Developer Seeks Breaks on $38M ProposalPosted: Updated:
An Indianapolis-based commercial real estate development company is seeking preliminary tax abatement approval on a plan that could lead to 200 jobs over the next five years in Indianapolis. PK Partners LLC is looking to invest nearly $40 million into the project. Plans include a 125-room hotel, apartments and an office building the developer says could be the future headquarters of the Indianapolis-based Gene B. Glick Co. It also includes a 300-space parking garage.
In a request to the city, PK Partners says the nearly 15-acre development would be located along River Crossing Boulevard on the city's north side in an area that currently consists of "underutilized" parking lots.
The request will go Wednesday before the Metropolitan Development Commission.
If it also receives a go-ahead from the city-county council, it could be up for final approval from the commission December 17.
Source: The Department of Metropolitan Development in Indianapolis
December 1, 2014
INDIANAPOLIS, Ind. - PK Partners confirmed today that it is actively negotiating with the Gene B. Glick Company to become a major tenant in the developer's proposed Class A office building at Keystone/River Crossing on the north side of Indianapolis.
PK Partners is finalizing plans for a mixed-use project on land it owns just east of The Fashion Mall at Keystone and north of the Shops at River Crossing. The proposed development includes an office building of around 100,000 square feet, a multi-level parking garage, a 190 unit multi-family residential building and a 125 room hotel.
"If all goes well, Glick will move its headquarters to the new office building in late 2015 or early 2016,” said Wes Podell, vice president of development with PK Partners. “We’re also looking at partnering with Glick on the multi-family residential portion of our development."
Podell says, however, moving forward with the project and Glick depends on several factors, including approval from the Indianapolis-Marion County City-County Council on a property-tax abatement package of approximately $800,000 to $900,000 over six years for the planned office and parking garage. In addition to the commercial buildings the new development will bring to the site, PK Partners also plans to invest at least $500,000 in infrastructure improvements. The improvements are aimed at promoting quality of place and are likely to include streetscape enhancements, including road, sidewalk and trail upgrades, as well as new landscaping, hardscaping, and utility improvements.
PK Partners estimates that at least 300 people will eventually work in its new office building, which could translate to more than $15 million in annual salaries. Glick’s workforce could account for about one third of those figures. Podell said while no lease agreement has been signed, negotiations are progressing and discussions are encouraging. PK Partners submitted its tax abatement application in October and is working with the executive and legislative offices of the City of Indianapolis to finalize the abatement approval schedule.
The Gene B. Glick Company is one of the largest privately-held real estate management and development firms in the United States. It owns and manages more than 20,000 apartment units in 10 states throughout the Midwest and the Eastern U.S., and operates and invests in a number of real estate and related businesses.
PK Partners is a privately-held real estate development and investment company focused on developing, owning and operating first class retail, office and mixed-use properties. PK Partners and its affiliates own or manage assets totaling over 550,000 square feet, consisting of shopping centers, office buildings and mixed-use properties in the Indianapolis-area.