MADISON, Ind. (WDRB) -- Big plans are in the works in Madison, Indiana, as the historic small town grows.
The growth revolves around a lot that's sat vacant for 10 years. But now, there are plans to turn it into an area with apartments and a shopping center.
"We're becoming a regional destination, not only for people (to) visit here, but to move here," Madison Mayor Bob Courtney said Tuesday. "And definitely in a post-pandemic world, more people are going to discover Madison for a high-quality place to live and they're going to want choices, and that's what this investment brings."
The investment, known as the Madison Plaza, would be in an area of the city known as the "hilltop," off Michigan Road and Clifty Drive — about a five-minute drive from the historic downtown.
A rendering of what the proposed apartments at Madison Plaza in Madison, Indiana, could look like. (City of Madison photo)
The 22-acre site has been empty for about a decade. Tuesday, the city's Redevelopment Commission entered into an economic development agreement to transform the property — a $54 million project.
Plans for the redevelopment include the creation of 155,000 square feet of retail and restaurant space, as well as room for nearly 200 housing units.
Courtney said he can't release the names of the shops going in yet, but said they are national retailers he believes the community will benefit from.
"It will be very surprising to the community, and I think the community will be super excited when they hear who these retailers are," he said.
This rendering of the proposed Madison Plaza shows space for planned retail space and housing units. (City of Madison photo)
The plans also call for improved bike and pedestrian access, park amenities, road improvements and the addition of a new traffic light and storm water retention basin.
Officials said the project is anticipated to be completed in three phases, with the shopping center expected to open in 2023 and the apartments in 2024. The third phase would be the construction of additional retail space.
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