City OKs Incentives for Downtown Indy Project

(WISH-TV Photo)

The Indianapolis City-County Council has approved nearly $10 million in incentives toward a major mixed-use development in the city’s downtown. The 13-story project from Denver-based Charles Street Investment Partners will include 213 apartment units, as well as more than 27,000 square feet of retail and office space.

The council voted 20-5 to approve a 25-year economic development tax increment revenue bond totaling $9.8 million for the project. As part of the proposal, 80% of the TIF funds generated by the project will be used to repay the bond, with the remainder going to the city.

The building will be constructed at 421 N. Pennsylvania Street near the Indiana War Memorial. The project will also include more than 200 garage parking spaces.