Canal complex wins city incentives

June 26, 2007
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A new apartment and retail complex along the canal has won a 10-year tax abatement worth $2.7 million. Flaherty projectThe Cosmopolitan on the Canal project, by locally based Flaherty & Collins Properties, is slated to include 218 apartment units, 18,000 square feet of retail space and a 338-space parking garage. The $33 million project would be bordered by the canal, Senate Avenue, Michigan Street and North Street. Although downtown apartment occupancy is near 100 percent, city officials say incentives are justified because the project includes canal-level retail, public restrooms and 30 parking spaces dedicated to canal users. Do you agree?
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  • On the one hand, it's an abatement on a property that's vacant and generating very little tax revenue right now, so the city isn't losing much. It's not like the city is putting tax dollars INTO the project.

    On the other hand, would the absence of an abatement be deal killer for F&C? Unlikely.

    Public parking spaces, canal-level retail and public restrooms were part of the development when announced. Why is the city giving an abatement and citing existing details?

    If this is any way improves the project or gets it moving faster, I'm suppose I'm for it, but this abatement certainly looks like a hand-out.
  • looks good
  • Without knowing the details I can't say if it's a 'hand-out' or not. However, this property is begging to be developed, and the Cosmopolitan on the Canal project, by locally based Flaherty & Collins Properties, seems as perfect a fit as anything could be. The fact that the project brings retail and public restrooms to the Canal level is huge. The developers bring a solid history of competence and professionalism, and the downtown apartment market is in much need of new stock.

    I hope the groundbreaking is soon, and that the project gets underway so that we can soon have yet another diamond in the jewel of Downtown Indianapolis.
  • Is this the location and the development where the Kansas City firm proposed building over the canal? Is this the same stretch of land or is that still on the table as well?
  • No, this is a different location. The over-the-canal proposal is still on the table. You can read more about it here: http://216.37.14.55/blog/?p=64
  • There is something else going on other than the 30 parking spaces, retail etc. for a 10-year abatement (which is equivalent to 5 years' savings on a phase-in of taxes over 10 yrs).

    A retail/apartment project on the canal should be big-time successful, unless F&C overpaid for the property. Usually 10-year abatements are reserved for the Lilly type deals, at least in Marion County. I would think the city is largely subsidizing the parking garage, but then they get only 30 spaces????

    Cory, do some digging because the line you're getting fed doesn't add up.....
  • I really like this project and how it brings the Canal into the center of the project. The retail/restaurant space is much needed and hopefully we get some successful restaurants soon. My only complaint is that they should have at least attempted a mid-rise tower of about 10-stories. Flaherty & Collins are doing some terrific tower projects in Charlotte. I see no reason why our 97% occupancy for DT apartments can't sustain a large, 300-unit tower.
  • It looks like a nice building and I'm sure the retail aspect in that part of downtown is welcome.However, if apartment occupancy downtown is so high, WHY are we giving a tax abatement to someone who wants to come into the game? Shouldn't it be a seller's market if the demand is so high?

    Looks like another instance of city government giving away the farm to wealthy developers and continuing to pass the costs on to the individual taxpayers, instead of generating new tax revenue to help fund education and public safety.
  • Great looking project and is my favorite non high-rise project proposed in Indy right now. I would like to know when it is to break ground though? Canal side retail is awesome will do wonders for the canal in the summer in the future!

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