An indoor golf simulator and entertainment center has signed on to anchor the first floor of a new apartment tower under construction in downtown Indianapolis.
New York City-based Five Iron Golf has agreed to lease about 14,630 square feet on the ground and second floors of the 13-story Industry apartment project at 421 N. Pennsylvania St. It will take the entirety of the retail space on the first floor of the new structure.
The overall $66 million apartment project from Denver-based Charles Street Partners will consist of 232 apartments and four levels of parking. It has been under construction since early 2021.
The Five Iron facility will feature 12 golf simulators as well as televisions, leisure games, a full-service restaurant and a bar. It will be the company’s first location in Indiana and 21st overall.
The company touts its offering as an immersive and interactive urban golf experience, both for those already familiar with the game and newcomers. The simulators use multiple high-speed cameras to capture every angle of a user’s golf swing. Five Iron Indianapolis will provide complimentary equipment, although the space will also sublease an area to custom golf club retailer The Fitting Lab.
The facility will offer casual play, private and semi-private lessons, leagues and events, including corporate gatherings, happy hours, birthdays and bachelor and bachelorette parties.
Real estate brokers from the Indianapolis office of Colliers International—Aaron Snoddy, Andrew Urban, and Dugan Thompson—brokered the transaction for Five Iron Golf, while Diana Zagarzhevskiy and Bennett Williams of Cushman & Wakefield’s Indianapolis office represented Charles Street Partners.
“Five Iron Golf will quickly become a destination-caliber activity. It brings an interactive golf experience with a high-energy, high-tech vibe that is appealing to both golfers and non-golfers. We are psyched to have them expand into the Indianapolis market,” Dugan Thompson said in written remarks.
Five Iron has centers in metropolitan areas across the country, including Chicago, Detroit, Las Vegas, New York City, Pittsburgh, Philadelphia, Seattle and Washington, D.C. The Indianapolis location is the eighth in the Midwest.
“Five Iron Golf is the type of experiential retailer that downtown residents and workers are increasingly drawn to,” Diana Zagarzhevskiy, senior director at Cushman & Wakefield, said in a statement. “It is the ideal complement to Industry’s mixed-use environment and a great addition to the area’s street-level retail.”
Industry, which received about $9.8 million in city funding, is expected to be completed by the end of 2023. Five Iron will tee off in early summer 2023.