GREENWOOD, Ind. — 13News got an inside look at a major new high-end housing, restaurant and retail development on the south side.
"The Madison" is located in downtown Greenwood, along Madison Avenue and Smith Valley Road.
Construction crews are nearly halfway done with the project, which will roll out in phases, right near the new Greenwood Fieldhouse. The $83 million project features 320 luxury apartments and 18 townhomes.
After 10 years of planning, there is now progress.
"I can watch it from my office every day and it's exciting to see it coming up out of the ground and coming to fruition," said Greenwood Mayor Mark Myers.
On land where middle school kids once learned and played, developers hope single professionals and couples will live and lounge. Right near the newly opened Greenwood Fieldhouse, the urban housing plan is walkable to downtown.
And it's a first for Greenwood.
"It's pretty unique," said real estate development consultant Chuck Cagann. "It's really the only site probably large enough and in the center of town to really do something like this."
We got a first look inside the apartments, which lease in June.
Granite countertops and cabinets are now going in for kitchens. Bedrooms are getting paint. A view from balconies shows the community pool, under construction, in a central courtyard.
Cagann said studio, one- and two-bedroom units, some with private attached garages, will rent for $1,400 to $2,000 a month, depending on amenities and finishes.
We asked if Greenwood could support that kind of price tag.
Cagaan said yes.
"There will be a premium for this sort of space," he said. "The market research that's been done says that Greenwood should be able to support the same or higher prices than the other communities, so we're confident that it's gonna work."
It seems people are buying in.
Forty people are on the waiting list to live in apartments. Ten of the townhomes set to be completed and up for sale in September are already reserved.
RELATED: Project renderings of "The Madison"
Analysts say it's the kind of urban, luxury housing that'll fill a south side void.
"They maybe don't want a large-lot, single-family home to take care of and would have a place to be able to live near where they work. The idea would be a walkable community with really good choices where you live," Cagann said. "There was a lot of thought given to what was missing in the marketplace. And so, before this project was undertaken, a pretty significant market feasibility analysis was done and it pointed out the shortcomings of some of those things and this project was responding to it. So we feel like this is going to be something that is going to be well-received."
Meanwhile, city leaders say deals are inked on one of two sit-down restaurants that will be on the first floor of the apartments facing Madison Avenue.
Cagann said he's hearing a popular north side restaurant may put a second location in this Greenwood development.
"They're confidential. They won't even let us know who they are. We've been told that at least one of them's going to be a higher-end restaurant," Myers said.
Eventually, expect coffee and ice cream shops and an outdoor plaza with fire pits, along with an indoor parking garage for at least 350.
There were some delays to this project, due to supply chain issues, but things are back on schedule now.
City leaders say once complete, "The Madison" is meant to be a game changer for downtown Greenwood.