ANDERSON — An Indianapolis investment company has decided to step in at the last possible moment to save the iconic Wigwam athletic complex in Anderson.
BWI LLC, which stands for Black and White Investments, and Pinebrook Properties started showing an interest in saving the Wigwam gymnasium and finding an alternative use for the remainder of the complex when Wigwam Sports and Entertainment backed out at the last minute.
“A big part of it was the history of the Wigwam across the state,” said Gary Hobbs, president of BWI. “That was just one component. We’re excited about the possibilities.”
BWI has been successful in developing several multi-family housing projects in Indiana using specialized financing, including state tax credits and federal funds. The firm has developed senior housing in the Devington area of northeast Indianapolis and turned a candy factory into a mixed-use building near the Indiana State Fairgrounds, among other projects.
“We saw an opportunity to convert at least a portion of the building into housing,” Hobbs said. “That helps offset some of the operating expenses of the Wigwam itself. We always thought it could be done.”
A key component of the financing picture for the Wigwam is an Anderson Community Schools board decision to provide $630,000 to private developers for needed repairs to the building. ACS was looking at a cost of $500,000 to $700,000 to demolish the Wigwam and BWI asked for a commitment of funds.
“That is a very important part to the overall success,” Hobbs said. “It’s the first step in making the necessary improvements and provides some benefit to the community.”
Hobbs said BWI pledged to ACS that the Wigwam will never be demolished.
“Our intent and desire is to return the Wigwam to a valuable use,” he said. “The Wigwam is the centerpiece of the entire development.”
Hobbs believes the gym complex could be utilized as a regional community center. He envisions the Wigwam being used for volleyball, boxing and ice skating.
“We see it in an all-sport context, not just basketball,” he said. “We’re in discussions with some other groups to operate the gym portion of the building.”
BWI expects to invest up to $20 million into the project with most of that cost going into the conversion of the two-story educational wing for 60 two- and four-bedroom units.
“We have a theme for every project,” Hobbs said. “The overall concept is health and wellness. The tenants will have access to the sports complex to promote healthy living.”
Hobbs said the challenge for the project is how to use the vocational education classroom space in the complex.
“We’ve had some discussions with Ivy Tech and Vincennes University,” he said. “Right now we’re exploring some opportunities.”
Hobbs said the vocational area might have to be demolished, followed by new construction to meet the needs of the proposal for the area.