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

First stage of $85M downtown project up for approval

May 22, 2012

The first stage of a major $85 million downtown project anchored by a Marsh grocery store is up for consideration by the city on Thursday.

Indianapolis’ Regional Center Hearing Examiner is set to hear a request by local developer Flaherty & Collins Properties to build a five-story parking garage at the northwest corner of New York and Illinois streets.

The project, announced in January, calls for 487 apartments, the Marsh grocery store, the parking garage and additional retail space on properties bounded by Michigan Street, Capitol Avenue, Vermont Street and Indiana Avenue.

Overall, the project would replace a block and a half of surface parking lots owned by locally based OneAmerica Financial Partners Inc., which uses them for employee parking.

To make way for the development—dubbed “Block 400”—the city would foot the roughly $13 million cost of building the 1,020-space parking garage for OneAmerica.

The garage, however, could be as large as six stories and 1,234 spaces, according to documents submitted to the city by Flaherty.

The parking structure would resemble the nearby OneAmerica Tower to the south and would be constructed of similar building materials, the developer’s plans said.

The garage would include a skywalk across New York Street to the tower and would be operated by OneAmerica.

The Marsh store would be built at the southwest corner of Michigan and Capitol . Also included in the project are two mixed-use buildings.

The project’s $85 million cost includes the city’s contribution from tax-increment financing district revenue.

Because the site is within the Regional Center overlay district, the project needs to comply with Regional Center Urban Design guidelines and requires initial approval by the city’s hearing examiner.

The project ultimately would need approval by the city’s Metropolitan Development Commission. MDC staff recommends approval of the parking garage as long as the developer satisfies a few conditions.

Before the Thursday hearing, staff said Flaherty needs to submit lighting and landscaping plans for the exterior of the building, and a plan for bicycle parking.
 
A ground breaking is scheduled for the summer.
 

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