Circle City Industrial Complex

About the project

Teagen Development is an Indianapolis-based commercial developer specializing in innovative urban redevelopment projects in Downtown Indianapolis. Since its inception in 1990, Teagen Development has focused on the restoration and revitalization of downtown neighborhoods through creative reuse. By keeping a pulse on efforts by individuals, neighborhood groups, and the City of Indianapolis, Teagen has been at the forefront of development in some of the city’s most vibrant areas: Massachusetts Avenue, Chatham Arch, Fountain Square, and most recently, the Mass Ave/Brookside Industrial Corridor. Teagen's commercial properties offer exceptional locales, visibility, and affordability for businesses and artists. Teagen’s residences feature upscale finishes and thoughtful amenities for comfortable urban living. Teagen Development's portfolio includes mixed-use, commercial, and residential properties in Downtown Indianapolis. As owners of every property in their management portfolio, Teagen takes a long-term approach to property management, emphasizing quality solutions over quick fixes.

A $4.14 million construction loan from LISC is enabling Teagen Development to transform the vacant 120,000 square foot southern tip of the Circle City Industrial Complex (CCIC) into a vibrant and engaging small manufacturing and retail center. Constructed in 1918, The CCIC was the original home to the Schwitzer Corporation, a major auto industry force during the post-World War I era. The Schwitzer Corporation closed in the early 1990s, and Teagen Development purchased the CCIC in 2015. At that time, the property was ailing, with fewer that 40 tenants and years of deferred maintenance. Over the next several years, Teagen stabilized the property, adding more than 100 tenants and performing long overdue repairs and updates to make the building viable again.

This LISC loan will support the complete redevelopment of the southernmost portion of the CCIC with new retail, restaurant, and office space, and a public walking and bike trail through the building. The redeveloped CCIC South will provide both physical and cultural connectivity to the surrounding area with pedestrian and bicycle accessibility within the actual structure via a “Maker’s Trail” as well as coordination with the future redevelopment of the Pogue’s Run Trail. This is the only known installation of a private "trail spur" to a public trail inside a commercial-industrial structure. The anchor tenant in CCIC South is a makerspace tenant called RUCKUS, which hosts light manufacturing, prototyping, and business incubator components. This project advances economic development and infrastructure improvement in Indianapolis, and supports the reestablishment of manufacturing and production-related jobs in the city.