Greenwood approves funding for mixed-use development

GREENWOOD, Ind. (Inside INdiana Business) — The Greenwood City Council has approved funding for an $83 million mixed-use development on the site of the former Greenwood Middle School. The project will include nearly 300 market-rate apartments, 55 townhomes and condos, and 18,000 square feet of office and retail space.

The development will also include a three-story, 36,000-square-foot parking garage with 500 spots. 

The project, which has been in the works since 2013, is being developed through a public-private partnership involving the city of Greenwood, Carmel-based CRG Residential and Great Lakes Capital in South Bend. The council this week voted 8-1 to approve the city’s portion of funding for the project.

Out partners at the Daily Journal reports the council approved $15 million in tax increment financing to support the parking garage and stormwater and street improvements. An additional $12.8 million bond was approved as an incentive for the developers.

A timeline for construction to begin was not given.

The city acquired the former middle school property in 2017 and redevelopment work on the site began the following year. The vacant school building has been demolished, except for the gymnasium, which is being renovated as part of a new fieldhouse for the city. 

The vote followed hours of debate from residents, city employees, council members and others regarding traffic concerns, impact on infrastructure, and the city’s transparency about the project. You can read more about the debate from the Daily Journal by clicking here.