The Stutz building complex will be redeveloped with retail, restaurants and more

The owner of the historic Stutz complex – a former auto factory – in downtown Indianapolis plans to redevelop it into a mixed-use project with retail, restaurants, lifestyle amenities and co-working space .

New York-based developer SomeraRoad Inc. has asked the Indianapolis County Council to create a tax increment funding district to help pay for the project, which includes several interconnected buildings on one block between North Capital Avenue, North Senator Avenue, 10th Street and 11th Street.

If approved, the city would issue up to $12.3 million in developer-backed TIF bonds, meaning ratepayers would not be required to repay the project at 1060 N. Capitol Ave.

Indianapolis:Historic Stutz building sold to out-of-state real estate company

A rendering of the redeveloped Stutz building complex at 1060 N. Capital Ave.

SomeraRoad, a real estate company that specializes in restoring and modernizing historic buildings, said highlights of its plans include a Stutz car museum – a nod to the building’s history – as well as offices, retail, food and beverage, indoor and outdoor event spaces, health and wellness offerings and landscaped lanes. The developers also envision an artist residency program and a retail incubator.

The Stutz is an important part of the city’s automotive history. The complex housed the Stutz Motor Company, which was built in 1912. Vehicles were assembled there until around 1934, and the company closed in 1937. The complex later served as a warehouse for five decades , then remained vacant.

From the archive:Harry C. Stutz shone during the golden age of automobile manufacturing in Indianapolis

In recent years the property has been used as a space for artists and is home to the Stutz Artists Association. Local owner Turner Woodard, who now has a minority stake, bought the complex in 1992, converting it into a center for commercial tenants. He added studios after artists searched for the property.

“The future of the Stutz will, in many ways, be similar to its past. It will continue to house a vibrant mix of offices, artists’ studios, lab spaces and much more,” Basel said. Bataineh, director of SomeraRoad, in an emailed statement.

SomeraRoad Inc. purchased a controlling interest in the property for $25.8 million. Turner retained a minority stake with his son, Turner John.

Bataineh said the company’s proposed plans also address deferred maintenance throughout the historic building, including upgrading the outdated HVAC system, restoring the facade and replacing windows.

Documents filed with the city provided more information about the details and acquisition of the project. SomeraRoad acquired the Stutz plant complex through a Qualified Opportunity Zone fund, which provides investment in economically challenged communities. The company intends to hold the property for 10 years or more and spend over $200 million.

Fully developed, SomeraRoad projects that the Stutz would house over 1,800 workers. Employment projections are based on expected occupancy levels once the building is fully leased.

A spokesperson for SomeraRoad said the company is actively seeking tenants for the redeveloped Stutz.

The acquisition has three components. The first identified as Stutz I, covers 371,000 square feet. The second, called Stutz II, spans a 70,000 square foot room and a third section includes three surrounding surface parking lots with 370 parking spaces. Since acquiring the property last year, SomeraRoad has also purchased nearby Naptown Fitness.

The Stutz’s renovation has a budget of around $79 million to $83 million with the cost of acquisition included, documents show.

The site is approximately 3.8 acres.

A rendering of the Stutz Building one site shows a series of interconnected buildings that will soon be modernized by new owners and developers SomeraRoad Inc. of New York.  The real estate company

A commitment to the arts

When complete, the Stutz will have 12,000 square feet of retail and restaurant space, approximately 27,000 square feet of coworking space, an additional 17,000 square feet of event space and approximately 15,000 square feet of fitness and lifestyle space.

The developer hopes to open the first phase of retail and office space in June and complete construction by 2025.

SomeraRoad Inc. also has a three-year commitment to the Butter Art Fair, produced by Gang Gang, which features black artists. The first show took place last year. He also wants a space dedicated to Startup 317 to operate a retail incubator for women-owned and minority-owned small businesses.

Indiana:New multi-sensory art fair Butter hopes to make Indianapolis a black arts destination

The company also reiterates its commitment to working with the Stutz Artists Association for events and Pattern Inc., which will integrate local art, events and programming, as well as running an artist residency program.

Contact IndyStar reporter Alexandria Burris at [email protected] or call 317-617-2690. Follow her on Twitter: @allyburris.

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