Soon, Greenwood will look like the other suburbs around Indianapolis. Tuesday morning, the city broke ground at the site of the old Greenwood Middle School. Greenwood Mayor, Mark Myers, members of city council and community members were in attendance to introduce the new 19-acre property.
The new development, named “The Madison” is set to be a multi-use development finished in a few years.
“Today, we take a major step forward in building the Greenwood of tomorrow,” Myers said in a press release. “It is important that we have a revitalized, vibrant and connected core that brings people and businesses together. We compete every day to attract employers, employees and families to Greenwood. Our reimagined downtown will not only help us compete, but it will help us attract more business and residents.”
“Creating quality projects, like The Madison, Only happen when we work together towards
common goal,” said Ezra Hill, Council Member in a press release, “We have a vision and our partners at CRG Residential, and Great Lakes Capital are helping us turn it into reality for the benefit of our residents and the Greenwood of tomorrow.”
Plans for the redevelopment of this site began in 2013. Greenwood released a formal master
plan for the property in late 2019. As part of the total investment, the city is investing $15 million
in street and site improvements along with construction of 300+ space parking garage, $68
million in private investment will go toward a combination of residential units, with a mixture of
condominiums, townhomes and apartments, and 18,000 square feet of commercial space
across seven new structures.
“Collaborating with Mayor Myers’ administration has truly been an outstanding experience,” said
Clay Scheetz, Managing Director and Principal at Great Lakes Capital. “Following the city’s
strong economic development activity and growth throughout the years, we are confident in our
decision to invest in Greenwood. The Madison will add a new element to the downtown
landscape and create a community within a community, a place where residents and visitors will
be able to live, work, play and enjoy for years to come.”
Last month, the city closed on the agreement with CRG Residential and Great Lakes Capital,
and bonds to fund the project have been approved by the Greenwood Common Council. The
project is expected to add $1 million in annual tax revenue and will have no impact on the city’s General Fund.