Two downtown development projects are set to receive TIF funding from the city.
This week the Metropolitan and Economic Development Committee of the Indianapolis City-County Council heard presentations from two developers who laid out plans for improvements for 16 Tech and the Stutz Building.
More than $12 million in TIF funding will go to the 16 Tech development and includes a new apartment building with 15 affordable housing units.
Browning Chief Development Officer Adam Chavers said it marks the first residential project for the innovation district on the western edge of downtown.
“Truly making 16 Tech a live, work, play district,” Chavers said.
Other development has already moved into 16 Tech, including a food and coworking hub, bioscience and health organizations. Following neighborhood input, other plans include resources for community groups and public art.
In a written statement DMD Director Scarlett Andrews said inclusivity is a top priority in development consideration.
“Mayor Joe Hogsett’s Downtown Resiliency Strategy is focused on growing downtown as a neighborhood and as a cultural hub,” Andrews said.
The other proposal sets up $12 million in TIF funding for the historic Stutz building. The 100- year-old former car factory in downtown was purchased last year by real estate company SomeraRoad. Principal Basel Bataineh said one project creates a retail incubator program.
“These entrepreneurs will be able to get into space at the Stutz essentially for free,” Bataineh said.
The rehab includes more mixed use space, a car museum, event and food space.
The proposals now go to the full City-County Council.