Proposed $70M Mixed-Use Development Awaits Approval, May Receive Tax Increment Financing
- Jun 17, 2015
A proposed $70 million mixed-use development could soon transform the nondescript downtown area of Brownsburg into a lively retail and residential hub.
According to the Indianapolis Business Journal, plans call for a five-story apartment complex with 80,000 square feet of ground-level retail space.
If approved, the project could break ground within 12 months. It would rise on a five-acre parcel at the northeast corner of Green and Franklin streets. The land is owned by Brownsburg resident Rick Bolt, who is seeking a development partner for the complex. Responses to Bolt’s request for proposals are due July 23.
The town of Brownsburg has decided to include the project into its tax-increment financing district and intends to support the developer by either paying for a 500-space parking garage or by financing infrastructure improvements.
The cost of the garage, considered to be essential to attracting more development, would amount to $7.5 million.
At an average of between 800 square feet and 900 square feet, the new apartments are expected to rent for about $1.10 per square foot. Meanwhile, monthly rents in other Indianapolis suburbs like Carmel and Fishers reach $1.25 per square foot.
The new development could also benefit from the construction of a $25 million, 80,000-square-foot recreation center town officials hope to build on the west side of Green Street. The project would rise on the former St. Malachy Catholic Church and school property and could be followed by a second mixed-use facility, for which plans have yet to be finalized.
Photo credits: interdesign.com