INDIANAPOLIS, Ind. (Feb. 12, 2016)-- The old Coca-Cola bottling plant on Mass Avenue could soon transform into a state of the art retail, hotel and housing development.
“We continue to see growth all around the area and this is the last really large piece of property that can be developed,” said Desma Belsaas of Schmidt Associates.
Developers call the $220 million project Indy Square. The proposal includes a 1.3 million square foot retail, office and residential space. Also, a YMCA daycare center, hotel and large park and walkway that would connect Mass Avenue to the near east side.
“Right now, it seems like the time is hot. Mass Avenue is continuing to grow, the near east side is also taking amazing strides,” said Belsaas.
The developers say they are not planning on changing the look of the old coke site. Indy Square is projected to increase annual property tax revenue by $5 million, create 1,000 new permanent jobs, and 5,000 construction jobs. Some residents are worried this project could add to the traffic congestion and take away from the already hard to find parking spots.
“If they extend more zoning, they have to force the developers to add some parking too,” said resident David Paul.
Developers say Indy Square would add more than 1,500 parking spaces. Right now IPS owns the property and uses if for their buses and other storage. IPS is currently reviewing the six bids from developers. There is not yet a timeline on the project.
“To find another location that can house all of their buses, maintenance and do all of the things the site currently does is not something that is easy to find,” said Belsaas.