INDIANAPOLIS — On Wednesday, city leaders and developers broke ground on the next phase of the North Mass District.
The area is located just northeast of downtown Indianapolis and situated along Massachusetts Avenue, just northeast of the I-70/I-65 split.
The partnership is between Pure Development, Third Street Ventures, Stenz Construction Corporation and the City of Indianapolis.
The next phase of the district includes the Penn Electric Switch and Ingram Apartments.
“For far too long, this particular area has been neglected and disconnected from its surrounding neighborhoods, but as you can see, that will no longer be the case,” City-County Council Vice President Zach Adamson said.
Penn Electric Switch
The Penn Electric Switch project will bring creative office spaces and a new Cunningham Restaurant called “Shindig.”
It will cost $12 million and is supported by up to $3 million in developer-backed tax increment finance bonds issued by the city and approved by the council.
Construction is projected to be completed in the spring of 2024.
Ingram Apartments
The Ingram Apartments will offer more than 180 apartment units. In agreement with the city, 5% of the units will be offered at less than 30% of the area median income.
Construction will cost $47 million and is supported by $6 million in developer-backed tax increment finance bonds issued by the city and approved by the council.
Construction is scheduled to start in the summer of 2024.
In addition to the developer-backed bonds, the city has also committed to leveraging economic incentives generated within the district to invest in infrastructure improvements, including access to the district from 10th Street.
The 40 acres are also home to the Box Factory Project, which includes adaptive office spaces and North Mass Boulder.
“I think you are going to see a lot more change and almost kind of an extension of what we know to be Mass Avenue,” said Scarlett Andrews, deputy mayor of Economic Development.