An investment group led by Indianapolis-based Strategic Capital Partners is proposing to build a $220 million mixed-use development on the Indianapolis Public Schools’ property along downtown's Massachusetts Avenue that houses a former Coca-Cola bottling plant.
Strategic Capital Partners is one of several firms vying to redevelop the 11-acre site near Massachusetts and College avenues. It released its plans late Thursday afternoon near the deadline to submit proposals.
The proposal includes 140,000 square feet of retail space and 90,000 square feet of office space. In addition, 500 market-rate and 75 affordable apartment units would be built, along with 30 townhomes.
Indy Square, as the proposal is called, also would include a 150-room hotel, a YMCA daycare, 75,000-square-foot park and 1,600 parking spaces.
Also submitting proposals were Milhaus Development LLC, Hendricks Commercial Properties, Hageman Group, and the team of Browning Investments and Flaherty & Collins Properties, IPS said. Milhaus submitted two bids, bringing the total number of proposals to six.
Strategic Capital Partners is partnering with Schmidt Associates on the design of the project.
“Our design preserves as much of the historically significant portions of the site as possible,” Schmidt partner Desma Belsaas said in a written release.
That includes the entire original bottling plant and the terra cotta facades of the building’s expansion.
Besides Schmidt, Strategic Capital Partners’ team includes Carmel-based apartment developer J.C. Hart Co. Inc., which along with Schmidt, is developing the $50 million Montage on Mass apartment project.
“We’ve assembled a diverse team that has the experience and diversity to successfully execute the vision of Indy Square,” Strategic CEO Gene Zink said in a prepared statement.
The firm has developed projects at Keystone at the Crossing and the University of Indianapolis, in addition to Avondale Meadows, an apartment and retail project on the city’s east side.
The IPS property sits within the downtown tax-increment financing district, which was expanded in 2012 to include the bottling plant site. The 285,000-square-foot plant is an art-deco landmark built in 1931 by the local architectural firm Rubush & Hunter.