Downtown Economic Development Proposals Advance
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The Indianapolis City-County Council will next Monday take up two proposed economic development projects that could bring new residential units and business space downtown. The council’s Metropolitan and Economic Development Committee approved projects for the redevelopment of the Stutz Factory and construction of new apartments at 16 Tech Innovation District.
“The support from the Indianapolis City-County Council for the Stutz Factory and a mixed-use development in the 16 Tech Innovation District adds to the momentum of downtown development,” said Scarlett Andrews, director of the Department of Metropolitan Development.
Andrews says the projects are in line with Indianapolis Mayor Joe Hogsett’s Downtown Resiliency Strategy aimed to boost investments in downtown housing, public spaces, economic development, and infrastructure.
One proposal seeks $12.5 million in tax-increment financing to Indy Innovation Apartments LLC for a new mixed-use development with 279 multi-family units in the 16 Tech Innovation District. This is the first residential element of the innovation district.
As part of DMD policy, five percent of the units would be set aside for families making up 30% of the area’s median income.
The other proposal commits $12.3 million in TIF funding for the historic Stutz Factory Building redevelopment. The Stutz development looks to offer space for businesses tapping into Indy’s creative economy and culinary and fitness communities.