Indianapolis sets the tone for overall developmental happenings in the Midwest. Below we've highlighted five of the largest, most impactful projects happening in the Indiana capital. For information regarding additional projects in the Indianapolis area, check out our 2017 Central Indiana Market Study!
This $260 million development proposed by Hendricks Commercial Properties will feature a 136-room West Elm hotel, an eight-screen cinema, office and retail space, and apartments and condominiums – totaling approximately 1.2 million square feet. The project has been dubbed "Bottleworks" in reference to the former Coca-Cola bottling plant on the site. It's expected to take five to 10 years to complete and will be constructed in five phases, with Hendricks tackling the hotel first. The latest news on this project can be found here.
157 apartment units; 40 condominiums
170,000 square feet of office space
114,000 square feet of retail space
~1,000 space parking garage
2). 360 Market Square
When complete, this $121 million project will be the tallest mixed-use luxury residential building in Indiana. Special amenities include a sky terrace on the top level, resort-style pool and sundeck, a bike repair shop and electric car charging station. The project is anchored by a 40,000-square foot Whole Foods Market. Although no project completion date has been announced, Whole Foods is expected to be settled in place by the end of 2017.
28 stories; 300 feet tall
292 luxury apartment units
648,561 total square feet
525 space parking garage
3). 16 Tech
This massive, 6 million-square-foot project will feature flexible research space for advanced industries (i.e. technology, advanced manufacturing, life sciences), creative industries and the arts, ample public space, a mix of housing opportunities, and retail and office space for entrepreneurs and established companies. The anchor tenant will be the Indiana Biosciences Research Institute, a $360-million independent research institute addressing metabolic disease and poor nutrition. It will take 20 years to get 16 Tech to full development with all plans and amenities. For further insight regarding the scale and impact of this project, see here.
Research/innovation space: 715,000 square feet
Residential: 450,000 sqauare feet
Retail: 150,000 square feet
Hotel: Up to 180,000 square feet
4). Former General Motors Stamping Plant
Indianapolis firm Ambrose Property Group plans to redevelop the former GM Stamping Plant into a $550 million project set to include a hotel, apartments, offices, retail space and greenspace along the river. The entire project is expected to take 15 years to complete, with 535,000 square feet of mixed-use construction occurring within the first five years. "Development of the former GM Stamping plant is a unique opportunity for Indianapolis -- because of its size, location, and quality of place, it is positioned to attract the kind of development that will benefit our community for generations to come,” said Mayor Joe Hogsett.
535,000 square foot first phase
2.7 million square feet upon project completion
5). The Riley Children’s Health Sports Legends Experience
The $35 million Sports Legends Experience will feature 7 acres of outdoor activity space and half-an-acre of indoor activity space. The project is expected to include an 18-hole miniature golf course, small-scale baseball field, small-scale ice hockey rink (made of an artificial surface), small-scale football field, tennis courts, and pedal-car racetrack. This project is the largest investment at the Children’s Museum in 40 years and is projected to open in Spring 2018. A University of Michigan study suggests it should have a $130 million economic impact over five years.