updated: 9/27/2010 10:20:05 AM
Plans have been unveiled for a $150 million mixed-use development in downtown Indianapolis. The project will include a hotel, 320 apartments, 40,000 square-feet of restaurants and retail space and possibly a new YMCA. The initiative is a public-private partnership involving the city of Indianapolis, State of Indiana, Eli Lilly and Co. (NYSE: LLY) and Buckingham Companies. Indianapolis
Source: Inside INdiana Business
Mayor Greg Ballard says the "North of South" development will include 2,400 temporary and permanent jobs. A study by London Witte & Company anticipates the overall economic impact to be $350 million in income generation and consumer spending. The city plans to use funds from a Tax Increment Financing district for the project, pending approval from the City-County Council.
Source: Buckingham Companies.
September 27, 2010
INDIANAPOLIS—Buckingham Companies is moving forward with a new downtown, mixed-use community – a transformative development featuring a world-class business hotel, 320 high-end apartments, 40,000 square feet of restaurants and retail shops, and a proposed new flagship, state-of-the-art YMCA.
The $150 million project is a part of a public-private partnership, which includes the City of Indianapolis, State of Indiana and Eli Lilly and Company.
“The economic impact of this project, including 2,400 temporary and permanent jobs, will create a positive boost for downtown and for all of Marion County,” Indianapolis Mayor Greg Ballard said. “North of South promises to serve as a much-needed link between neighborhoods and businesses on the city’s Near-Southside and the core of downtown. Improved connectivity coupled with strategically-planned business and residential amenities, as well as a mix of sustainability and fitness components, gives this project immense potential.”
The project is sited on a former parking lot north of South Street between Delaware Street and Virginia Avenue, close to several major Indianapolis employers, including Eli Lilly and Company, Indiana Farm Bureau and WellPoint Inc. Confirmed tenants include Dolce Hotels and Resorts, a global operator of high-end hotels, resorts and conference centers directed toward a business audience; and the YMCA, which is planning its second downtown location.
An initial study of the development’s anticipated economic impact paints a bright picture,
starting with an anticipated $350 million in income generation and consumer spending. According to studies, Indianapolis alone is estimated to receive annual revenues close to $1.7 million, and when combined with County and State revenues, the total tops $5 million annually as a direct result of the development. Additionally, the project is expected to create more than 2,400 temporary and permanent jobs.
Buckingham Companies is one of the largest multifamily and mixed-use developer/owners in the Midwest. The company has been working with project stakeholders for two years, carefully designing a project which will successfully link this underserved area to the central business district.
“North of South has the potential to transform this area of downtown, providing a host of benefits for both the public and private sectors,” said Brad Chambers, president and CEO of Buckingham. “Its innovative, urban design represents the best in mixed-use, livable communities, and is an exciting opportunity for our company and for the community.”
Buckingham and the City of Indianapolis have identified a financing strategy for the project, pending approval by the City-County Council. The approval process is expected to be completed by the end of the year. Buckingham anticipates delivery of the first building components in late 2011.
“This project is an important step in the continued development of our city’s core, creating a vibrant new quadrant of our downtown,” said John C. Lechleiter, chairman, president and CEO, Eli Lilly and Company. “This welcome development will benefit Eli Lilly and Company in many ways, helping us to attract and retain employees by providing amenities such as housing, retail stores and a fitness facility. More broadly, the project will provide an important connection to the center of Indianapolis for many of the city’s largest employers, including Lilly, WellPoint, and Farm Bureau Insurance."
Eli Lilly and Company, as the owner of the land, has minimal direct financial interest in the project and has no role in the financing arrangements being discussed.
The YMCA contemplated for North of South is expected to be a state-of-the-art facility and will allow the organization to expand program offerings that are presently not available at its current downtown facility.
“We are grateful that these partners chose the YMCA for such an exciting project,” said Eric Ellsworth, President/CEO, YMCA of Greater Indianapolis. “The YMCA is committed to the core of the City of Indianapolis and our city agenda includes new YMCA facilities in Pike Township and now the heart of downtown, as well as other areas of the city. Our aim is to help make Indianapolis one of the top 10 healthiest cities in America and this project will be key to accomplishing this goal. We also remain committed to the YMCA at the Athenaeum, which is currently being renovated to meet the needs of our members in the downtown community,” added Ellsworth.
About Buckingham Companies
Founded in 1984, Buckingham is a full service, fully integrated, real estate platform consisting of property/asset management, development, investment, construction, and real estate private equity based in Indianapolis, Indiana.
Buckingham focuses on the acquisition, renovation and asset management of multifamily and mixed-use communities with a consistent focus on adding value. Buckingham currently manages approximately $900 million of real estate assets for its own account and for third-party owners, institutions and investment partners. More than 100 properties totaling greater than 17,000 units located throughout the Midwest comprise the aggregate portfolio.
Source: Buckingham Companies