Shopping Center Business

MAY 2018

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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BOTTLEWORKS 240 • SHOPPING CENTER BUSINESS • May 2018 O n the application for the Nation- al Register of Historic Places, the stunning white terra cotta building at 850 Massachusetts Avenue was called "the most exuberant example of art deco in Indianapolis." Such a statement is remarkable for a few reasons. Namely that the building was constructed for an industrial use. It was a Coca-Cola bottling plant, not an upscale home or department store. And it was built in 1931, during the depths of the Great Depression. Still, owners James and Lee Yuncker didn't skimp on quality or design. "The Yuncker brothers spared no expense so that their employees could work in a place that was really special," says Rob Gerbitz, president and CEO of Hendricks Com- mercial Properties. "You could tell that the employees meant something to the Yunckers. They could have built this a lot cheaper, but they didn't." James Yuncker founded Yuncker Bottling Works in 1906. By the 1940s, the plant on Mass Ave., designed by Rubush & Hunter architects, was the largest Coca-Cola bottler in the world. "The plant, both for beauty of design and efficiency of equipment, is one of the showplaces of American industry," wrote a reporter for the Indianapolis Sunday Star in a March 1940 article about con- struction starting on an expansion. Gerbitz says the torch has now been passed to Hendricks Commercial Proper- ties to be stewards of this historic gem and Indy landmark as they bring it back to life through a $260 million redevelopment project. The 14-acre site will become the mixed-use Bottleworks District when it is complete by about 2026. In four phases over those eight years, this project will ultimately restore and redevelop the historic Coca-Cola ad- ministration building and garages. Then, Hendricks will build brand new, mixed- use buildings and streets on the remain- der of the acreage. Phase one, delivering at the end of 2019, will include a 150-room Bottleworks Hotel by West Elm Hotels, a food hall, luxury cinema, 40,000 square feet of experiential retail, and parking. The hotel will take up a majority of the old Coca-Cola administration building, with the lobby on the first floor of the historic building. In total, the project's overall square footage will be 1.3 to 1.6 million, with 114,000 square feet of retail; 283,000 square feet of residential; 175,000 square feet of office; 181,000 square feet for the hotel; 29,000 square feet devoted to multi-screen cinema space; and 477,000 square feet of parking. After the hotel, Hendricks will restore 25,000 square feet comprised of two orig- inal garage buildings, transforming it into a food hall. "For us, it's highly important that we Saving Time In A Bottle Hendricks Commercial Properties is kicking off a $260 million mixed- use redevelopment project centered around an iconic Indianapolis landmark. Lynn Peisner Prior to beginning construction, Hendricks Commercial Properties partnered with Indiana Landmarks to offer "before" tours of the property that quickly sold out. Hendricks Commercial Properties is bringing a former Coca-Cola bottling plant in Indianapolis back to life as part of a $260 million redevelopment project.

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