New Retail, Residential Units Planned For Indy

Press Release

Indianapolis, Ind. -- The Center Township Advisory Board last night unanimously approved a bid to lease, with an option to purchase, the former YMCA facility located at 860 W. 10th Street. The bid by Fall Creek Housing Partners, LLC, an affiliate of the Buckingham Companies, includes plans for a multi-use building creating new retail, fitness areas and 210 residential units for the historic location.

"We expect this project will be very beneficial to the residents of Center Township and surrounding neighborhoods," stated William Douglas, Center Township Trustee of Marion County, Ind. "We recognize the historical and cultural significance of the area and have an appreciation for what this neighborhood represents to Indianapolis and took that into account in the bidding process."

"We anticipate this project will further enhance the economic development opportunities in the neighborhood," stated Andrew Klineman, Senior Legal Counsel, Buckingham Companies. "Buckingham's vision for this location will help create a north gateway into the district that will reflect the unique historical footprint of the area and combine the modern conveniences required by residents working, shopping and living in the city."

An appraisal as part of the bid process determined the fair market rental value of the property was a lease payment of $183,425 per year. The request for proposal suggested a minimum annual rent of $210,250. Buckingham has agreed to pay $225,000 per year in rent.

Buckingham has also agreed to a minimum purchase price of $3.3 million if it exercises its purchase option at the end of five years. The property appraised for $2.53 million.

As part of the project, Buckingham has agreed to an MBE participation goal of 20 percent in the construction and has committed to a 10 percent goal for WBE contractors. Buckingham has also committed to provide a college scholarship fund of $15,000 per year for 20 years to Crispus Attucks high school over and above its rent payments.

The site is a short walk to the primary campus of IUPUI. Buckingham recently developed two very similar projects at the University of Notre Dame in South Bend, Ind. and the University of Kentucky in Lexington, Ky.

Van Rooy Properties also submitted a response to Center Township's request for proposal.

"We were fortunate to receive competitive bids from two good companies that have experience in development and apartment management," stated Douglas. "We look forward to exciting changes to our landscape in 2010."

Source: Center Township Advisory Board