Local real estate developer Teagen Development, Inc. has announced plans to acquire the Circle City Industrial Complex (CCIC), located at 1125 Brookside Avenue in Indianapolis.
Originally constructed in the early 1920s as the manufacturing plant for the Schwitzer Corporation, the CCIC is comprised of more than half a million square feet and now houses nearly 60 tenants, including artists, small and mid-sized businesses, and a number of industrial users. The building is currently owned by the National Bank of Indianapolis.
Ovid and Calvin Commons at 11th and College. This redeveloped retail center is Teagen Development’s most recent undertaking. The CCIC will be Teagen Development’s 17th project in Downtown Indianapolis. Their portfolio also includes the recently redeveloped Ovid and Calvin Commons retail center at 11th and College and the Chatham Center apartments and retail center. Teagen is also a partner in the Murphy Arts Center in Fountain Square.
“We see a tremendous amount of potential for the Circle City Industrial Complex,” says Teagen President, Larry Jones. “Not just for its current and future tenants, but also the neighborhood and community.”
Jones says the group is in discussions with neighborhood and community organizations about plans for the building, including the redevelopment of the building’s southern tip, revitalization of the CCIC’s artist community, and the introduction of retail and restaurant users.
The CCIC is located at the gateway of the Mass Ave/Brookside Industrial Corridor, an area of recent focus for the City of Indianapolis for its redevelopment and job creation potential. The Corridor is comprised of more than 480 acres of urban industrial developments. A decline in manufacturing in recent decades has left most of them, like the CCIC, in need of significant redevelopment and demolition.
“We see the CCIC as a great opportunity to bring makers and doers back to this area, create jobs, and boost small business activity,” says Jones. “We want to revive the spirit of the Mass Ave Industries that were here once and can be here again.”
Teagen has signed a Purchase Agreement for the building and anticipates taking possession within the next 60 days.
http://circlecityind.com/ccic-acquisition/
