Q&A with 1820 Ventures
One of our newest member organizations, 1820 Ventures, is moving full steam ahead on several revitalization projects in downtown Indianapolis. For this month’s profile, we focused on these new and exciting projects, and what they will mean for downtown business, arts, and culture. (Pictured: Gathyr Apartments, 1820 Ventures)
The Department of Metropolitan Development announced its partnership with 1820 Ventures for the well-known Cole Motor Campus Redevelopment Project earlier this year. What aspects of this project are you most excited for?
Cole Motor, a historic factory campus just east of Market & College—will have an extremely diverse mix of urban uses across over 300,000 square feet. This includes: a new music venue operated by The Vogue, loft housing with huge factory windows, a high-quality childcare center, exciting neighborhood retail & restaurants, and workspace for creative entrepreneurs. We can’t wait to see how this brings together downtown and surrounding neighborhoods along Market Street.
Adjacent to the Cole Motor project, and deserving of just as much recognition, the Elevator Hill redevelopment project is revitalizing the former Angie’s List Campus. What all is included with this project?
Elevator Hill is a 13-acre, mixed-use master development in the Holy Cross neighborhood just east of downtown and immediately adjacent to Cole Motor. It’s a charming mix of historic buildings that have recently become home to tenants like Ball State’s Indianapolis programs, Meticulous Design + Architecture, and small businesses like Futuro—Indy’s best new pizza spot. It’s a really exciting place to be right now.
Looking forward, we’re preserving this charm while looking to make a greater impact. If you look just north or south to Mass Ave or Fountain Square, Elevator Hill’s potential is clear. By focusing on Indy’s huge demand for transit-linked housing and walkable neighborhood amenities, we’re aiming to bring over $280M of vibrant new assets to the campus—with the ultimate aim of attracting, teaching, and retaining talent in Indianapolis.
This spring we’ll take our first big step in that direction with the opening of over 100 new apartments at a new community called Gathyr. This is paired with a redesign of Market Street as we prepare for the influx of future residents, workers, and visitors on the campus in the coming years.
What will these projects mean for downtown residents, artists, and businesses?
East Market Street has long been neglected—dominated by interstate ramps and disinvestment—despite its rare ability to cut through interstate and rail barriers. Cole Motor and Elevator Hill aim to stitch this connection back together, linking reinvestments along downtown to the combined 17 acres and $400M of investment.
But we also want this project to be more than the sum of its parts. Cole Motor—for decades blocked up and silent along our most-traveled stretch of interstate—was a lost asset for Indianapolis. Now, we see this as a new front door to Indianapolis as thousands arrive at its Washington St exit every day. A historic campus restored, bustling with the neighbors and businesses of Indy’s revitalized downtown economy. As visitors arrive for the Indy 500 or Gen Con, what would this sight tell them about Indianapolis?
As far as the timelines for both projects, when should we expect the redevelopment to be complete?
It’s a busy time for the campus, so you’ll see different developments starting and completing constantly. We’re currently completing Gathyr, our first new housing project on Elevator Hill. Later in 2023 we’ll break ground on both the Market Street reconstruction and on the Cole Motor Campus–with first phases expected to complete in 2024. During that construction, we expect to announce several future major projects on campus.
Anything else you would like to add?
We’re lucky to have great neighbors. The Holy Cross and Cole Noble neighborhoods have been extremely generous with their time as we’ve worked closely with them through years of planning. They’re neighborhoods full of committed residents and deep history, so we’re really lucky to have them partnering to both hold us accountable and cheer us on. We want to build something they’re proud of.
Second, it’s an exciting time to be working in downtown Indianapolis. While the pandemic and inflation have been challenging to us all, we’ve been amazed at the way Indy’s signature civic energy has roared back. As a development team that has worked in high-growth markets around the country and has now decided to focus on Indianapolis, we’re convinced that we have an incredibly promising economic future.