Indianapolis, Ind. (October 18, 2023) – Today development partners at Pure Development, Third Street Ventures, Stenz Construction Corporation, and the City of Indianapolis broke ground on the next phase of the North Mass District. On the heels of the successful Box Factory Project, the development team is moving forward with two new projects: 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.” said Ian Nicolini, VP of Development at Pure Development.
The Penn Electric Switch project is an adaptive reuse effort that will be home to creative office spaces and Shindig, the latest restaurant concept from acclaimed Indianapolis-based Cunningham Restaurant Group. The $12 million project is being supported by up to $3 million in developer-backed tax increment finance bonds issued by the City of Indianapolis after the project received unanimous approval from the Indianapolis City-County Council and Metropolitan Development Commission (MDC) in September. Construction is projected to be complete in the spring 2024.
“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” said Mayor Joe Hogsett. “We’re continuing to demonstrate the impact of public-private investment in the creation of Indianapolis’ next destination to live, work, and play.”
The Ingram will feature $47 million in new apartment construction that will provide more than 180 apartment units. The project also includes on-site parking, bike storage, and a host of other amenities for residents. The Ingram project received unanimous public financing from the City-County Council and MDC to issue $6 million in developer-backed tax increment finance bonds. Construction on the housing development is estimated to run until Q3 of 2025.
“The expansion of the North Mass District with the Ingram and the Penn Electric Switch will not only transform the neighborhood, but it will serve as a connecter to Martindale Brightwood Neighborhood and the Near Eastside,” said Indianapolis City-County Council Vice President Zach Adamson. “This is a testimony to the development that we are working together to connect neighborhoods rather than divide them.”
In addition to the developer-backed bonds, the City has also committed to leveraging economic incentives generated within the district to invest in infrastructure improvements, including access to the district from 10th Street.
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About Pure Development
Offering a powerful combination of institutional commercial development experience and bold entrepreneurial spirit, Pure Development is a commercial real estate developer focused on mixed-use, office, distribution, and advanced manufacturing projects. Since its founding in 2010, the Pure team has developed more than 100 mission-critical building projects across the country for a deep and broad range of credit-tenant clients. Headquartered in Indianapolis, Pure provides comprehensive development services, including design and construction management and the securitization of land and capital. Learn more at www.puredevelopment.com.
About Stenz Construction
Indianapolis-based and family-founded, the Stenz Corporation is the local leader in development, construction, and real estate. Embedded in the Indianapolis area, their deep local knowledge and experience leads the company to finding the best solutions for their partners. Through expert communication and unparalleled accountability, they have established a strong reputation of reliability that they uphold with each new relationship, both with their partners and their employees. https://stenzcorp.com/
About Third Street Ventures
Third Street Ventures is an Indianapolis, IN based company that acquires, re-positions, develops and invests in multiple real estate asset classes and other investments. Third Street aims to improve the quality of life and financial position of our clients, project partners, and the communities where we work. https://www.thirdstreetventures.com/