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Bids to develop IPS Mass Ave site top out at $260M

February 17, 2016

Proposals to redevelop the Indianapolis Public Schools property along Massachusetts Avenue range in cost from $106 million to $260 million, according to the six bids IPS received from developers, and seek varying amounts of city assistance.

The school system, which closed the bidding process for revamping the 11-acre site on Feb. 11, unveiled the proposals to the public Wednesday evening.

Submitting bids for the IPS site were Hendricks Commercial Properties, Hageman Group, Mass Ave Partners (a partnership of Strategic Capital Partners and Schmidt Associates), and the team of Browning Investments and Flaherty & Collins Properties. Milhaus Development LLC submitted two proposals, bringing the number to six.

The site currently houses a former Coca-Cola bottling plant and an IPS bus yard. All of the proposals call for incorporating the 285,000-square-foot art deco building, or at least its façade, into redevelopment plans.  

Here’s a rundown of the proposals (click on images to see full-size renderings):

IPS Browning rendering 15colBrowning Investments

Purchase price: $11 million

Construction cost: $106.8 million

Subsidy: federal: $3 million; state: $12 million; city: $16 million

Specs: 362 apartments in three buildings and 12 three-story townhomes; 136,375 square feet of office space; 44,280 square feet of retail;18,700-square-foot child care center

IPS Hageman 15col
Hageman Investments


Purchase price: $2.1 million (cash with no contingencies)

Construction cost: $136.3 million

Subsidy: federal: $8.3 million; city: $25 million

Specs: 600-student IPS magnet school; 235,000-square-foot technology business incubator to nurture startups; nearly 100,000 square feet of retail



 
IPS Hendricks 15colHendricks Commercial Properties

Purchase price: $12 million

Construction cost: $259.6 million

Subsidy: $2.4 million for site remediation

Specs: 337 units, including apartments, townhomes and condominiums; 67,000 square feet of retail, including, 30,000-square-foot specialty grocery; 41,000-square-foot dinner movie theater; 339,000 square feet of office; and a 132-room boutique-style hotel


IPS Milhaus A 15colMilhaus Proposal A

Purchase price: $18 million

Construction cost: $158 million

Subsidy: city: $28.6 million

Specs: partnering with High Alpha to create a technology incubator; mid-block retail plaza along Mass Ave.; and mid-block housing along College Avenue consisting of low-rise condominiums and townhomes totaling 450 units


IPS Milhaus B 15colMilhaus Proposal B

Purchase price: $15 million

Construction cost: $121.5 million

Subsidy: city: $6.5 million

Specs: partnering with High Alpha to create a technology incubator; mid-block retail plaza along Mass Ave.; and mid-block housing along College Avenue consisting of low-rise condominiums and townhomes totaling 450 units


Indy Square coke proposal mass ave 2colMass Ave Partners

Purchase price: $17.5 million

Construction cost: $217.4 million

Subsidy: city: $25 million

Specs: 140,000 square feet of retail; 90,000 square feet of office; 400 to 500 market-rate apartments; 50 to 75 affordable apartments; 20 to 30 townhomes; 100- to 150-room hotel; and 6,500-square-foot YMCA daycare.


The IPS property sits within the downtown tax-increment financing district, which was expanded in 2012 to include the bottling plant site. The site houses IPS’ bus maintenance operations, which will be consolidated into other locations.
 
Incorporating the historic, 285,000-square-foot former Coca-Cola plant into the plans appears to be an attractive option for redevelopment. The landmark built in 1931 was designed by the local architectural firm Rubush & Hunter.

IPS hopes to present its selection for approval to the school board in March.

“This is a linchpin to the development of the Mass Ave corridor,” IPS Superintendent Lewis Ferebee said.
 

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