in condition and overall cost-effectiveness in the Annual Highway Report, published by the California-based Reason Foundation.