Four projects totaling close to $80 million in investment are slated to go before the Metropolitan Development Commission in Indianapolis Wednesday for preliminary tax abatement approval. They include nearly 200 downtown apartments, a five-story hotel and a previously-announced expansion by Carmel-based Heartland Food Products Group.
Canal East II LLC is planning a more than $37 million investment to build a 194-unit, more than 15,000 square-foot residential and retail development. It would be located where an empty warehouse currently sits and could eventually create more than 60 jobs. The project is expected to be complete in 2017.
Wisconsin-based Hendrick Commercial Properties LLC says its $20.1 million investment involves a 120-room, five-story hotel with first floor retail on more than five acres. The developer says it will serve as a "complimentary project" to Hendrick’s existing 120-unit Ironworks at Keystone apartment and retail development, which is located on an adjacent property near the Fashion Mall in Castleton. Hendrick anticipates the new project could lead to more than a dozen full-time jobs and up to 80 potential part-time jobs.
Heartland is looking to pump $20 million into upgraded equipment and $3 million into building improvements. The expansion, which has been in the works since last year, would retain more than 400 workers and add 170 by 2020. The food sweetener processor says the project will help it meet anticipated demand after the acquisition of the Splenda brand of sweeteners.
Colorado-based All America Threaded Products Inc. is proposing a nearly $1.8 million investment that involves a roof and HVAC replacement and new manufacturing equipment. In filings with the city, the company says the plans would help retain 48 jobs, while adding a small number more in Indianapolis by 2017. The 1940s-era facility previously housed threaded metal companies VonDuprin and Threaded Rod Co. of Indiana.
The MDC says if the All America, Canal East II and Hendricks Commercial receive preliminary approval, they are scheduled to be up for final clearance December 16.
Heartland must be approved by the full City-County Council, as well. It will be introduced for the first time to council members Monday, two days before the introduction to the MDC.