INDIANAPOLIS — National markets real estate investor, Terry Tallen and local partners operating as Tallen Irvington Plaza, LLC (TIP) finalized the purchase of Irvington Plaza, on Feb. 3 for an undisclosed price. TIP is launching an extensive, multi-year renovation of this substantial 15.75-acre commercial and residential zoned site to create a beautiful, welcoming mixed-use community oasis, with much-needed housing, a modern grocery store, innovative restaurants and more.
Over the past three and a half years, TIP has listened to the local community, held town hall meetings, engaged the Department of Metropolitan Development, met with city and state leadership, toured the site and market with local leaders, key retailers and residential developers to hear their hopes and dreams for the site. TIP has terminated the contract with the site’s pawn shop, demolished and cleaned up the former Marsh grocery store site, destroyed by a devastating February 2025 fire, and has already submitted residential and redevelopment funding requests and applications to the City of Indianapolis Affordable Housing Intake Form.
It is also exploring a partnership with a popular regional grocery chain. Tallen’s negotiations with city and federal officials have produced a commitment to bring the IndyGo Blue Line to the Plaza in early 2027, making it easy and inexpensive for the community to traverse to and from the Plaza. The project is projected to include up to 250-500 new residences and up to 80,000 square feet of retail and commercial space including high visibility restaurant pads located on East Washington Street. Ninety-five percent of the existing building will be immediately demolished once the municipal funding is in place.
“Our plans for the housing portion of the redevelopment are still under evaluation,” said Tallen. “Subject to obtaining the required municipal funding, we’re committed to adding beautiful, market-rate apartments that will enhance the community, highlight the Plaza’s walkability and the showcase the area’s beautiful architecture and the adjacent historic Pennsy Trail.”
Built in 1952, the 156,000-square-foot Irvington Plaza served as the neighborhood’s primary retail hub for many decades. However, it has been on the decline since the 1980s, and in May 2017 lost its 32,000-square-foot Marsh supermarket among other vacancies and slowly became a dangerous blight on the community.
