INDIANAPOLIS — Local real estate developer Teagen Development, Inc. has announced plans to acquire the Circle City Industrial Complex (CCIC), located at 1125 Brookside Ave.
Originally constructed in the early 1920s as the manufacturing plant for the Schwitzer Corporation, the CCIC is comprised of more than half a million square feet and now houses nearly 60 tenants, including artists, small and mid-sized businesses, and a number of industrial users.
Teagen Development’s most recent projects include Ovid and Calvin Commons at 11th and College, a retail center. The CCIC will be Teagen Development’s 17th project in Indianapolis. Their portfolio the Chatham Center apartments and retail center. Teagen is also a partner in the Murphy Arts Center in Fountain Square.
The group is in discussions with neighborhood and community organizations about plans for the building, including the redevelopment of the building’s southern tip, revitalization of the CCIC’s artist community, and the introduction of retail and restaurant users.
Teagen has signed a Purchase Agreement for the building and anticipates taking possession within the next 60 days.
