Commercial Real Estate and Mixed-Use and Proposals and Urban development and Retail Development and Development/Redevelopment and Real estate deals and Real Estate & Retail

Proposed development near Lilly campus could include hotel

June 8, 2010

Buckingham Cos. is exploring plans to build a mixed-use development that could include a hotel and conference center next to the downtown headquarters of Eli Lilly and Co.

The Indianapolis-based developer said it is discussing with city and Lilly officials its proposal for apartments, retail shops and office space, as well as the potential for a hotel.

Buckingham spokeswoman Christina Felts said plans for the project are in their early stages and do not include any details about the hotel. Felts declined to divulge the projected cost of the project.

The development would be built on a 10-acre property that encompasses a parking lot bordered by South, Delaware and Alabama streets that the drug maker wants to sell to the developer.

In a prepared statement, Buckingham President and CEO Brad Chambers said Lilly supports the project and views it as an opportunity to benefit the city, and to make more amenities available to employees and visitors.

"Our discussions with Eli Lilly, the property owner, and the city of Indianapolis are progressing well, and we hope to finalize a deal in the not-too-distant future," Chambers said.

In January, Buckingham won the right to redevelop a two-acre property at 860 W. 10th St. near the IUPUI campus.

The developer plans to tear down the former YMCA branch and replace it with a $20.5 million mixed-use project featuring retail space, a fitness center and 210 apartment units.
 

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