National markets real estate investor, Terry Tallen and local partners operating as Tallen Irvington Plaza, LLC (TIP) finalized the purchase of Irvington Plaza, on February 3, 2026, for an undisclosed price.
INDIANAPOLIS, Feb. 6, 2026 /PRNewswire-PRWeb/ -- National markets real estate investor, Terry Tallen and local partners operating as Tallen Irvington Plaza, LLC (TIP) finalized the purchase of Irvington Plaza, on February 3, 2026, for an undisclosed price. Led by Tallen Capital Partners Chief Executive, Terry Tallen and his highly respected national markets commercial real estate firm, TIP is launching an extensive, multi-year renovation of this substantial 15.75-acre commercial and residential zoned site to create a beautiful, welcoming mixed-use community oasis, with much-needed housing, a modern grocery store, innovative restaurants and more.
"We are excited to be big part Irvington's dynamic future, an Indianapolis community where many of us have envisioned a much brighter future," said Terry Tallen. "The opportunities to enrich and revitalize the community with a vibrant mixed-use retail and residential project appear to be significant. The location has exceptionally strong fundamentals and is a strategic location for a highly anticipated modern grocer, a full-service pharmacy, compelling retail uses, destination restaurants, popular health and wellness uses and of course much sought-after housing."
Over the past three and a half years, TIP has listened to the local community, held town hall meetings, engaged the Department of Metropolitan Development, met with city and state leadership, toured the site and market with top local leaders, key retailers and residential developers to ascertain their hopes and dreams for this strategically located redevelopment site. To date, at the behest of the local community, TIP has terminated the contract with the site's pawn shop, demolished and cleaned up the former Marsh grocery store site, destroyed by a devastating February 2025 fire, and has already submitted residential and redevelopment funding requests and applications to the City of Indianapolis Affordable Housing Intake Form.
It is also exploring a partnership with a popular regional grocery chain to eliminate this area's food desert and make the venue a popular, everyday destination venue for locals and visitors alike. Tallen's negotiations with city and federal officials have produced a commitment to bring the IndyGo Blue Line to the Plaza in early 2027, making it easy and inexpensive for the community to traverse to and from the Plaza. The project is projected to include up to 250-500 new residences and up to 80,000 square feet of retail and commercial space including high visibility restaurant pads located on East Washington Street. Ninety-five percent of the existing building will be immediately demolished once the municipal funding is in place.
Tallen's team worked in harmony with the Indianapolis Department of Metropolitan Development and top land use counsel, Joe Calderon of Barnes & Thornburg, LLP, who rezoned the southern-most seven acres to Mixed Use (HU-2) status allowing for vital high density residential housing among other amenities. "Our plans for the housing portion of the redevelopment are still under evaluation," said Tallen. "Subject to obtaining the required municipal funding, we're committed to adding beautiful, market-rate apartments that will enhance the community, highlight the Plaza's walkability and the showcase the area's beautiful architecture and the adjacent historic Pennsy Trail."
"We have unlocked significant value by achieving numerous important zoning milestones during our extended due diligence process. We believe the site is poised for success subject to robust city cooperation so that we can procure important city funding to supplement the current in-place Irvington/Brookville TIF Zone funding to allow for residential development on the site," says Tallen.
"It's been a pleasure getting to know Terry Tallen and his team at Tallen Capital Partners over the past two years. I believe he is sincerely committed to a quality development that would provide long-term benefits to Irvington, the east side of our city, and Indianapolis as a whole," said Andy Nielsen City-County Councilor – District 14, which includes the neighborhood of Irvington and Irvington Plaza. "Mr. Tallen has consistently engaged with me and other Irvington leaders to ensure the development has neighborhood input and reflects the community's vision for this location as well."
Built in 1952, the 156,000-square-foot Irvington Plaza served as the neighborhood's primary retail hub for many decades. However, it has been on the decline since the 1980s, and in May 2017 lost its 32,000-square-foot Marsh supermarket among other vacancies and slowly became a dangerous blight on the community.
"For at least the last 15 years I have seen Irvington Plaza as a prominent site in an improving submarket that would someday be redeveloped into something much better. Although it might not happen quickly, we hope to make some near-term improvements and stay positioned for a more exciting redevelopment when the time is right," says veteran Indianapolis-based real estate industry executive and Irvington Plaza investor, Tom Peck.
This investment is a phenomenal, heartfelt homecoming of sorts for Terry Tallen. Tallen was a star defensive player for Indiana University's Hoosiers, playing under acclaimed ESPN Broadcaster and legendary Coach Lee Corso, as a two-time football team captain, three-year football letterman, middle linebacker. Terry Tallen and former Big Ten MVP and roommate, Tim Clifford, were Hoosier's co-captains in 1979 and 1980 when the 15th nationally ranked Hoosiers won the 1979 Holiday Bowl, IU's first bowl victory. The highly respected real estate developer, investor and leader in athletics, commerce and philanthropy committed a two million dollar donation, the largest gift ever provided to IU by a former football player, to the IU Bicentennial Campaign for Athletics to fund the renovation of the new state-of-the-art 25,000 square foot football team complex bearing his name at Merchant's Bank Field at Memorial Stadium.
The Terry Tallen Indiana Football Complex opened in 2018 and is considered one of the United States' finest Division-1 major college comprehensive locker room and state of the art football facilities. Terry also funds an annual scholarship program, the Terry Tallen Indiana Football Leadership Scholarship, to a deserving Hoosier football team captain enrolled at IU's Kelley Business School, of which Terry is an alumnus. Most recently, IU All American middle linebacker and national champion, Aiden Fisher was the recipient of the prestigious 2025 award.
Tallen Capital Partners
In 2001, Terrence Tallen founded Tallen Capital Partners, LLC and remains the company's Chairman and Chief Executive Officer. Tallen Capital Partners is a privately held, vertically integrated retail and mixed-use real estate investment and development organization with offices in San Diego, San Francisco Bay Area and Indianapolis. Prior to forming the Tallen Family of Companies, he served as a principal or senior executive with several large public REITs and private real estate investment organizations, directing the redevelopment, entitlements and leasing of more than 400 retail properties comprising 40,000,000 sq. ft. of GLA. Terry and his partners recently completed a similar project with the redevelopment of the historic Rossmoor Shopping Center in Walnut Creek, CA. Other major renovation projects include the development of the remaining portion of his Marina Landing mixed-use project on the historic Monterey Peninsula along with numerous new projects in the pipeline. The company is currently evaluating investment, acquisition and joint venture opportunities on the West Coast and in the Mid-Western US.
Media Contact
Terry Tallen, Tallen Capital Partners, 1 415-286-0712, [email protected], https://tallencapital.com/contact/
Terry Tallen, Tallen Capital Partners, [email protected], https://tallencapital.com/
SOURCE Tallen Capital Partners
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