Convinced there is sufficient demand for new office and retail space, the Fort Harrison Reuse Authority in Indianapolis plans to break ground later this year on a speculative, mixed-use building.
“We’ve got a lot of people here who are underserved” by retail, Kris Butler, the reuse authority’s executive director, told the Indianapolis Business Journal. The three-story building is expected to have 45,000 square feet, with up to 10,000 square feet of retail on the first floor. The building would be located within the project’s Lawrence Village at the Fort district.
The LRA will be financing the project through the sale of revenue bonds, which it will pay off through the proceeds it collects from a 2,500-acre tax increment financing district. The authority plans to sell the building after it’s built and fully leased, according to the journal.