RDC gives initial approval to agreement with CRG Residential, Great Lakes Capital
Article by City of Greenwood
During a special meeting by the Greenwood Redevelopment Commission (RDC) earlier this morning, members voted to approve a project agreement between the city, CRG Residential and Great Lakes Capital.
Bonds to fund the project will now go before the Greenwood Common Council for consideration and approval.
“This is an important milestone in our effort to revitalize Old Town and ensure its future as a thriving core that is walkable and connected to trails, parks and dynamic public gathering spaces,” said Greenwood Mayor Mark W. Myers. “We’re creating diverse, authentic amenities, seamless integration of greenspace and opportunities for all ages to live, work and play in downtown Greenwood.”
Major components of the agreement and anticipated outcomes include:
• $83 million total investment
• 2.5 year construction timeline
• $68 million private investment
o 7 total structures
o 40+ condos
o 15+ townhomes
o Nearly 300 market rate apartments
o 18,000+ sq. ft. of commercial space (restaurants, retail, etc.)
• $15 million public investment
o City-owned parking garage with 500+ spaces ($6.65 million)
o Street improvements ($3 million)
o Site improvements ($5.42 million) with 450+ additional surface parking spaces within and around the site
• $1 million in additional annual tax revenue to the city
o Increase to surrounding property values
o New construction woven into existing historical fabric
o No impact on city’s General Fund
Greenwood released a master plan for the property in late 2019 and began soliciting bids from private developers in shortly after the plan was approved by RDC members.
“After extensive analysis of proposals from a number of highly qualified firms, we felt CRG and Great Lakes Capital were the right partners for the job,” said Myers. “The firms have significant experience partnering with public entities to deliver high-quality, high-value mixed-use projects. They understand our priority to remain authentic and build upon Greenwood’s historical and cultural foundations.”
City officials began working on this effort several years ago and have since generated considerable momentum for both the project and Old Town as a whole. Given the uncertainty brought on by the pandemic, city leaders have taken a thoughtful and steady approach, navigating important milestones carefully to ensure a successful outcome.
“Considering ongoing COVID-19 risks, the fluid nature of current financial markets, and various administrative and financial mechanisms, we still have a ways to go in terms of getting over the finish line,” said Myers. “I’m confident we have the right team in place to do it.”
Greenwood has undertaken several redevelopment projects in Old Town recently as it continues revitalization of the city’s downtown and surrounding areas.
Last fall, the city celebrated the opening of a reimagined Old City Park. The park’s recreational centerpiece is a 23-foot cube tower custom designed by KOMPAN, an internationally renowned playground manufacturer based in Austin, Tex. The tower is the first of its kind in Indiana, and one of only three in the country.
Other features include an 18-foot wide promenade adjacent to Pleasant Creek, seamlessly integrating into the creek’s natural landscape; a custom climbing wall and, for younger children, a custom climbing net; a new pedestrian bridge; foosball tables; bocce ball courts; outdoor fitness equipment, and more. Rundell Ernstberger Associates (REA), an Indiana-based, award-winning landscape architecture firm, designed the new playscape and reimagined park.
Construction continues on a new downtown Fieldhouse that will anchor redevelopment of the former middle school property. Preserving the school’s former gymnasium, the facility will include an elevated indoor running and walking track, two multi-purpose turf fields – which can be used for soccer, lacrosse and several other sports – basketball/volleyball courts and several indoor pickle ball courts.
In 2018, Greenwood completed two significant infrastructure projects setting up future work at the property. The new Surina Way to Market Plaza connection road runs across the northern edge of the property and features sidewalks, decorative lighting and an innovative bioswale drainage system. South of the property, Greenwood constructed a roundabout to alleviate traffic at the intersection of Smith Valley Road and Madison Avenue.
Other recent projects in Old Town include a modernized Community Center, reconfigured Madison Avenue, Amphitheater Park upgrades, trail additions, a new Nature Center and the addition of more than 170 parking spaces.
Last fall, Accelerate Indiana Municipalities (Aim) recognized Greenwood with its 2020 Community Placemaking Award for collective projects aimed to revitalize Old Town.