Overview

There are currently 8 buildings that are entirely City owned and vacant. The City of Indianapolis is requesting READI funds for demolition of the 8 buildings. Once all properties have been acquired and all demolition is complete, a community-informed redevelopment process will take place, using the vision outlined by a proposed Far Eastside QOL Plan, ensuring that this property will play a role in the bright future of the Far Eastside. A bid for demolition of the buildings was issued in July 2024. Fall 2024 will include a contract agreement and the beginning of demolition. Demolition will be completed in Summer of 2025 with project close out by the end of 2025. Per the PILOT agreement section 4.2, Sunspring Apartments will provide private match by causing at least $50,00,000 to be spent developing the property at the owner's own expense. The owner agrees to complete the commitments no later than December 31, 2026.