A developer is requesting a nearly $1 million tax break to construct an office building along Emerson Avenue, the type of project Greenwood officials say they are trying to attract to the area.
Allen Commercial Group, an Indianapolis-based developer, is planning to build a 28,000-square-foot office building on a nearly three-acre property at 853 N. Emerson Ave., which is between Main Street and County Line Road.
The developer has requested a 10-year, $960,000 tax break on the $6.4 million project, and would pay about $1.3 million in property taxes during that time period, according to documents filed with the city.
The proposed office building is exactly the type of development the city wants along Emerson Avenue, Greenwood Mayor Mark Myers said.
While no tenants are set for the building, potential uses include space for medical offices and attorneys, he said.
The building is being constructed on a speculative basis, meaning no tenants have been identified yet, but the developer projects whoever moves into the building will employ at least 93 workers making annual salaries of at least $37,000 a year. Work on the building is set to begin in June and be complete by March 2019, the documents said.
Given the types of professional jobs that future tenants would offer, the actual wages are likely to be higher than the initial projections, Greenwood Redevelopment Commission President Brent Tilson said.
The redevelopment commission unanimously approved the tax break, which will also need to be approved by the Greenwood City Council.
The city is making preparations for significant improvements to the section of Emerson Avenue from Main Street to County Line Road, which Myers said will help encourage the development of similar projects in coming years. If approved, the $3.5 million project would take place this fall and include a full resurfacing of the street, replacing the center turn lane with grass and concrete medians, new signals at three intersections, decorative street lighting and a 10-foot-wide trail on the west side of the road.
When city officials announced the proposed improvements to Emerson Avenue last year, they cited a need to upgrade the quality and appearance of the road to attract businesses to undeveloped land between Main Street and County Line Road. Myers wants to see Emerson Avenue lined with offices, as opposed to the manufacturing and warehouse companies that are filling in along Graham Road on the opposite side of Interstate 65.