MCCORDVILLE – Indiana Secretary of Commerce Brad Chambers joined local officials Tuesday to break ground on the McCord Square Downtown District, a $50 million, 48-acre quality-of-place investment in McCordsville.
The project, which is advancing with support from the nationally recognized Indiana Regional Economic Acceleration and Development Initiative (READI), will create a new central hub and identity for the fast-growing community in central Indiana that will serve as a central gathering space for residents and visitors, establishing a vibrant new sense of place and increasing outdoor, commercial and residential amenities.
“Indiana’s transformational READI initiative is breathing new life into neighborhoods, communities, and urban cores across the state,” said Sec. Brad Chambers. “It’s an exciting day for McCordsville and for the Central Indiana region as we break ground on a landmark development that will help transform this growing community into a future-focused destination that will attract and support the entrepreneurs, innovators, and talent of tomorrow’s economy.”
The nationally recognized READI program is allocating $500 million to 17 regions across the state to accelerate shovel-ready projects and programs that are expected to transform Indiana communities, attract talent and improve the quality of life for Hoosiers in the short and long term. In Central Indiana, McCordsville is part of the White River Regional Opportunity Initiative Partnership that was awarded $20 million in READI matching funds to advance the region’s vision focused on equity, environment, and economy, supporting population growth, talent attraction and retention, and smart economic development.
McCord Square is a 48-acre mixed-use development that is a key project in the White River corridor, designed to establish a new, future-focused identity for this growing community that has been transforming from a rural farming town. This new town center, located on the southeast corner of Broadway Avenue (S.R. 67) and Mt. Comfort Road, will serve as a dense, central gathering spot and will establish a true downtown for the community, bolstering business and talent attraction.
“This groundbreaking is the next big step in creating a new identity for McCordsville,” said McCordsville Town Councilman Larry Longman. “Town leadership and staff have spent over a decade planning for this development, and today represents the culmination of so many moving parts coming together to create a new direction for our community. With the addition of the READI grant, we are able to add many more amenities and details to this first phase to make this project unique.”
READI matching funds are being used to support phase one of the project ($3.5M READI allocation), which includes McCord Square Apartments, the district’s anchor development that will feature 205 new apartment homes and commercial studios on the first floor, as well as essential infrastructure projects, including roadways and trails with lighting, landscaping and water features, 15 acres of open park space, and irrigation and stormwater facilities. The apartments and the surrounding infrastructure are scheduled to be completed in early spring 2024, paving the way for community growth and future development.
Through READI, 17 regions across the state that represent all 92 counties are moving forward with projects and programs designed to enhance Indiana’s regions for current and future generations of Hoosiers. Collectively, the state’s $500 million investment is expected to yield an additional $9.86 billion in public, private, and nonprofit dollars invested (19.72:1 investment leverage ratio) in enhancing Indiana’s quality of life, quality of place, and quality of opportunity.
About IEDC
The Indiana Economic Development Corporation (IEDC) is charged with growing the State economy, driving economic development, helping businesses launch, grow and locate in the state. Led by Secretary of Commerce Brad Chambers @SecChambersIN and governed by a 15-member board chaired by Governor Eric J. Holcomb, @GovHolcomb, the IEDC manages many initiatives, including performance-based tax credits, workforce training grants, innovation and entrepreneurship resources, public infrastructure assistance, and talent attraction and retention efforts. For more information about the IEDC, visit iedc.in.gov.
