We are delighted to announce on behalf of LISC Indianapolis the closing of $4.1M in construction financing for the Circle City Industrial Complex (CCIC). Constructed in the 1920s, the 539,000 sq. ft. CCIC was the original home to the Schwitzer Corporation, a major auto industry force during the post-World War I era. It is the cornerstone of the Mass Ave/Brookside Industrial Corridor, a hub for business and cultural activity on Indianapolis’ near Eastside and is the visually dominant gateway into the Near Eastside, a LISC Quality of Life neighborhood. LISC financing will be deployed to complete the shell, facade and roof work, as well as individual tenant improvements.
LISC financing will transform the currently vacant southern portion of the building into multi-tenant commercial space with new retail, restaurant, and office space, and a one of a kind public “Maker’s Trail” through the building. This unique feature will provide both physical and cultural connectivity to the surrounding area with pedestrian and bicycle accessibility within the actual structure and would be the only known installation of a private ‘trail spur’ to a public trail inside a commercial-industrial structure.
The project illustrates how public sector investment can hasten the redevelopment of former industrial sites. Facilitated by Riley Area Development Corporation (RADC), the City of Indianapolis provided a $1.5M CDBG award to the project, in support of the job creation outcomes produced by the project’s multiple tenants. The development is also notable because of its status as an active project in the State of Indiana’s Voluntary Remediation Program (VRP). Development sites with active environmental remediation underway are often unable to secure development financing as lenders are reluctant to be exposed to environmental risk. LISC was able to get comfortable with the status of the remediation and provide the capital needed through a careful analysis of the environmental exposure and a considered mitigation strategy.
The development is another in a series of commercial projects by Teagen Development, led by Larry Jones. Teagen Development’s portfolio includes mixed-use, commercial, and residential properties in the near Downtown neighborhoods of Indianapolis with over 588,200 sq. ft. under active management. We are pleased to continue our strong relationship with this skilled developer and congratulate Larry Jones and the Teagen Development team on this milestone. We look forward to enjoying the CCIC coming array of new restaurants, retail and commercial businesses.
Interested in bringing your business to the CCIC? Visit www.circlecityind.com.