Wisconsin-based Hendricks Commercial Properties has closed on a deal with Indianapolis Public Schools to purchase the former Coca-Cola bottling plant in downtown Indianapolis. The development firm plans to turn the 12-acre site into a $260 million mixed-use development, known as the Bottleworks District.
The site, located at 850 Massachusetts Avenue, previously served as a school bus maintenance hub for IPS. HCP says the Bottleworks District, when complete, will include a 150-room West Elm hotel, a nine-screen movie theater, 180,000 square feet of office space, 200,000 square feet of retail space, along with apartments and condominiums.
"We are thankful for the support from the community, city officials and real estate community. We look forward to transforming an important piece of Indianapolis’ history into a destination that completes the thriving Massachusetts Avenue corridor," HCP Chief Executive Officer Rob Gerbitz said in a news release. "We are committed to the continued revitalization of Mass Ave. and we look forward to bringing a new energy to the area while paying homage to the important role this site has played in the city since 1931."
HCP says the project will occur in five phases, taking 7 to 10 years to complete. The first phase is expected to begin in spring 2018 with the restoration and redevelopment of the Coca-Cola administration building and garages.
The firm plans to open the West Elm hotel, food hall, movie theater and more than 70,000 square feet of retail space by the end of 2019.