GREENWOOD, Ind. — Construction is now underway on the “Madison”, a project that will see the former Greenwood Middle School site become a new multi-use development.
Once complete, the area will add a new 356-space public garage, apartments, condos, and about 19,000 square feet of space for restaurants and retail stores.
The project will be anchored by the new Greenwood Fieldhouse, which is already under construction.
“This project we’re beginning, will bring town homes, upscale condominiums and apartments into the heart of downtown, which will all diversify the options that we have for future residents,” said Greenwood Mayor Mark Myers. “In addition this partnership highlights Greenwood’s investments in public infrastructure upgrades.”
The projects are expected to bring new life to Greenwood, and help further economic development into the future.
“The fieldhouse progress and the groundbreaking of this development are the important milestone for a year’s long effort to revitalize old town and to ensure the future of it’s thriving core,” said Myers. “All of the developments focus on diverse, authentic amenities, seamless integration of greenspace, and for opportunities for people of all ages to live, work, play and stay right here in downtown Greenwood.”
Greenwood officials expect the development to bring in about one million dollars in additional tax revenue a year once completed.
Plans to redevelop the former middle school site began in 2013, a formal master plan was released by the city in 2019.
The city will spend $15 million for street and site improvements, including funding the construction of the garage.
Private investment of around $68 million will be used for a mix of residential units built on the site.