Development Proposed Next to Athenaeum
Details have been released for a new mixed-used development that is being proposed for the property next to the Athenaeum in downtown Indianapolis. The Block 20 project will include 65-70 apartments, more than 10,000 square feet of retail space and a 229-car parking garage.
The development will replace what is now a parking lot next to the Athenaeum. The Athenaeum Foundation purchased the site in 2001 and demolished the building that was in its place to make way for the parking lot. As part of the new project, Chase Development Inc. will purchase the property and a portion of the revenue from the parking garage will go to the Athenaeum Foundation.
"This development will benefit our area in so many ways," said Athenaeum President Cassie Stockamp. "There is additional housing to satisfy an increasing demand for downtown living, much-needed parking for residents of and visitors to Mass Ave. and the surrounding neighborhood, and significant property tax revenue for Indianapolis and Marion County. We’ve been planning for this moment for a long time, and we are so excited to be moving forward."
A total investment number has not been released. The Athenaeum Foundation says the next steps in the process include permit filings, finalization of financing and community engagement. Linda Sturges, president of the Lockerbie Square People’s Club says the project is a welcome addition.
"The additional parking is tremendous, but more than that, the development is very much in line with the look, feel and culture of our neighborhood," said Sturges. "There’s an emphasis on smart technology, energy efficiency and aesthetic alignment. Building a modern structure and making it visually coalesce with an historic, architecturally unique gem like the Athenaeum is quite the challenge, and they pulled it off."
The name Block 20 comes from the Indianapolis Plat Map, in which the property is identified as being on the 20th block of the city.