Indianapolis, IN- The reopening of the 86-year-old Indiana Parking Garage, located at 145 East Market Street, will supply much needed parking capacity to the parking-constricted downtown Indianapolis area following its purchase and renovation by Cranfill Development, a local real estate company. The 315 parking spaces will serve the emerging Market Square Arena District which is undergoing a development surge with over $100 Million in new construction slated to begin in 2015.
On January 23, 2015, Cranfill Development purchased the Indiana Parking Garage from Indiana Parking Garage Associates II, which owned and operated the garage since 1999. In 2014, the parking garage was voluntarily closed due to deferred maintenance and structural restoration.
Cranfill Development Corporation has specialized in retail and residential development in the since 1990. The purchase of the Indiana Parking Garage by Cranfill was driven by its desire to diversify the company portfolio and develop a presence in the downtown Indianapolis renaissance. “The transaction allowed us to acquire a key piece of real estate in the long-awaited redevelopment of the Market Square Arena District,” said Mark Cranfill, President, Cranfill Development. With the changing landscape of downtown Indianapolis, Cranfill added “We are excited to bring new life to a property that has a historic aspect, while providing the much needed parking to support the dramatic growth in the Market Square Arena District.”
Real estate broker Ryan Zickler of Zickler Associates, LLC, who advised and represented Cranfill Development in the acquisition, said “Our market research indicated a shortage of available parking in the central business district, and that shortage will only increase with the new development slated for the Market Square Arena District, including the planned $30 Million Cummins’ distribution headquarters, the $80 Million residential high rise building being developed by Flaherty & Collins as well as the $20 Million IndyGo Downtown Transit Center, among other projects underway.” Zickler added that the off-market acquisition opportunity resulted from his work in following the growth and development patterns of downtown Indianapolis and matching those opportunities with Cranfill’s appetite for investment
Restoration efforts on the historic building, constructed in 1929, will commence within the next 30 days. The garage is expected to re-open in early Summer 2015. The restoration work will be performed by Carl E. Most & Son, Inc., a general contractor specializing in concrete repair and restoration.