Broad Ripple Development Begins
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowConstruction is underway on a project that will have a significant impact on a well-known neighborhood in Indianapolis. The $37 million development in Broad Ripple includes a Fresh Thyme market and a more than 150-unit apartment complex. May 22, 2015
News Release
INDIANAPOLIS, Ind. (May 21, 2015) – Browning Investments, LLC., and its partner Sheehan Companies broke ground today in Broad Ripple on the north side of the Canal for the construction of Fresh Thyme Farmers Market specialty grocery store. The groundbreaking marks the beginning of the first phase of the long-awaited development, which will start with the construction of the parking garage and retail building to be completed later this year.
“Partnerships between community organizations, businesses,and local government have played a critical role in this development. Browning, their partners, and the Broad Ripple Village Association have shown tremendous commitment to revitalizing this property in a way that benefits the entire neighborhood,” said Mayor Greg Ballard.
The second phase of the project, The Coil, will deliver construction of 151 upscale, luxury apartment homes that will range from studios to two-bedroom townhomes. All apartments will include the latest amenities and finishes.
“The Coil will bring a positive dynamic to the Village, and the 151 apartment homes and Fresh Thyme will enhance and activate the overall canal experience. We are very appreciative of the support that we have received from the city and the Broad Ripple Village Association,” said Sheehan President Jimmy Curtis Jr.
This project will complement other improvements being made to the north side of the Canal, including the development of an esplanade that will run from College Avenue to GuilfordAvenue. A widened pedestrian walkway, along with increased lighting, additional trees and plantings will help to increase the curb appeal of the urban, family-friendly area.
“The Broad Ripple Village Association is excited to see the groundbreaking for this project, the density it brings to the neighborhood is a key component of the Envision plan and the addition of Fresh Thyme builds on our ever growing options for healthy living. We feel this is a catalyst for more great things to come in our Village and we look forward to watching the progress,” said Broad Ripple Village Association PresidentElizabeth Marshall.
The 33,500-square-feet Fresh Thyme grocery store will include a “community room” where people can gather for meetings or even eat their lunch. This room will help to facilitate the already established community feel of the Broad Ripple Village.
“We’re very excited about our new Broad Ripple store,” said Fresh Thyme Chief Executive Officer Chris Sherrell. “This vibrant and active community is a perfect fit for Fresh Thyme and we’re looking forward to meeting our new neighbors.”
Fresh Thyme Farmers Market is a full-service specialty retailer that focuses on offering fresh, healthy natural and organic foods, with its signature extensive produce department featuring locally and organically grown fruits and vegetables. Fresh Thyme is scheduled to open a total of 100 stores by 2019, 15 of which are already open throughout the Midwest, with stores in Indiana cities like Ft. Wayne, Indianapolis, and Lafayette.
“This day is a true milestone,” said Browning Vice President of Development Jamie Browning, about today’s groundbreaking. “It’s the first tangible step for all to see in returning this property to the vibrant and rich fabric of the Broad Ripple community.”
The store is tentatively scheduled to open in the summer of 2016.
ABOUT BROWNING INVESTMENTS, LLC
Browning has been engaged in the acquisition, ownership, development, construction, leasing, management and disposition of investment real estate properties, since 1977. The company arranges project financing using equity capital from internal sources, private placements and joint venture relationships, along with mortgage financing from a variety of major institutions around the country, including banks, insurance companies and pension funds. Browning is comprised of a core group of experienced real estate professionals with extensive and varied experience in the commercial real estate industry. Browning is guided by an entrepreneurial ethic and has demonstrated the ability to respond quickly to the ever changing economic conditions with the ability to take advantage of opportunities, regardless of their complexity.
ABOUT SHEEHAN COMPANIES
Since 1904, teamwork has been the Sheehan key to successful partnership and satisfied residents. The Sheehan Companies are committed to working closely with customers offering unparalleled expertise in all aspects of development, construction and property management in order to maximize the value of your real estate investment while achieving the highest level of quality in the building industry. In turn, Sheehan isdedicated to providing an outstanding living experience for tenants and smartly designed, productive home base for commercial clients. Sheehan Property Management proudly manages properties in the Indianapolis Metro area, West Lafayette, Plainfield, Columbus, Seymour, Westfield, Martinsville, Logansport, and Louisville, Kentucky.
ABOUT FRESH THYME FARMERS MARKET
Fresh Thyme Farmers Market is a new full-service specialty retailer focusing on fresh, healthy, natural and organic offerings, all at amazing values. The store’s signature offering is an extensive produce department with organic, local fruits and vegetables. Fresh Thyme’s full-service offerings include a natural meat department, healthy deli foods to go, bakery goods, 400 bulk food bins, natural and organic groceries, dairy and frozen, as well as vitamins and body care products.
Sources: Browning Investments LLC, Sheehan Property Management Inc. and Fresh Thyme Farmers Market