Catalyst Opportunity Funds Announces the Groundbreaking of Cole Motor, a Mixed-Use Adaptive Reuse Project in Downtown Indianapolis
Catalyst’s $8.9M equity investment facilitates the conversion of vacant historic factory, formerly the Cole Motor Car Company, into workforce housing and commercial space for local businesses.
Catalyst’s $8.9M equity investment facilitates the conversion of vacant historic factory, formerly the Cole Motor Car Company, into workforce housing and commercial space for local businesses.
The buildings were originally home to the Cole Motor Car Company, the project’s namesake, and were used as a manufacturing hub in the city for over 80 years. In more recent history, they housed a county jail and arrestee processing center. Today’s announcement marks a new era for the historic site, which aims to restore a lost icon of the city’s history of manufacturing innovation and strengthen Indianapolis’ urban core.
Specifically, Cole Motor aims to create and maintain long-term housing affordability in the heart of downtown. The project will price the majority of its 213-units at workforce affordable price points, and will deed restrict 5% of units at prices affordable to households making below 30% of the Area Median Income (AMI). In addition to housing, the project’s 30,000 SF of ground floor commercial space will create a new destination and link between urban neighborhoods, unlocking commercial activity and creating jobs. These housing and employment opportunities will be adjacent to a new $370M bus rapid transit route, promising a strong link to Indianapolis’ rapidly expanding transit network.
“Catalyst is a ‘housing plus’ strategy. We maximize the impact of our investment by using every square inch available to support community needs. This includes filling ground floor commercial spaces with impact-aligned tenants,” explains Catalyst Co-Founder and Managing Partner, Jeremy Keele. With a deep commitment to meeting the needs of the local community, including plugging service and amenity gaps, Catalyst and 1820 Ventures expect to fill half of the commercial space with a local childcare facility. The groups anticipate filling the remaining ground floor space with similarly community-oriented tenants.
“The Cole Motor Car Company was a cutting-edge innovator in the early 20th century, competing with companies like Cadillac and Duesenberg. We plan to fully restore the unique historic character of the campus, and honor its legacy of innovation through transforming the buildings into dynamic, mixed-use spaces,” says Jeremy Stephenson, Managing Partner at 1820 Ventures.
In keeping with the project’s thoughtful building transformation, Cole Motor also reimagines Market Street –a critical neighborhood connector, which runs between both buildings– as a public, community-oriented space. The corridor focuses on walkability, outdoor community spaces, and public art.
This is Catalyst’s first investment with 1820 Ventures and in Indianapolis.
About Catalyst:
Catalyst is a double bottom-line private equity firm focused on transformative real estate investments in high potential, but historically underserved U.S. markets. With over $1.3b worth of total real estate across the US, Catalyst invests in impactful, market-rate return oriented development projects led by community-driven, diverse developers, with a primary focus on workforce affordable housing. In addition to providing new, affordable housing units, Catalyst works to facilitate an influx of community services tailored to the needs of each investment community, including preventative healthcare, workforce training and healthy, nutritious food. Institutional investment expertise, relationships with qualified sponsors in high-growth secondary markets, as well as significant experience in the structuring of creative capital stacks give Catalyst a competitive advantage in delivering long-term value creation to investors, as well as positive outcomes within communities.
About 1820 Ventures:
1820 Ventures is an Indianapolis-based real estate development and placemaking firm, founded by Jeremy Stephenson. With a long track record of leading large-scale developments in downtowns across the country, 1820 seeks to create thoughtful development infused with collaboration and excellence. They aim to understand neighborhoods and seek the potential in them, pairing community-fueled vision with deep experience to create spaces that neighbors will love. Cole Motor is a new 4-acre extension of their 13-acre mixed-use redevelopment called Elevator Hill on the east side of downtown Indianapolis.
Media Contact: Nina Tschinkel / +914.221.7999 / nina@catalystoz.com
The Cole Motor Car Company was a cutting-edge innovator in the early 20th century, competing with companies like Cadillac and Duesenberg. We plan to fully restore the unique historic character of the campus, and honor its legacy of innovation through transforming the buildings into dynamic, mixed-use spaces.
1820 Ventures,
Jeremy Stephenson, Managing Partner
