“We are thrilled to partner with the Third Street and Stenz teams on this exciting project. It’s a pleasure to be a part of the vitality of the east side of Indianapolis,” said Ian Nicolini, VP of Development at Pure Development.
The Penn Electric Switch project is an adaptive reuse effort that will be home to creative office spaces and Shindig, the latest restaurant concept from acclaimed Indianapolis-based Cunningham Restaurant Group. The $12 million project is being supported by up to $3 million in developer-backed tax increment finance bonds issued by the City of Indianapolis after the project received unanimous approval from the Indianapolis City-County Council and Metropolitan Development Commission (MDC) in September. Construction is projected to be completed in the spring of 2024.
“The Ingram and Penn Electric Switch are part of our administration’s larger economic development plan to transform the North Mass District into a hub that will bring housing density, jobs, and connected infrastructure,” said Mayor Joe Hogsett. “We’re continuing to demonstrate the impact of public-private investment in the creation of Indianapolis’ next destination to live, work, and play.”
The Ingram will feature $47 million in new apartment construction that will provide more than 180 apartment units. The project also includes on-site parking, bike storage, and a host of other amenities for residents. The Ingram project received unanimous public financing from the City-County Council and MDC to issue $6 million in developer-backed tax increment finance bonds. Construction on the housing development is estimated to start in the summer of 2024.
“The expansion of the North Mass District with the Ingram and the Penn Electric Switch will not only transform the neighborhood, but it will serve as a connector to Martindale Brightwood Neighborhood and the Near Eastside,” said Indianapolis City-County Council Vice President Zach Adamson. “This is a testimony to the development that we are working together to connect neighborhoods rather than divide them.”
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.