INDIANAPOLIS — The city of Indianapolis, along with Pure Development, Third Street Ventures and the Stenz Construction Corporation, broke ground Wednesday on the next phase of the North Mass District, according to a news release.
This next phase of the district will include two new projects on the east side of Indianapolis: The Penn Electric Switch and The Ingram Apartments.
“We are thrilled to partner with the Third Street and Stenz teams on this exciting project. It’s a pleasure to be a part of the vitality of the east side of Indianapolis,” Ian Nicolini, the vice president of development at Pure Development, said in the release.
Officials said the Penn Electric Switch project is an “adaptive reuse effort” that will house creative office spaces as well as Shindig, a new restaurant concept. The project is expected to cost around $12 million and is being supported by $3 million in developer-backed tax increment finance bonds issued by the city.
The release said the Ingram Apartments are expected to feature $47 million in new apartment construction. The complex is expected to have 180 units, as well as on-site parking, bike storage and other amenities. The city issued $6 million in developer-backed tax increment finance bonds for the project.
Officials said these projects are expected to transform the neighborhood and serve as a connector to the Martindale Brightwood Neighborhood and the near eastside of Indianapolis.
“The Ingram and Penn Electric Switch are part of our administration’s larger economic development plan to transform the North Mass District into a hub that will bring housing density, jobs and connected infrastructure,” Indianapolis Mayor Joe Hogsett said in the release. “We’re continuing to demonstrate the impact of public-private investment in the creation of Indianapolis’ next destination to live, work and play.”
Officials said the construction for the Penn Electric Switch project is projected to be completed next spring. Construction on the housing development is estimated to start next summer.