16TH St
Indianapolis, IN 46202
Land For Sale · 1.19 AC

Marcus & Millichap is pleased to offer a redevelopment opportunity in the highly sought after Historic Old Northside neighborhood just south of downtown Indianapolis. The property sits on 1.19 acres split into two parcels totaling approximately 51,619 square feet. There are currently (3) three story vacant apartment buildings that will need to be demolished. The current owner has conceptual plans to replace the existing buildings with a (5) story (80) unit multifamily structure with surface parking. Another option for new development could possibly be an extended stay hotel. The property is approximately two blocks from Indiana University Health Methodist Hospital. IU Health is planning to unveil its plans by the end of the year for a huge redevelopment project for its downtown campuses, the Methodist campus will be a big part of that plan. Other development in the area is the new 16 Tech Innovation Community, this 60 –acre site near west 16th Street and Indiana Avenue is set for construction late this year or early 2019.