Greenwood Breaks Ground on $83 million Redevelopment of Former Middle School Property
Construction begins on The Madison, a multi-year development on the 19-acre property
This morning, Greenwood Mayor Mark W. Myers, along with City Council members and community members broke ground on the $83 million redevelopment of the former Greenwood Middle School site. The event marked the official start of construction for a multi-use development called “The Madison.”
“Today we take a major step forward in building the Greenwood of tomorrow,” said Mayor Myers. “It is important that we have a revitalized, vibrant and connected core that brings people and businesses together. We compete every day to attract employers, employees and families to Greenwood. Our reimagined downtown will not only help us compete, but it will help us attract more business and residents.”
“Creating quality projects, like The Madison, only happens when we work together toward a common goal,” said Ezra Hill, Council Member. “We have a vision and our partners at CRG Residential, and Great Lakes Capital are helping us turn it into reality for the benefit of our residents and the Greenwood of tomorrow.”
Plans for the redevelopment of this site began in 2013. Greenwood released a formal master plan for the property in late 2019. As part of the total investment, the city is investing $15 million in street and site improvements along with the construction of 300+ space parking garage, $68 million in private investment will go toward a combination of residential units, with a mixture of condominiums, townhomes and apartments, and 18,000 square feet of commercial space across seven new structures.
“Collaborating with Mayor Myers’ administration has truly been an outstanding experience,” said Clay Scheetz, Managing Director and Principal at Great Lakes Capital. “Following the city’s strong economic development activity and growth throughout the years, we are confident in our decision to invest in Greenwood. The Madison will add a new element to the downtown landscape and create a community within a community, a place where residents and visitors will be able live, work, play and enjoy for years to come.”
Last month, the city closed on the agreement with CRG Residential and Great Lakes Capital, and bonds to fund the project have been approved by the Greenwood Common Council. The project is expected to add $1 million in annual tax revenue and will have no impact on the city’s General Fund.
The downtown revitalization plan also includes the construction of the Greenwood Fieldhouse. This public amenity will anchor redevelopment and is currently slated to open in 2022. The Fieldhouse will include an elevated indoor running and walking track, two multi-purpose turf fields – which can be used for soccer, lacrosse and several other sports – basketball/volleyball courts, several indoor pickleball courts.
In addition, redevelopment efforts include alley improvements, the completion of the Madison Avenue and Smith Valley Road roundabout, streetscape updates on N. Madison Avenue and Main Street, Amphitheater Park upgrades and trail additions.
For more information on the downtown revitalization plans, please visit the Greenwood website.