INDIANAPOLIS — One hundred years ago, the Cole Motor Company built cars in a factory on East Washington Street in downtown Indianapolis. Thirty years ago, the City began renovations on the four-story building to turn it into Marion County Jail II, a privately run incarceration facility to handl e the overflow from the overcrowded main jail. Three years ago, the inmates moved out and the building was abandoned. Today, ground was symbolically broken for the $84 million renovation of the old car factory/jail into a residential-mixed facility to create a walkable community on the east side of downtown. ”This project will generate new tax revenue, upgrade infrastructure, add amenities and housing along public transportation bus lines and incorporates the property’s history into the design to preserve the neighborhood’s character,” said Director of Metropolitan Development Megan Vukusich. Renderings of the Cole Motor rebuild. Work begins on Cole Motor campus rebuild downtownWork begins on Cole Motor campus rebuild downtown The renovation of the main building and the former Arrestee Processing Center north of Market Street, but connected with an overhead walkway, will add 213 multifamily units to the residential inventory adjacent to the Mile Square. ”In the city of Indianapolis we don’t have a lot of this loft style units so we think it will be a unique product but we are excited about thinking about bringing the history back into the new and this being a place for people to live,” said Jeremy Stephenson, managing partner at 1820 Ventures, developer of the project. ”Some multi-family loft-style units on the upper floors of these buildings as well as ground floor retail on Market Street, a little bit of retail on Washington Street. We’re also looking to execute an early childhood center in one of the buildings as well.” A concert venue site once planned for the east side of the complex was scrapped due to the dilapidated condition of an auxiliary building, thereby reducing the anticipated cost of the project by $36 million. The City has committed to a maximum of $12 million in economic development tax revenue bonds to help finance the project. The Cole redevelopment will open up the near east side and the former Angie’s List campus on the other side of I-65 to downtown access, according to Mayor Joe Hogsett, who remarked it was all made possible by his first term pledge to construct a new Community Justice Center, Marion County Sheriffs Office and Adult Detention Center in Twin Aire, thereby closing the former county jail and Jail II. ”They will bridge the distance between Monument Circle and the Holy Cross neighborhood helping to bring our near eastside neighbors into the downtown fold,” said Hogsett. 1820 Ventures recently constructed the Gathyr Apartments in the 1100 block of East Market Street. ”We have about twenty acres combined with Elevator Hill in this that we’re redeveloping so we believe in the vision of the near eastside of downtown a great deal,” said Stephenson. Without an ocean or mountains to enhance Indianapolis’ image, the city’s greatest attribute, beyond its central location, may be its architectural heritage as a building renovation boom is going on with planned redevelopments of Old City Hall, the City Market and now the Cole building — all located on the near east side of downtown. ”I think absolutely renovating and trying to restore historic infrastructure and preserving the aesthetic value of our community and Americana and everything that made this city what it was is super important,” said Nelson Rathbone as he stood in the parking lot and looked up at the former factory, once home to motor cars and inmates, now poised for its third act. ...read more read less