Bottleworks project secures additional funding
INDIANAPOLIS (Inside INdiana Business) — The developers of a $300 million redevelopment project in downtown Indianapolis have landed additional funding. Hendricks Commercial Properties secured $59 million in financing for the Bottleworks District in the city’s Mass Ave corridor with the help of Carmel-based Merchants Capital.
The Bottleworks project is transforming a former Coca-Cola bottling plant into a mixed-use culinary, arts and entertainment hub. The first phase of the effort is slated to open in September.
“Hendricks is proud to partner with Merchants to bring Bottleworks District – a fusion of past and present in the heart of historic neighborhoods – to Indianapolis,” Mark Koziol, chief financial officer at Hendricks Commercial Properties, said in a news release. “Our $300 million, 12-acre urban mixed-use development is the largest private development of its kind in Indiana, and we can’t wait to see it come to life in fall 2020.”
Merchants Capital says the newly-secured financing comes through a fully-funded, three-year Merchants Bank of Indiana New Construction Loan. The mortgage banking company says part of the financing involves Indiana Industrial Recovery Tax Credits, or DINO tax credits, which provide incentives for companies “to invest in former industrial facilities requiring significant rehabilitation or remodeling expenses.”
The Bottleworks District will feature a food hall, a boutique hotel, residential space, as well as 180,000 square feet of office space and 175,000 square feet of retail space.
The developers have unveiled a number of tenants, particularly for The Garage food hall. The most recently-announced tenants include Azucar Morena, a Venezuelan concept, and a ramen shop from Chicago-based Furious Spoon.