Greenwood Strikes Ahead with $ 83 Million Redevelopment of Former Center College Property
RDC provides preliminary approval to take care of CRG Residential, Nice Lakes Capital
Article written by the City of Greenwood
At a particular assembly this morning held by the Greenwood Redevelopment Fee (CDR), members voted to approve a mission settlement between the town, CRG Residential and Nice Lakes Capital.
The bonds to fund the mission will now be submitted to the Greenwood Joint Council for overview and approval.
“This is a vital step in our efforts to revitalize the Outdated City and safe its future as a thriving hub, accessible on foot and related to trails, parks and vibrant public gathering areas,” mentioned the Mayor of Greenwood, Mark W. Myers. “We’re creating various and genuine facilities, seamless integration of inexperienced areas and alternatives for all ages to stay, work and play in downtown Greenwood.”
The primary parts of the settlement and the anticipated outcomes embrace:
• Whole funding of $ 83 million
• 2.5 yr building schedule
• a personal funding of $ 68 million
o 7 constructions in whole
o 40+ condos
o 15+ townhouses
o Nearly 300 flats at market worth
o Over 18,000 sq. ft of economic house (eating places, retail, and so forth.)
• Public funding of $ 15 million
o Metropolis-owned parking storage with over 500 areas ($ 6.65 million)
o Avenue enhancements ($ 3 million)
o Web site enhancements ($ 5.42 million) with over 450 further floor parking areas in and across the web site
• $ 1 million in further annual tax income for the town
o Improve within the worth of surrounding properties
o New building woven into the present historic material
o No influence on the final metropolis fund
Greenwood launched a grasp plan for the property on the finish of 2019 and commenced soliciting bids from personal builders shortly after the plan was accepted by RDC members.
“After cautious evaluation of proposals from numerous extremely certified firms, we felt that CRG and Nice Lakes Capital have been the fitting companions for the job,” Myers mentioned. “Corporations have important expertise in partnering with public entities to ship high-quality, high-value mixed-use initiatives. They perceive that our precedence is to remain genuine and construct on the historic and cultural foundations of Greenwood. “
Metropolis officers started engaged on this effort a number of years in the past and have since generated super momentum for the mission and the Outdated Metropolis as a complete. Given the uncertainty brought on by the pandemic, metropolis leaders have taken a considerate and regular strategy, rigorously going via the vital steps to make sure a constructive final result.
“Given the continuing COVID-19 dangers, the fluid nature of present monetary markets, and numerous administrative and monetary mechanisms, we nonetheless have some strategy to go to cross the end line,” Myers mentioned. “I’ve no doubts that we’ve got the fitting group in place to do it.”
Greenwood not too long ago undertook a number of redevelopment initiatives within the Outdated City whereas persevering with to revitalize the downtown space and surrounding space.
Final fall, the town celebrated the opening of a redesigned Outdated City Park. The park’s recreation centerpiece is a 23-foot cubic tower customized by KOMPAN, an internationally famend playground producer primarily based in Austin, Texas. The tower is the primary of its form in Indiana, and one in every of solely three within the nation.
Different options embrace an 18-foot-wide boardwalk adjoining to Nice Creek, mixing in completely with the creek’s pure panorama; a customized climbing wall and, for youthful youngsters, a customized climbing internet; a brand new pedestrian bridge; foosball tables; petanque grounds; outside health tools, and extra. Rundell Ernstberger Associates (REA), an award-winning Indiana-based panorama structure agency, designed the brand new play panorama and redesigned the park.
Building continues on a brand new nation home within the metropolis middle that would be the anchor for the redevelopment of the outdated center college property. Preserving the old-fashioned gymnasium, the ability will embrace an elevated indoor working and strolling observe, two multi-purpose turf fields – which can be utilized for soccer, lacrosse and a number of other different sports activities – basketball courts / volleyball and a number of other indoor pickle ball courts.
In 2018, Greenwood accomplished two main infrastructure initiatives organising future work on the property. The brand new Surina Option to Market Plaza connecting highway crosses the northern fringe of the property and options sidewalks, ornamental lighting and an modern drainage system. South of the property, Greenwood constructed a site visitors gentle roundabout on the intersection of Smith Valley Street and Madison Avenue.
Different current initiatives within the Outdated City embrace a modernized neighborhood middle, the reconfiguration of Madison Avenue, enhancements to the Amphitheater Park, path additions, a brand new nature middle and the addition of extra. 170 parking areas.
Final fall, Speed up Indiana Municipalities (Purpose) acknowledged Greenwood with its 2020 Neighborhood Award for Collective Initiatives to Revitalize the Outdated City.