The original Coca-Cola Bottling Plant, located at 850 Massachusetts Avenue in downtown Indianapolis, is on its way to becoming the largest private development of its kind in Indiana. As part of its community enrichment efforts, Enhanced Capital invested $29 million in the first phase of this rehabilitation project through federal and state tax credit incentive programs, with Enhanced’s potential investment total exceeding $55 million including future phases. Hendricks Commercial Properties purchased the property in 2017 to redevelop the historic site into the mixed-use project named the Bottleworks District.

This expansive complex, founded in 1920, is beginning a new chapter. Redevelopment is expected to cost a total of $300 million and will consist of 17 buildings across 12 acres of property. The multiple mixed-use buildings will serve as a community cornerstone featuring an entertainment hub, retail space, office space, hotel, food hall and residential living. Phase one of the project, opening summer of 2020, includes The Garage, a food hall focused on local offerings, and a boutique hotel.

“To develop a property like the Bottleworks District from an industrial use to a signature mixed-use development requires a creative financing strategy,” said Gavin Thomas, Vice President of Development at Hendricks Commercial Properties. “Enhanced Capital provided invaluable guidance and expertise that resulted in securing investor equity through the DINO and Historic Tax Credit programs and has helped make the vision of Bottleworks District a reality.”

Enhanced deployed capital for this project through the Indiana Industrial Recovery Tax Credit (DINO) Program and Federal Historic Rehabilitation Tax Credits. The DINO program provides incentives for the restoration of former industrial facilities in order to improve quality and building capacity at the local level. Enhanced also assisted the developer and US Bancorp Community Development Corporation with financing through Federal Historic Rehabilitation Tax Credits.

Hendricks’ redevelopment plans focus on preserving the existing structures and embracing the art deco design within new construction. Incorporating the original architecture will also reduce the project’s carbon footprint and reduce the use of new materials. Other environmentally conscious efforts will be made by incorporating natural materials in place of plastics, providing easy access to bike parking, bike sharing stations, electric car charging stations, and a bus stop.

Restorative and sustainable initiatives are at the heart of Enhanced Capital’s mission. The Bottleworks project proudly demonstrates these initiatives alongside providing affordable financing solutions nationwide.