The new majority owner of the historic Stutz Motor Car Co. factory complex in downtown Indianapolis plans to spend at least $60 million to revitalize and reposition the property as a retail, office and event hub, it announced Monday.

Plans call for the updated Stutz, purchased earlier this year by New York-based SomeraRoad Inc., to feature event areas totaling about 21,500 square feet, co-working space, more retail and restaurant offerings, new outdoor spaces and an updated facade. The transformation is expected to take several years.

SomeraRoad also says it wants the complex to remain a hub for local artists and is working on programming to promote its role in the arts community.