Can Residential, Retail Coexist with Logistics?
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A central Indiana real estate developer involved in numerous high-profile projects is the driving force behind a $300 million development in the town of Plainfield. Isaac Bamgbose, the founder and president of Indianapolis-based New City Development, has announced plans for Hobbs Station, a 125-acre mixed-use community. The project will ultimately include not only residential, retail and restaurant space, but will also offer logistics and build-to-suit office space.
In an interview with Inside INdiana Business, Bamgbose said the district-style concept connects urban-suburban lifestyles with commerce and community.
“There are nuances to it. And it’s about how you do it. Not just smacking these two things together,” explained Bamgbose about mixing residential and retail with industrial. “The different sorts of elements that really make each of those uses tick and bringing them together and where they complement one another versus compete with one another.”
Bamgbose previously served as vice president for development for Hendricks Commercial Properties and was involved in the creation of the Bottleworks District in downtown Indianapolis. That $300 million project turned the old Coca-Cola bottling plant into a boutique hotel and supporting amenities.
New City Development is partnering with Formation Properties and Pulte Homes, a subsidiary of the PulteGroup Inc. (NYSE: PHM) on the project that will be constructed in multiple phases.
The campus will be located off north of U.S. 40 and Perry Road, in proximity to The Shop at Perry Crossing.
What makes this project unique is the logistics and office spaces elements in the 125-acre site. Formation Properties Partner Wes Podell says the logistics facilities, known as Terminus at Hobbs Station, taps into Plainfield’s strength as an industrial hub.
“[It} will feature modern logistics and light industrial space located on the eastern end of the development. Putting an emphasis on thoughtful design and functionality, we are excited to offer desirable space to a wide range of potential users seeking to attract and retain top talent,” said Podell.
The developer says phase one of Hobbs Station will include 300 apartment units with 30,000 square feet of street level commercial and amenity space, 99 single-family homes, and 500,000 square feet of modern logistics space.
At full build-out the project will have 240 single family homes, 650 multi-family residents, senior living housing, 70,000 square feet of neighborhood retail/restaurants, and 200,000 square feet of office space.
Bamgbose is bullish on the west side of the metro area, especially Hendricks County.
“When you look at all of the demographics over there. And Plainfield, in particular, is done a tremendous job when it comes to building a really great workforce. And coupled with that, they’ve got kind of the right amenities when it comes to just creating a really great place to live for families and, and young professionals,” added Bamgbose.
These various segments will connect with a two-mile extension of the Vandalia Trail, linking them to a new community park and other amenities. The partners expect to break ground this summer.
In an interview with Inside INdiana Business reporter Wes Mills, Podell explained how the concept of mixing residential and retail with logistics and light industry is a growing trend.