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The trio of developers behind The Box Factory—the warehouse redevelopment containing a climbing gym and coffee shop northeast of downtown’s North Split—are a step closer to transforming more of the emerging neighborhood.
Two proposed projects from Stenz Corp., Pure Development and Third Street Ventures are expected to be developed west of The Box Factory at 1411 Roosevelt Ave. The planned developments include an apartment complex and a combined office and restaurant space.
Another apartment complex, called Connect, from a different developer also is slated for the area but in a later phase.
The Indianapolis City-County Council Metropolitan and Economic Development Committee on Monday unanimously adopted a plan for the Near North Mass Economic Development Area, which allowed the city to issue tax increment financing bonds to help fund the projects from Stenz, Pure and Third Street.
The committee approved $9 million in bonds for the two projects, which total $57.3 million in investment. The bonds are repaid through property taxes generated by the increased value of the real estate, but the developers are responsible for any shortfall.
The new district would continue industrial redevelopment efforts in the area, such as the Circle City Industrial Complex, Monon 16 and Bottleworks, according to a presentation from Stenz Corp. Director of Real Estate Rob Corr.
Penn Electric
A nearly 34,000-square-foot building between Roosevelt Avenue and the CSX railroad line, named “Penn Electric,” would have office and restaurant space.
The warehouse at 1351 Roosevelt Ave. is currently vacant and owned by the developers. The building will have 25,500 square feet of office space that will be divided between two tenants. A 17,000-square-foot space will become the headquarters of Pure Development, while the other 6,000-square-foot office space will be up for lease. IMH Products, a local fabrication company, is expanding to take up some of that space, Corr told IBJ in an email.
Penn Electric will also have an 8,000-square-foot restaurant space, which has been pre-leased by an unnamed tenant.
The development will have a 125-spot parking lot and eight street parking spaces.
The rehabilitation of the warehouse has an estimated cost of $10.3 million. The Metropolitan and Economic Development Committee unanimously approved $3 million in developer-backed bonds to fund the project. The development group plans to begin construction at the end of 2023 and finish by fall 2024.
The Ingram
The developers plan to construct a $47 million, 185-unit apartment complex with an adjacent parking garage, called “The Ingram.” It would be located across Roosevelt from Penn Electric.
The council committee approved $6 million in developer-backed bonds for the apartments. The Ingram will be comprised of five buildings with 600-square-foot studios, 750-square-foot one-bedrooms, and 910-square-foot two-bedrooms.
It will also have bike-storage and a pet area, as well as nearly 3,300 square feet of retail space.
Construction on The Ingram could begin at the start of 2024 with completion slated for fall 2025.
Third development coming later
Another planned apartment development, Connect, did not receive a vote Monday evening.
Metropolitan Development Commission project documents call for 298 units and a parking garage with 600 parking spaces at the site, totaling 310,207 square feet.
The project will be part of a later phase of the North Mass Economic Development Area.
The City-County Council is set to give final approval to the development plan and the $9 million in incentives at its Aug. 14 meeting.
The architect for Penn Electric and The Ingram is DELV Design.
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Who are the architects ?
I think the Indianapolis BUSINESS Journal believes these designs and ideas are AI-generated and not created by actual local businesses. What else could explain why they never credit designers and design firms?
The article says the architect is DELV Design, which I believe the article was edited to add since it was published 7/18.
A major problem in California many years ago, when they started having dire revenue problems, was the extensive use of TIF funding.
I could be wrong but I doubt Indy’s population will get as big as California’s nor will Indy see the economic development on the scale of California ’s. So TIF funding might not impact Indiana as it did California. Plus the state of Indiana is ran by Republicans that brags about the billions in surplus Indiana has every year compared to a bankrupted state like California
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Our Republicans having a surplus are an exception, not a rule. Usually, Republicans cut taxes for rich people without decreasing any services and run deficits down to hell. If we weren’t lucky with Mitch Daniels, we probably wouldn’t have a surplus culture in Indiana.
California had budget surpluses that were 1.5x-2x as large as Indiana’s normal annual expenditures. We’re talking tens of billions of dollars.
Each of the last two years, anyway. It’s looking like California will have a deficit this year, but it’s much smaller than the surpluses from each of the last two years.