A redevelopment project years in the making is coming to fruition in Greenwood as city leaders broke ground today on The Madison, an $83 million mixed-use project. It is a combination of residential units and 18,000 square feet of commercial space across seven new structures.
The project sits on land where the Greenwood Middle School once stood. The city says plans for the redevelopment of this site in Old Town began in 2013. In 2019, the city released a formal master plan for the property, which included the housing complex and a multi-sport fieldhouse.
“Today we take a major step forward in building the Greenwood of tomorrow,” said Mayor Myers. “It is important that we have a revitalized, vibrant and connected core that brings people and businesses together. We compete every day to attract employers, employees and families to Greenwood. Our reimagined downtown will not only help us compete, but it will help us attract more business and residents.”
The city is partnering with Carmel-based construction firm CRG Residential and South Bend-based Great Lakes Capital on the project, in which $68 million is private investment. For its part, the city is investing $15 million in street and site improvements.
“Following the city’s strong economic development activity and growth throughout the years, we are confident in our decision to invest in Greenwood,” said Clay Scheetz, managing director and principal at Great Lakes Capital. “The Madison will add a new element to the downtown landscape and create a community within a community, a place where residents and visitors will be able live, work, play and enjoy for years to come.”
The Greenwood Fieldhouse, which is also located on the property, is slated to open next year. The sports venue will include two turf fields, an indoor track, basketball courts and more.
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