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13 WTHR Indianapolis | Indianapolis Local News & Weather

Greenwood agrees to $83 million redevelopment of former middle school

Bonds to fund the project will need to be approved by the Greenwood Common Council.

GREENWOOD, Ind. — Greenwood agreed to an $83 million plan to redevelop the former middle school property Thursday morning. Construction continues on a new downtown Fieldhouse that will anchor redevelopment of the former middle school property.

The $83 million plan will include the following:

  • $83 million total investment
  • 2.5 year construction timeline
  • $68 million private investment
    • 7 total structures
    • 40+ condos
    • 15+ townhomes
    • Nearly 300 market-rate apartments
    • 18,000+ sq. ft. of commercial space (restaurants, retail, etc.)
  • $15 million public investment
    • City-owned parking garage with 500+ spaces ($6.65 million)
    • Street improvements ($3 million)
    • 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
    • Increase to surrounding property values
    • New construction woven into existing historical fabric
    • No impact on city's general fund

Bonds to fund the project will need to be approved by the Greenwood Common Council.

The Fieldhouse will use 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.

RELATED: Greenwood to build destination outdoor park, shows new fieldhouse images

"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 Mayor Mark Myers. "We're creating diverse, authentic amenities, seamless integration of greenspace and opportunities for all ages to live, work and play in downtown Greenwood."

Credit: City of Greenwood
Greenwood is moving forward with a $83 million redevelopment of the former middle school property,

Greenwood released a master plan for the property in late 2019 that can be seen here.

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.