New City Development
New City Development is a privately held Indianapolis-based commercial real estate firm developing mixed-use, office, and adaptive-reuse projects for institutional and private investors, with a $200M pipeline and $50M in assets under management.
- Company typePrivate
- Founded2019
- HeadquartersIndianapolis, United States
- Headcount1–10
- GTM typeB2B
- OfferingServices
What New City Development does
New City Development is a privately held commercial real estate development firm headquartered in Indianapolis, Indiana, founded in 2019 and operating with 1–10 employees. The firm positions itself as an experience-driven developer that places people at the center of design, executing mixed-use, office, and adaptive-reuse projects primarily in the Indianapolis metropolitan area and Hendricks County. Its current portfolio is anchored by three assets: Hobbs Station, a $300 million, 125-acre master-planned mixed-use community in Plainfield, Indiana; 2955 N Meridian Street, a 190,000 square foot stabilized office building in Indianapolis Midtown; and Polk Stables, a historic building revitalization project at 16th Street and the Monon Trail.
The firm's business model combines three revenue streams: one-time developer fees on real estate development projects (carried at approximately $200M in pipeline), recurring property management fees from stabilized assets, and recurring asset management fees against approximately $50M in assets under management. New City Development serves two end markets: institutional and high-net-worth private investors (accessed through a dedicated investor portal) and end-user tenants including community anchor institutions, non-profits, healthcare providers, and industrial/logistics occupiers. Pricing is project-specific and quote-based with no publicly disclosed rates.
Execution is delivered through a capital-light partner model rather than vertical integration: homebuilders (Pulte Homes, Pyatt Homes) deliver residential units at Hobbs Station, HSA Commercial delivers the industrial component, Formation Properties co-develops the project, and Shiel Sexton serves as general contractor. Leadership is founder-led by Isaac Bamgbose (President & CEO), whose prior role at Hendricks Commercial Properties included execution of the award-winning Bottleworks District. The firm reports no institutional or private equity backing and is operated with a lean internal team supplemented by an established partner ecosystem.
New City Development firmographics
Firmographics- Name
- New City Development
- Legal name
- New City Development
- Website
- https://ncdpartners.com
- Company type
- Private
- Founded year
- 2019
- Operating status
- Operating
- Headcount range
- 1–10 employees
- Short description
- New City Development is a privately held Indianapolis-based commercial real estate firm developing mixed-use, office, and adaptive-reuse projects for institutional and private investors, with a $200M pipeline and $50M in assets under management.
- Ownership category
- akta.pro rank
New City Development industry classification
Industry- Product category
- Commercial Real Estate Development
- NAICS
- Land Subdivision (23721), New Housing For-Sale Builders (236117), Commercial and Institutional Building Construction (23622), Residential Remodelers (236118)
- SIC
- Operative Builders (1531), Land Subdividers & Developers (No Cemeteries) (6552)
- akta.pro primary industry
- Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)
- akta.pro secondary industries
- Renovation, Remodeling & Tenant Improvements (General Contracting) (IMAFAAAE), Residential General Contracting (New Build) (IMAFAAAB)
Keywords
Where New City Development is headquartered
LocationHeadquarters
- HQ city
- Indianapolis
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
New City Development business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Supply Chain, Personnel, Operations, Marketing or Sales, Infrastructure
Revenue model
- Real Estate Development: New City Development generates revenue through developing commercial and mixed-use real estate projects. The company acquires properties, develops them into mixed-use communities, and sells or retains ownership of completed projects.
- Property Management: The company manages commercial properties including office buildings and mixed-use developments, generating ongoing management fees and maintaining tenant relationships.
- Asset Management: With $50M in assets under management, the firm likely earns fees based on AUM for managing investor portfolios and real estate assets.
Go-to-market motion2 records
Distribution channels4 records
Marketing channels4 records
New City Development product offering
Product offeringCore offering
New City Development is a commercial real estate firm that specializes in experience-driven, people-centered real estate development. The company acquires, develops, and manages mixed-use and commercial properties—most notably Hobbs Station (a $300 million, 125-acre master-planned community in Plainfield, IN), 2955 N Meridian Street (a 190,000 SF office building in Indianapolis), and Polk Stables (a historic revitalization project)—offering end-to-end development, property management, and asset management services to institutional and private investors.
Product overview
New City Development is a commercial real estate development firm that specializes in experience-driven development placing people at the center of design. The company operates three primary development projects: Hobbs Station (a $300 million mixed-use master planned community in Plainfield, IN), 2955 N Meridian Street (a 190,000 SF office building in Indianapolis), and Polk Stables (a historic building revitalization project for community and hospitality uses in Indianapolis). The company manages approximately $200 million in development pipeline and $50 million in assets under management, with over 50 years of combined experience among its team members.
Differentiator
Problem solved
Functional benefit
Products and services
- Hobbs Station A 125-acre mixed-use master-planned community in Plainfield, Indiana that pays homage to the Hobbs family legacy of community investment. The project includes up to 240 single-family homes, 650 apartment units, 90 senior housing units, 70,000 square feet of commercial space, 500,000+ square feet of industrial/logistics space, and 200,000 square feet of office space, targeting a multigenerational community combining living, working, retail, and logistics uses.
- 2955 N Meridian Street A 190,000 square-foot stabilized office building on nearly nine acres in the Indianapolis Midtown submarket, immediately kitty-corner from the Children's Museum and adjacent to the IndyGo Red Line rapid transit system. The property serves a tenant roster of community anchor institutions and non-profits including MD Wise Inc., United Way of Central Indiana, United Health Group, and Starfish.
- Polk Stables
Quantifiable outcome
- Bottleworks District made Time magazine's list of World's Greatest Places in 2021 - first for Indianapolis
- +1 more outcomes
Companies that use New City Development
Customer profileNamed customers4 records
Segments4 records
Ideal customer profiles3 records
New City Development technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
New City Development partnerships and signals
Strategic signalPartnerships
Six partnerships are on record, tiered core, major and minor.
- Formation PropertiescoreFormation Properties is the primary development partner for the Hobbs Station project. Formation Properties Partner Wes Podell leads the logistics component (Terminus at Hobbs Station), providing modern logistics and light industrial space on the eastern end of the development. The partnership combines New City Development's community-focused development approach with Formation Properties' industrial expertise.
- Shiel Sexton Cos.coreShiel Sexton Cos. serves as the general contractor for the Hobbs Station mixed-use development project in Plainfield, Indiana.
- HSA CommercialmajorHSA Commercial is building two industrial buildings totaling nearly 500,000 square feet at Hobbs Station as part of the Terminus at Hobbs Station logistics component.
- Pulte HomesmajorPulte Homes, a subsidiary of PulteGroup Inc. (NYSE: PHM), serves as the homebuilder partner for single-family homes at Hobbs Station. The partnership is constructing 98 single-family homes in Phase I with potential for up to 240 homes at full buildout.
- Pyatt HomesminorPyatt Homes partners with New City Development to build single-family homes at the Hobbs Station development, complementing Pulte Homes' efforts.
- IndyGo Red LineminorThe 2955 N Meridian Street property benefits from immediate access to the new IndyGo Red Line rapid public transit system, enhancing the property's appeal to tenants and positioning it within the broader transit-oriented development ecosystem.
Scale indicators7 records
Recent moves6 records
Expansion highlights5 records
New City Development competitors and assessment
Company assessmentBroad incumbents
- Hendricks Commercial Properties: Indianapolis-based real estate development firm and the founder's prior employer. Directly comparable as a full-service Midwest commercial developer executing mixed-use, office, and industrial projects at materially larger scale.
- Kite Realty Group: Indianapolis-headquartered retail-focused REIT. Overlaps in Indianapolis commercial real estate expertise and tenant relationships, though it operates as a publicly traded REIT rather than a private developer.
- Scannell Properties: Indianapolis-headquartered national industrial developer. Comparable in industrial/logistics development expertise relevant to Hobbs Station's 500K+ sq ft Terminus component.
Direct peers
- Buckingham Companies: Indianapolis-based real estate developer specializing in mixed-use, multifamily, and commercial projects. Comparable in geography, project type (mixed-use communities), and investor base.
- Browning Investments: Indianapolis-based real estate developer with deep local roots executing mixed-use, office, and multifamily developments. Comparable in market focus, investor model, and project scale.
- Flaherty & Collins Properties: Indianapolis-based developer specializing in multifamily and mixed-use developments. Comparable in target market (Midwest metros), product mix (multifamily + retail components), and development scale.
- Annex Group: Indianapolis-based real estate developer focused on multifamily and student housing with mixed-use elements. Comparable as a regionally anchored developer pursuing institutional capital in the Midwest.
- Coral Capital Partners: Indianapolis-based private real estate investment and development firm. Comparable as a smaller-scale Indianapolis developer pursuing mixed-use and value-add projects with private capital.
Regional players
- Heritage Group: Indianapolis-based real estate investment and development firm. Comparable as a Midwest private real estate firm pursuing mixed-use and commercial developments with institutional capital partners.
Emerging players
- Cityscape Residential: Indianapolis-based multifamily and mixed-use developer with a similar community-focused placemaking philosophy. Comparable in product type (multifamily + retail) and Indianapolis market focus.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks5 records
Key highlights5 records
Customer concentration
New City Development social profiles
Digital presenceNew City Development financial estimates
Financial estimateRevenue estimate
Valuation estimate
New City Development leadership team
Management profileNumber of profiles
Profiles8 records
New City Development funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
New City Development M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about New City Development
What does New City Development do?
New City Development is a commercial real estate firm that specializes in experience-driven, people-centered real estate development. The company acquires, develops, and manages mixed-use and commercial properties—most notably Hobbs Station (a $300 million, 125-acre master-planned community in Plainfield, IN), 2955 N Meridian Street (a 190,000 SF office building in Indianapolis), and Polk Stables (a historic revitalization project)—offering end-to-end development, property management, and asset management services to institutional and private investors.
Is New City Development a public or private company?
New City Development is a private company. It is classified as founder individual operated bootstrapped and is currently operating.
When was New City Development founded?
New City Development was founded in 2019. It employs 1 to 10 people.
Where is New City Development based?
New City Development is headquartered in Indianapolis, United States, in the North America region.
How does New City Development make money?
Three revenue lines are on record. Real Estate Development is the primary driver. The others are property Management and asset Management.
Who are New City Development's main competitors?
Broad incumbents on record are Hendricks Commercial Properties, Kite Realty Group and Scannell Properties. Direct peers are Buckingham Companies, Browning Investments, Flaherty & Collins Properties, Annex Group and Coral Capital Partners. Heritage Group is listed as a regional player. Cityscape Residential is listed as an emerging player.
Does New City Development have an API?
No public API is recorded for New City Development.
What industry is New City Development in?
New City Development's product category is Commercial Real Estate Development. Its primary akta.pro industry code is IMAFABAL, Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities), with a secondary code of IMAFAAAE, Renovation, Remodeling & Tenant Improvements (General Contracting). Its NAICS code is 23721 and its SIC code is 1531.