Former Madison Plaza to be revitalized as Retail and Housing

$54.3 million project on the 22 acre property

Madison, Indiana (March 1, 2022) – Madison’s Mayor Bob Courtney announced today the Madison Redevelopment Commission has entered into an Economic Development Agreement with Madison Plaza Group, LLC to revitalize the former shopping center site at Michigan Road and Clifty Drive known as the Madison Plaza.

The 22-acre site, owned by Madison Plaza Group, LLC, is currently undeveloped and has been vacant for approximately 10 years. The $54.3 million project, which includes up to a $4 million city investment for infrastructure and incentives, will result in 155,000 square feet of new retail and restaurant space and approximately 190 attainable housing units developed by the proposed developer, Winterwood Incorporated, subject to the disposition procedures underway. The city previously announced its plans to co-develop this site and entered into a conditional agreement to purchase the property in February 2020.

“This administration is committed to targeted redevelopment efforts that maximize capital attraction in the city. Our approach is to incentivize economic development in a way that provides a high return on investment for the city. Our strategies were put in place two years ago, and the pandemic may have delayed the development, but it allowed us more time to improve the overall outcome for the community, and we couldn’t be more pleased,” said Mayor Bob Courtney.

“The opportunity to create jobs and increase the tax base is always challenging. This project is happening because of the collaboration with the city and the Redevelopment Commission. Mayor Courtney has been instrumental in his pursuit and commitment to promote economic development in Madison. The development plan of the 22 acres will create housing and retail opportunities. We are bringing national tenants to the shopping center to enhance the shopping experience in the area,” said Managing Member of Madison Plaza Group, LLC. Craig Turner.

"Winterwood is pleased to partner with the city of Madison and the Madison Plaza Group to bring much-needed housing to Madison, in conjunction with the development of a vibrant retail area,” said Winterwood President and CEO Mike Hynes.

The project will be completed, generally, in three phases. The first phase is the development of the shopping center, which will make available between four and six retail spaces. Phase two is the development of housing units and the out-lot, which will eventually serve as restaurant space. Phase three is the development of additional retail space.

Other key features of the project include:

• Improved bike and pedestrian access
• Park amenities for the community at large
• Improvements to Michigan Road at Clifty Drive, leading to the Miles Ridge Neighborhood
• Gateway Improvements at Clifty Drive and Michigan Road
• A traffic light at Crestwood Drive, with the expansion of Crestwood to the East
• A storm water retention basin, to ensure there are no adverse impacts on Crooked Creek watershed

“Madison has been long underserved in quality national and regional retail, and this project shows the demand exists. The city’s investment will continue to improve the quality-of-life amenities within the community and will build upon Madison being a regional draw,” said Economic Development Director Tony Steinhardt, III.  

Phase one is expected to be completed by spring 2023.