A building that has sat vacant in the Old Northside neighborhood in Indianapolis will soon have new life. Mayor Joe Hogsett’s office says Tresor LLC is planning to invest nearly $2 million to renovate the building, a move that will ultimately create more than a dozen jobs.
Tresor says, once the renovations are complete, it will lease the building to Indianapolis-based Guidon Design Inc., an architecture, engineering, interior design and planning firm. The 22,400-square-foot building, located at 1221 North Pennsylvania Street, was constructed around 1960 and has deteriorated after sitting vacant for nearly 30 years.
Hogsett’s office says the investment will retain 30 jobs and create 14 more, as well as adding more than $900,000 of assessed value to the tax base.
"I welcome the addition of new jobs to our city and am especially grateful to Tresor and Guidon Design for seeing potential in this once-vibrant structure," said Hogsett. "Adaptively reusing this building in a way that serves a modern need while preserving a piece of our community’s history is a big win for Indianapolis."
Tresor is requesting a six-year tax abatement from the city’s Metropolitan Development Commission. The commission could vote to approve the incentives during its next meeting Wednesday.