A new apartment and retail complex along the canal has won a 10-year tax abatement worth $2.7 million. 
The 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?
The 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 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.
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.
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.....
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.