INDIANAPOLIS — Pure Development and Third Street Ventures have broken ground on the next phase of North Mass District in Indianapolis. Stenz Construction Corp. is the general contractor. On the heels of its Box Factory project, the development team is moving forward with two new projects: The Penn Electric Switch and The Ingram Apartments.
The Penn Electric Switch is an adaptive reuse project that will be home to creative office spaces and Shindig, the latest restaurant concept from 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 slated to begin in spring 2024.
The Ingram is a $47 million apartment project that will feature more than 180 units. Plans call for onsite parking, bike storage and a host of other amenities for residents. The development received unanimous public financing from the City-County Council and the MDC to issue $6 million in developer-backed tax-increment finance bonds. Construction is expected to begin in summer 2024.