Midtown’s Opportunity Zone

On April 19, Governor Eric Holcomb nominated 156 census tracts in the state to the U.S. Department of Treasury for designation as Federal Opportunity Zones. “This new program provides one more tool to attract investment and help more of our Hoosier communities succeed,” Holcomb said. If approved by Treasury, these tracts in low-income areas could extend tax benefits to investors. One of the tracts nominated is in Midtown around Maple Crossing. Butler-Tarkington Neighborhood Association president Clark Kirkman expressed his gratitude for the inclusion of tract 18097322000 in the nominations. “Hopefully, this designation will push projects like the proposed development at 38th and Illinois, which promises to bring a full-service grocery store to the area, over the goal line,” he said. Duane Miller, vice president of community and asset management for Flaherty & Collins Properties, said it will take several months for the federal government to work out policies, procedures, and rules, but he is encouraged by the announcement. “Sounds like a good opportunity,” he said. “Anything that provides incentive to the private sector to mitigate the risk of jumpstarting a neighborhood can’t be a bad thing,” he said. His firm has been working with North United Methodist Church on a mixed-use infill development of parcels the church owns on 38th Street and along Illinois Street. The firm is also working with Midtown Indy on a mixed-use redevelopment of the former United Way building.