Teagan Development to Redevelop Historic Industrial Complex in Indianapolis
- Jan 28, 2015
by Adriana Pop, Associate Editor
A vacant portion of a massive industrial property at 1125 Brookside Avenue in downtown Indianapolis could soon be converted into a mixed-use structure with retail, restaurant and small manufacturing space.
According to the Indianapolis Business Journal, Teagan Development, Inc. is planning to buy the 539,000-square-foot Circle City Industrial Complex from the National Bank of Indianapolis, which took control of the property about four years ago from previous owner E&E Realty LLC.
The complex dates back to the early 1920s, when it served as a factory for the Schwitzer Corp. Located in the Windsor Park neighborhood, in an area which serves as the entrance to the Cottage Home neighborhood, the building now hosts a mix of about 50 tenants, including not-for-profit RecycleForce. At its southern end, the property also includes a vacant portion of about 120,000 square feet that holds the highest redevelopment potential. Plans call for approximately 40,000 square feet of retail and restaurant space, 30,000 square feet of incubator space to be used for small manufacturing, while the remaining 50,000 square feet would be demolished to make way for the construction of a parking facility and an access drive to link Brookside and Massachusetts avenues.
“This building and this location have the bones for what I call the next overnight sensation,” Larry Jones, the company president, told the newspaper. “It’s an area where the residents of Cottage Home have put 25-plus years into turning that neighborhood around.”
The area is currently going through a revitalization phase, thanks to a number of residential developments, including Stenz Corp.’s single-family project and custom homebuilder Ursula David’s modular homes.
Photo credits: Circle City Industrial Complex Artists