INDIANAPOLIS (Inside INdiana Business) – The owner of a historic building in downtown Indianapolis has sold a controlling interest in the property that is currently under renovation. Turner Woodard, who has owned the Stutz Factory since 1992, has signed a deal with New York-based real estate company SomeraRoad Inc., although the financial terms were not disclosed.
The Stutz factory comprises five four-story buildings that are connected by bridges. The building was the home of Stutz Motor Car Co., which built automobiles from 1911 to 1935. Eli Lilly and Co. (NYSE: LLY) acquired the building in 1940 for their creative packaging division, which lasted until 1982.
The building had stood empty for a decade and was converted by Woodard into a business and arts center supporting entrepreneurs and artists in the city. More than 150 tenants live here, according to the building’s website.
According to Woodard, it’s just as important to preserve the building’s history, but also to modernize it for future generations. He said he partnered with SomeraRoad because the company is taking a “unique and comprehensive approach” to revitalizing the building.
“The time is now, the time is right,” Woodard said in a press release. “We have had a lot of success in the rescue and development of the Stutz plant over the past 28 years. We have made great strides as the downtown area has grown around us, but it is time for our new and innovative partners to expand and update the factory with modern features and amenities. This building has the authenticity that renters want today and we believe SomeraRoad has the experience and skills to take it to the next level. “
Specific plans for the redevelopment of the building have not yet been published. However, according to Woodard, SomeraRoad wants to work with the tenants of the building on the project.
“Our company is aligned with Turner’s vision for the future of property and we have a team that shares his appreciation for the history and cultural significance of property,” said SomeraRoad Founder and Director Ian Ross. “We want to take the time to rehabilitate the Stutz in order to ensure appropriate reuse and long-term success.”
Woodard says he and his son TJ will keep a minority stake and will consult on the redevelopment project.