Encompassing a full block of northern end of Mass Ave., the Coca-Cola Bottling building was built in 1931 and is considered a superb example of Art Deco architecture. The white glazed terra cotta exterior and classic Art Deco ornaments seem out of place for a building that once was the world’s largest Coca-Cola bottling plant — it seems, on the surface far too grand an edifice to be a mundane pop factory. Coca-Cola sold the building to Indianapolis Public Schools in 1969, which repurposed it to a Service Center. But, with changing needs in the school district — and the fact that Mass Ave. property is in great demand right now — IPS announced their decision to sell the property last year. As expected, many offers have come in to buy and redevelop the building and the land it sits on. And fortunately, all of the developers have been sensitive to the historic and artistic nature of the building and have made proposals that will preserve much of exterior.
Earlier this month, IPS held a public meeting for developers to discuss the proposals. Six plans from five development groups are currently in the consideration phase. In a nutshell, the following bids have been made:
• From Browning Real Estate Properties, “The Deco on Mass” capitalizes on the Art Deco elements of the building, and promises preservation and restoration of the historic terra cotta facades. The redevelopment would consist of three apartment buildings with a total of 362 units, plus 136,375 square feet of office space, 44,280 square feet of retail space, 1,287 parking spaces in a 6 level garage as well as street level parking. The project would include a “Modern Gem” building fronting Mass Ave. with views of downtown, and space for IPS faculty and students at below market rate to support the schools. This proposal also includes the acquisition of the Center Township Trustees Office Building for additional office use.
• Edison Street Partners proposes “DECO,” which stands for Design + Education + Commerce = Opportunity. The major elements of the proposal include creating a new flagship magnet school for about 600 students, an interconnected system of public spaces, a design and techonology business incubator “Innovation Hub,” retail and residential uses, and an IPS employee housing option. The plan would retain all the of the existing historic structure and facades.
• Hendricks Commercial Properties has proposed a mixed use development of multi-family housing of about 337 units, a retail and entertainment encompassing 67,00 square feet, office space of 339,00 square feet, a boutique hotel with 132 rooms, and education space for a day care and other schooling option. About 1,800 parking spaces are included in the plan.
• The Mass Ave. “Indy Square” bid includes market and affordable rate apartments, retail and office space, a hotel, plus a park and pedestrian corridor. There would be a daycare on site, and the site would be include a natural play area for kids. The site would feature between 1,400 and 1,660 parking spaces underground.
• Milhaus has proposed two different projects. Both stress restoring the historic existing buildings. The first, “Deco Yards,” would include apartments, condos or townhomes, retail, rehabbed tech office space, and 940 parking spaces, with almost 700 of them underground. Public spaces that connect to the Cultural and Monon Trails will help connect the development to surrounding neighborhoods. The second “Deco Yards” proposal offers fewer apartments and more retail, a public plaza and paths, plus office space and parking below ground.
Final development costs on these projects range from $116,800,000 (Browning), to $262,000,000 (Hendricks). All the projects would require TIFs, plus private equity, to complete.
The IPS Real Estate Advisory Committee was presented with an overview of all the bids, and questions were answered at the March 8 public meeting. The public can see the complete bids at IPS Headquarters at 120 E. Walnut St. or online at www.myips.org/Page/41258
IPS has not yet made a decision as to final plans for the building and land.
