Illinois Building

Total Project Budget: $49MM
New Markets Investment:  $15MM
Catalytic Impact: $14.5MM
Closed: April 2018

This mixed-use project will redevelop the upper floors of a historic downtown building that has been vacant for 15 years. Located in one of the most highly visible intersections in Downtown Indianapolis, the site is in a severely distressed census tract with 43% poverty, 86% AMI, and 19% unemployment. Planned hotel, restaurant, and retail space will create more than 150, mostly (80%) entry-level jobs accessible to the area’s low income residents. In 2006, the nearly 100 year-old building was added to the list of the “10 most endangered Hoosier Landmarks” by the Indiana Landmarks foundation. The $49MM make-over includes extensive updating of electrical, AC, and plumbing systems, with preservation and restoration of historic facades and features.