Near North Mass neighborhood could be Indy's next big thing
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A new project will create office, housing and restaurant space along North Mass Ave. Rendering: Courtesy of the City of Indianapolis
An underdeveloped corner of downtown could soon see major changes.
Driving the news: The Indianapolis City-County Council this week approved incentives for two developments inside the new Near North Mass Economic Development Area.
- A $12 million mixed-use project calls for 25,000 square feet of office space and first-floor dining.
- A $33 million 185-unit luxury apartment building with 4,000 square feet of commercial space is also in the works.
- Both are being developed by Pure Development, Stenz Corporation and Third Street Ventures.
Why it matters: The projects are part of a larger plan that could transform an industrial area of vacant buildings into the city's next cool commercial district, while adding needed housing density and jobs.
- Plus: The new economic development area would connect the booming Bottleworks project to the Martindale-Brightwood neighborhood to the north and the trendy Brookside Park area to the east.
- With I-70 running through the center of it, the area is roughly bounded by the Monon Trail on the west, 16th Street to the north, Brookside Avenue on the east and 10th Street to the south.
The big picture: The area has already started to see promising development with the renovation of the Box Factory warehouse, helmed by the popular North Mass Boulder rock climbing gym, and a new garden center that has plans to add a brewery and distillery.
Details: The city is chipping in $9 million in incentives to help finance construction for the two new projects.
- Rusty Carr, director of the Department of Metropolitan Development, said the city will also use tax increment financing district dollars to improve the streetscape.
- In exchange for the city's help, the developer is including nine affordable units, set aside for renters making just 30% of the area median income — less than $30,000.
Meanwhile, an even larger $92 million project is also in the works for the same area.
- The city is expected to consider providing $21 million to help finance the 300-unit apartment project.
- The plan calls for the city to eventually pay for an additional $12 million in infrastructure improvements, mostly for private roads that have been largely abandoned but will be returned to the city.
What's next: 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.