Greenwood officials have approved an agreement for an $83 million redevelopment project that would bring hundreds of residential units, along with commercial development and a 500-space parking garage, to the city’s downtown.
On Thursday, the Greenwood Redevelopment Commission approved an agreement between the city, Carmel-based developer CRG Residential and South Bend-based real estate investment firm Great Lakes Capital.
The project, which has been in the works for several years, is planned for a 19-acre site at 523 S. Madison Ave. that formerly housed Greenwood Middle School, in an area locally known as Old Town.
The agreement calls for $68 million in private investment along with $15 million in public funding, according to an announcement from the city of Greenwood. The Greenwood Common Council has not yet approved bond funding for the project.
“After extensive analysis of proposals from a number of highly qualified firms, we felt CRG and Great Lakes Capital were the right partners for the job,” Greenwood Mayor Mark Myers said in a written statement. “The firms have significant experience partnering with public entities to deliver high-quality, high-value mixed-use projects. They understand our priority to remain authentic and build upon Greenwood’s historical and cultural foundations.”
The privately-funded part of the project will include at least 40 condos, 15 townhouses and nearly 300 market-rate apartments, along with more than 18,000 square feet of commercial space for restaurants, retail shops and other businesses.
For its part, the city has committed to spend $6.65 million to build a parking garage; $5.42 million on site improvements that include at least 450 surface parking spaces; and $3 million in street improvements.
Construction is expected to take 2-1/2 years.
Greenwood has already completed some ancillary improvements near the redevelopment site—including road improvements, downtown park upgrades and other efforts.
In mid-2019, the city released a master plan for the site and began soliciting bids from private developers.