International Marketplace Seeks ‘Affordable Alternative’
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowThe director of economic development for the International Marketplace Coalition says a new $18 million mixed-use development is a big part of a plan to "create a village" on Indianapolis’ west side. Terri Skipper says the Hanna International Lofts project will help develop "an affordable alternative to downtown" by helping lift businesses that are there and supplement them with new retail and residential options.
During an interview with Inside INdiana Business Reporter Mary-Rachel Redman at today’s groundbreaking, Skipper said the project reflects a strategy of "development without displacement."
Skipper estimates the 18-month project will create more than 1,500 construction jobs. Once the development is complete, she gives what she calls a "very conservative" estimate of 50 new permanent jobs from about a dozen new businesses locating there.
Phase 1 of the development involves a building with 26,000 square feet of commercial space. That portion is expected to wrap up in the first quarter of 2019. The second phase includes 65 residential units, with plans for it to be complete in August 2019. Skipper says the goal is to provide what the community needs without "pricing out" the people who are living there.
In all, the nonprofit International Marketplace Coalition expects the project to result in more than $176 million in new development.