The city of Greenwood is seeking proposals to redevelop the 19-acre site of a former middle school in its downtown into a mixed-use residential and retail hub.
The Greenwood Redevelopment Commission voted Tuesday to move forward with soliciting bids for the site, which city officials say should “capitalize on recent city investments to further realize the vision of Old Town Greenwood as a vibrant mixed-use destination” composed of residential, restaurants, retail, office and recreation.
The site at 523 S. Madison Ave. housed the former Greenwood Middle School, which the city bought in 2017 and demolished this year. The city released a master development plan for the site offering land use estimates and schematic drawings, but city officials said specifics regarding commercial, office and residential space are likely to change based on the bids that are received.
“We’re providing developers with guidance and overarching themes fitting the city’s historic and current aesthetic, as well as features common to successful mixed-use projects throughout central Indiana,” said Greenwood Mayor Mark W. Myers in written remarks.
The redevelopment commission also authorized a market analysis for the property and its surroundings that city and redevelopment commission officials will use to evaluate proposals for the site.
One goal for the project is to create both housing ownership and rental units “to diversify residential products in the Old Town area.” The city wants to construct at least 450 apartments and 130 townhomes, along with 75,000 square feet of retail and office space.
The bid solicitation will be open for 120 days. City officials anticipate selecting a proposal and reaching a final project agreement in early 2020.
The city’s announcement follows recent improvements to enhance redevelopment prospects for Old Town, as Greenwood’s downtown is called.
The city is renovating a 65,000 square-foot fieldhouse that originally served as a gymnasium at the middle school. North of the middle school property it built a new road featuring sidewalks, decorative lighting and a bioswale drainage system. South of the property the city built a roundabout to alleviate congestion at the intersection of Smith Valley Road and Madison Avenue.
Other projects completed or in the works near the site include “a re-imagined” Old City Park, modernized community center, reconfigured Madison Avenue, upgrades to Amphitheatre Park, new trails, a new nature center and the addition of more than 170 parking spaces. The city anticipates 400 more spaces as part of the middle school-site redevelopment.