INDIANAPOLIS — The Indianapolis City-County Council recently approved incentives for two developments inside the new Near North Mass Economic Development Area. The new economic development area would connect the highly successful Bottleworks project to the Martindale-Brightwood neighborhood to the north and Brookside Park area to the east. The area is bounded by the Monon Trail on the west, 16th Street to the north, Brookside Avenue on the east and 10th Street to the south.
One of the projects calls for a mixed-use project with 25,000 square feet of office space and first floor restaurants at a cost of about $12 million. The second project will include a 185 unit luxury apartment building with 4,000 square feet of commercial space. The cost is estimated at $33 million. Both are being developed by Pure Development, Stenz Corporation and Third Street Ventures.
The City of Indianapolis will provide $9 million in incentives to help finance construction for the two new projects. The city will also use tax increment financing district dollars to improve the streetscape.
At the same time, an even larger $92 million project is also in the works for the same area, a 300-unit apartment project, which the city is expected to consider providing $21 million.
Plans call for the city to eventually pay for an additional $12 million in infrastructure improvements, mostly for private roads that have been abandoned but will be returned to the city when the projects are completed.
Construction on the office and restaurant development is expected to start later this year and finish next year. The 185-unit apartment project is expected to be completed in 2025.