The City of Greenwood, IN

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Greenwood closes purchase of former strip mall
Redevelopment of blighted parcel expected to provide major impact to Madison Avenue

GREENWOOD, Ind. – The Greenwood Redevelopment Commission (RDC) closed on the purchase of a
former strip mall located at 1265 N. Madison Avenue located adjacent to the Greenwood Park Mall on
Monday, November 6. Formerly home to The Patriot’s Table restaurant, the property has no current
tenants and an assessed value nearly cut in half since 2012.

The eight acre property, which many residents consider an eyesore, is being considered for new park
space, green infrastructure and improved overall aesthetics to enhance one of the city’s most-visited
areas. The city will seek community input before finalizing plans for the property.

The property has been on the city’s radar for quite some time as an opportunity for significant
transformation and its acquisition is a big victory by city officials. The purchase, when paired with the
City’s purchase of the prior Greenwood Middle School site, will allow the City to create a unique
destination corridor along Madison Avenue.

“This is a very important acquisition for Greenwood,” said Mayor Mark W. Myers. “Because the property
is directly across from Greenwood Park Mall, a major destination for both residents and visitors, it is
often one of the first impressions people see when they visit our city. Its redevelopment from blighted
vacant buildings into a viable community asset will be huge positive for the city.”

RDC vice president Michael Tapp says that the community has been very supportive of the acquisition
of the property and that the RDC has received an overwhelmingly positive response to its plan to
eliminate the blight.

“The RDC is very excited to further Madison Avenue’s growing reputation as a destination corridor on
the southside. In conjunction with our Madison Avenue streetscape improvement project, the acquisition
of this property and the creation of a welcoming greenspace and gateway into the city is a big win for the
community,” said Tapp.

Demolition of the existing structures on the site is expected no later than early 2019. Madison Avenue
streetscape improvements between Pearl Street and Noble Street are expected to begin in Spring 2019.