By almost any measure, the redevelopment of Fall Creek Place has been a resounding success. Building upon a $4M Homeownership Zone Award from the U.S. Department of Housing and Urban Development and leveraged through $20M from a Tax Increment Financing district that upgraded neighborhood infrastructure, the plan quickly found footing in the early 2000s and transformed “Dodge City” into the beautiful, walkable neighborhood we see today. Homes are still being built on Broadway St. on some of the last remaining parcels available in Phase 4, a section not originally planned but added after the overwhelming success of the initial three phases. These homes are fully market-rate, receiving none of the subsidies that existed when Fall Creek Place first began, which is a testament to the long-term effect that the initial investment has had.
While homeownership has been at the core of redevelopment activity, commercial space has been slow to follow. A retail market study was commissioned by the City in 2001 (p47), around the time that initial plans for Fall Creek Place were being developed. The study looked at the King Park area in general and considered a number of intersections for their potential to house a neighborhood shopping node. The final recommendation was to focus additional commercial development around the already-established node at 22nd St. and Central Ave.
Unfortunately, none of the plan recommendations materialized and the study is likely collecting dust on a shelf at the Department of Metropolitan Development. It wasn’t until 2007, when the live-work Douglas Pointe Lofts were completed, that Goose the Market and Salon Orange Moon established a new neighborhood commercial node at 25th and Delaware. Lincoln Park Shops followed in 2008, providing a handful of retail spaces now occupied by City Yoga, Indy’s Kitchen and Monon Coffee at 25th and Central.
While commercial space has been added in small doses, a relatively large parcel of land has been available for commercial development at the northeast corner of 22nd and Delaware. The King Park Development Corporation has tried on a number of occasions to develop the parcel, at one point getting within days of a groundbreaking before Ace Hardware pulled out of the project. At long last, it appears that King Park has found a partner in Bloomington-based Cedarview Management, who is moving forward with plans to develop the site into a four-story mixed-use commercial and apartment project.
The ground floor will have approximately 8,850 sq.ft. of leasable commercial space plus a resident exercise room, with a 29 space parking lot behind. The commercial space is projected to be broken into one large space around the corner of 22nd and Delaware, with two smaller spaces to the north. No tenants are officially lined up at this time, but Cedarview is reportedly in talks with multiple restaurant operators and is pursuing other neighborhood-serving retail tenants.
Three floors above the commercial space will house 47 rental units, primarily studio and 1BR units with a handful of 2BR units. An underground parking level will provide 54 spaces for residents. Rents are expected to be on par with recently-completed apartment projects close to the downtown core.
The developer recently filed with the Department of Metropolitan Development to rezone the site from C-3 to C-S and has requested a number of variances typical to urban developments (e.g. reduced setbacks, reduction from required parking, etc). All of the renderings included here are from their public filing. If everything goes according to plan, the developer expects to break ground by fall so that foundation work can be complete before winter. This should be an exciting addition to the already successful Fall Creek Place neighborhood!