Downtown Indy project will provide housing, historic preservation

Construction is underway on a project to transform historic downtown buildings into a residential mixed-use development. The Cole Motor project was first announced in 2022 as part of the city’s downtown resiliency plan.

Developer 1820 Ventures was selected for the revitalization project that will convert a former car factory — and later, a jail — into a new development.

The $84 million dollar project will reimagine two historic buildings and create a new public space along Market Street on the eastern edge of downtown Indianapolis.

The development includes 213 residential units, and 11 will be affordable as part of a tax-increment financing agreement with the city. The tax district will provide $12 million for the project.

The buildings will bring retail and restaurant space along Market and Washington streets. A repurposed walkway will connect the two structures.

Department of Metropolitan Development Director Megan Vukusich said the project is in line with city development goals.

“This project reflects one of DMD’s major priorities: putting dilapidated properties back into productive use,” Vukusich said.

Initial plans at the site included an entertainment venue but now developers are leaning toward a child care center. The project aims to connect downtown with the historic Holy Cross neighborhood and create new, walkable public space along an underused stretch of Market Street.

Other improvements include new streetscape and infrastructure with added lighting and parking. The development sits along IndyGo’s Blue Line, the city’s third bus-rapid transit project.

Construction is expected to finish in early 2027.

Contact WFYI managing editor city desk Jill Sheridan at jsheridan@wfyi.org.