The owner of the historic Stutz complex — a former auto factory— in downtown Indianapolis plans to redevelop it into a mixed-use project with retail, dining, lifestyle amenities and co-working space.
New York-based developer SomeraRoad Inc. has asked the Indianapolis City-County Council to create a tax increment financing district to help pay for the project, which includes several interconnected buildings on a city block between North Capital Avenue, North Senate Avenue, 10th Street and 11th Street.
If approved, the city would issue up to $12.3 million in developer-backed TIF bonds, meaning taxpayers would not be on the hook to pay back the project at 1060 N. Capitol Ave.
SomeraRoad, a real estate company which specializes in restoring and modernizing historic buildings, said highlights of its plans include a Stutz car museum — a nod to the building’s history — as well as office, retail, food and beverage, indoor and outdoor event space, health and wellness offerings and landscaped alleyways. Developers also envision an artist residency program and retail incubator.