A dilapidated warehouse along the Monon Trail south of Broad Ripple is about to get a massive makeover from a local software firm that’s converting the building into its headquarters.
TCC Software Solutions bought the 13,000-square-foot structure in December 2012 and now is moving forward with a $1.8 million renovation that should be finished by the end of July. Including the purchase price, the company will invest $3 million in the 3.6-acre property.
The building, at 1022 E. 52nd St., was owned by an entity led by local businessman Turner Woodard. It last housed the manufacturing operations for Bee Window, which left in early 2012.
Founded in 1997, TCC provides technology and consulting services, including software development and managed hosting to businesses and government agencies.
The firm, which has $17 million in annual revenue, is co-owned by Steve Maudlin, who lives near the new headquarters with his wife, Chris. Jim Pangallo and Andrew Hwang are the company’s other owners.
“They looked at several properties and they looked for several years,” said Alison Maloof, TCC’s chief financial officer. “They really like, and believe, in this neighborhood.”
TCC will move from the Landmark Center downtown, where it leases about the same amount of space as it will have in the new building. A second, two-story building on the property that could be renovated later gives TCC room to grow.
A century ago, the area’s proximity to the Monon Railroad attracted a lot of industrial-type uses. Following the rail line’s closing in 1956, it fell into decline, as businesses moved out of the city core and closer to interstates.
But the corridor is starting to rebound. In 2010, DeveloperTown, a tech-business accelerator, moved into a former manufactured housing complex at 5255 Winthrop Ave. north of TCC’s building.
And Bent Rail Brewery plans to open in May at 5301 Winthrop Ave., along the Monon and north of DeveloperTown. TCC plans to share its lot with Bent Rail to give the craft brewery more access to nearby parking.
The Meridian-Kessler Neighborhood Association is working on a plan with the city to secure about $500,000 to improve a section of Winthrop Avenue and add sidewalks, landscaping and lighting.
“Our overall goal is to make that a more pedestrian-friendly area by engaging the Monon Trail and redeveloping the industrial sites,” said Nick Colby, the association’s president.
For TCC’s part, it plans to add a patio and bike racks on the east side of its building next to the Monon.
Inside, the building’s center will be open with office space and conference rooms around the perimeter. The parking lot will be repaved and a water drainage system installed.
TCC received a six-year tax abatement from the city in March to help offset the company’s $1.8 million investment in the building, which is in the North Midtown tax-increment-financing district.
In exchange, TCC has committed to create 12 jobs by 2018 and retain 112, according to the abatement. During that span, the company should save $51,944 in property taxes while paying $36,597.
The other building on the property, west of the warehouse, served as Bee Window’s office. TCC ultimately plans to renovate it as well, using the second-story for offices and potentially leasing the ground level, Maloof said.
TCC’s architect is Rowland Design.