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(photo courtesy of The Stutz Business and Arts Center)
by: Alex Brown, Inside INdiana Business
Posted:
Jan 29, 2021 / 10:59 AM EST
INDIANAPOLIS (Inside INdiana Business) The owner of a historic building in downtown Indianapolis has sold a majority stake in the property, which is getting set for redevelopment. Turner Woodard, who has owned the Stutz Factory since 1992, has reached a deal with New York-based real estate firm SomeraRoad Inc., though financial terms were not disclosed.
The Stutz Factory includes five, four-story buildings connected by bridges. The building was home to the Stutz Motor Car Co., which built automobiles from 1911 to 1935. Eli Lilly and Co. (NYSE: LLY) acquired the building in 1940 for its creative packaging division, which remained until 1982.