City Approves $40M Glendale Development

Posted: Updated:
(rendering courtesy of Kite Realty Group) (rendering courtesy of Kite Realty Group)
INDIANAPOLIS -

City officials voted Wednesday to approve a proposed $40 million, 5.7-acre development near Glendale Town Center.

The Metropolitan Development Commission voted 8-1 to grant zoning petitions for the 267-unit apartment complex, and modify covenants that had prohibited development in the project’s planned location for 50 years.

“We appreciate the support of the neighboring community and the Metropolitan Development Commission, and we look forward to continued collaboration as we develop the next phase of Glendale,” a spokesperson for Indianapolis-based Kite Realty said in an emailed statement to News 8.

Developers plan to construct seven apartment buildings. One would be built in the parking lot west of Rural Street, east of the Glendale Target store; six buildings would be constructed on the east side of Rural Street.

Kite Realty also plans to develop a vacant building in the shopping center that once housed Macy’s into four separate retail areas.

Opponents of the proposed apartment complex and shopping development include residents concerned about its impact on traffic, road safety and neighborhood density.

One shopper questioned why the city appeared to prioritize commercial growth over public amenities. Although he supported local development, he would have preferred a park or playground over apartments and stores, he told News 8.

Colleen Fanning, a City-County Councillor representing portions of Glendale, said the project had her full-fledged support.

“This parking lot [near Rural and 62nd streets] has been under-utilized — really, non-utilized — for longer than I’ve been alive,” she said. “And it’s a huge opportunity to improve property values and stabilize Glendale.”

Redeveloping the space formerly occupied by Macy’s would “make that shopping center thrive again,” Fanning told News 8.

She urged residents with doubts about the development to consider the additional tax revenue that could go toward public financing for various community improvement projects.

“The parks and playgrounds they want; sidewalks, connectivity and fixing intersections; connecting Glendale to Broad Ripple Park and the village,” Fanning said. “All of those things are possible when we do projects like this that increase assessed value.”

Next steps for the development proposal include full council approval of rezoning requests and public financing discussions, she said.

Developers had not yet announced a construction timeline Wednesday night.

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