INDIANAPOLIS - On the southwest corner of Washington Street and Post Road is hundreds of thousands dollars in investment to transform a former flea market into a shopping center of the future.
"It frustrated me how a lot of young entrepreneurs really seemed to be struggling to find retail space. Because when you didn't find retail space if they were willing to take you seriously it was $3 a square foot and then when you turned on your utilities you had a $1,500 bill just to start, plus your water and utilities and the whole thing multiplied," Caleb Paddack said.
Those are problems business owners won't have when they rent space at the newly created 'W Street Shopping Center.' Caleb Paddack, is the owner, project manager, building designer, and even janitor. He and a small crew of helpers have reconstructed the longtime-flea market into 20,000 sq. ft of retail space.
Several stores in the 'W Street Shopping Center' are already open for business, while the construction process wraps up. The owners say there are still accepting tenants for the few remaining locations before an official grand opening in early 2020.
"To be able to move in all they need is first and last month's rent. Like I said for some spots you're talking about being able to get in your own retail space for 5,6,700 dollars total," Paddack said.
The 29 unit shopping center carries a monthly rent with eye-catching prices, with $1 per square foot and monthly utilities are included. Its proving opportunity for the CBD store, collectible shop, photography studio and canvas paint studio that have already moved in. Danielle Terrell owns the 'Decor by Dannie' studio and says before moving into 'W Street Shopping Center' she considered moving into nearby Washington Square Mall, but the prices were unaffordable. Without a physical store, it's hard for her business to survive.
"For one a lot of people would ask do a have a location, and then I'd tell them no so they'd have to find a rent a location to have a party at. Now that I have a location they don't have to rent anywhere, they can just come here and have a party."
Now, Paddack is ready to pump life into a side of Indianapolis that he says has needed love for a long time.
"I really feel privileged to be part of that next step of the legacy of the building an of the east side," Paddack said.
W Street Shopping Center is located at 8949 E Washington St, Indianapolis, IN 46219.