INDIANAPOLIS (June 24, 2014)– Developers will break ground Tuesday morning on the second phase of a mixed-use residential and retail building on Massachusetts Avenue in Indianapolis.
The Millikan on Mass is in the 500 block of the popular downtown avenue across from the Athenaeum.
The first phase was completed in December, creating 61 apartments for low-income residents as well as the revitalization of the Barton tower, which sits now in the center of the Millikan.
Phase two is a nearly $14 million portion of the project which will add 64 apartments at market rate and 15,000 square feet of retail space.
“Phase one was funded with low-income housing tax credits allocated by the state of Indiana along with some local sources. Phase two is financed with private financing, bank loans, grants and other sources, including funds from the city of Indianapolis. One-point-seven million dollars of TIF funds have been awarded by the city,” Baird said.
The developers believe the building will create a bridge between the two growing sides of Mass Ave.
“There’s activity in the 400 block and the 600 block, but because of the way the buildings were configured here, there was not a lot of activity. So we wanted to embrace the street and embrace what’s happening in this district, the Mass Ave. Arts District and really bring something that was far more vibrant to the streetscape,” said Bruce Baird, president of Insight Development Corp.
The Millikan is one on a growing list of new living options downtown.
Milhaus Developers just began leasing The Circa apartments in the 600 block of Mass Ave. in the last few weeks. Residents will move in this August. Milhaus is also working on plans for two different developments in the 700 block of the avenue, hoping for approval on the projects in July.
City leaders approved plans last summer to lend more than $33 million for the development of a mixed use apartment and retail building in the current fire station and credit union space.