$54.3 million project on the 22-acre property
Madison, Indiana (March 1, 2022) – Madison Mayor Bob Courtney announced today that the Madison Redevelopment Commission has entered into an economic development agreement with Madison Plaza Group, LLC to revitalize the former mall site at Michigan Road and Clifty Drive known as Madison Plaza.
The 22-acre site, owned by Madison Plaza Group, LLC, is currently undeveloped and has been vacant for approximately 10 years. The $54.3 million project, which includes up to $4 million in city investment for infrastructure and incentives, will result in 155,000 square feet of new retail and dining space and approximately 190 achievable housing units developed by the proposed developer, Winterwood Incorporated, subject to pending provision. The city previously announced its intention to co-develop this site and entered into a conditional agreement to purchase the property in February 2020.
“This administration is committed to targeted redevelopment efforts that maximize the attraction of capital to the city. Our approach is to encourage economic development in a way that provides a high return on investment for the city. Our strategies were put in place two years ago, and the pandemic may have delayed development, but it gave us more time to improve the overall outcome for the community, and we couldn’t be happier,” said Mayor Bob Courtney.
“The opportunity to create jobs and increase the tax base is always difficult. This project is carried out thanks to the collaboration with the city and the Redevelopment Commission. Mayor Courtney was instrumental in his pursuit and commitment to promoting economic development in Madison. The 22-acre development plan will create housing and retail opportunities. We are bringing national tenants to the mall to enhance the shopping experience in the area,” said the managing member of Madison Plaza Group, LLC. Craig Turner.
“Winterwood is thrilled to partner with the City of Madison and Madison Plaza Group to bring much needed housing to Madison, in conjunction with the development of a vibrant commercial area,” said Winterwood President and CEO. , Mike Hynes.
The project will be carried out, generally, in three phases. The first phase is the development of the shopping center, which will provide between four and six commercial spaces. The second phase is the development of residential units and the exterior, which will eventually serve as a dining area. The third phase is the development of additional retail space.
Other key features of the project include:
- Improved access for bicycles and pedestrians
- Park amenities for the community as a whole
- Michigan Road improvements at Clifty Drive, leading to the Miles Ridge neighborhood
- Walkway improvements at Clifty Drive and Michigan Road
- A traffic light at Crestwood Drive, with Crestwood expanding to the east
- A stormwater retention pond, to ensure there are no negative impacts to the Crooked Creek watershed
“Madison has long been underserved in national and regional quality retail, and this project shows that the demand is there. The city’s investment will continue to improve quality of life amenities within the community and build on Madison as a regional appeal,” said Director of Economic Development Tony Steinhardt, III.
The first phase is expected to be completed in the spring of 2023.