Mayor Greg Ballard on Monday announced the city’s selection of a developer and operator for a $15 million mixed-use Broad Ripple parking structure planned for the southwest corner of the intersection of Broad Ripple and College avenues.
Indianapolis-based Newpoint Parking, Keystone Construction and Ratio Architects are teaming up with Michigan-based Walker Parking Consultants on the project. Their plan was selected after the city put out a request for proposals in March.
Work on the $15 million project is set to start this summer. (Rendering
courtesy city of Indianapolis)The parking garage will include about 350 parking spaces, with retail space and a police substation on the first floor.
The city will contribute $6.35 million to the project using the upfront payment from the parking meter privatization deal, which must be used to fund infrastructure projects in the downtown, Mass Ave and Broad Ripple areas. The project will not receive a tax abatement and is expected to generate about $350,000 in property taxes per year.
Construction is set to begin this summer and the facility is expected to open by spring or early summer 2012. The site now is home to a Marco's Pizza store and shuttered Marathon gas station.
“Broad Ripple Village has long needed a garage of this magnitude to alleviate parking issues and allow for implementation of a residential parking permit system on neighborhood streets,” Ballard said in a prepared statement. “Visitors to the Broad Ripple area will have a safe, secure, well-lit area to park their cars, while residents and their guests will more easily be able to find on-street parking near their homes.”
Since the request for proposals was made public, interest in the project has been intense, city officials said. Bidders included prominent local developers, including Kite Realty Group and Browning Investments. Another former gas station, the area behind the Vogue nightclub and space near the Riviera building on Westfield Boulebard also were mentioned as possible sites for the parking facility.
“The city of Indianapolis received several proposals for this project and found this proposal offered the best solution to address Broad Ripple Village’s needs for daily and monthly parking,” said City-County Council President Ryan Vaughn, whose district includes Broad Ripple. “We have worked with the Broad Ripple Village Association and other partners over several years to arrive at a plan that offers great retail space that will be an additional amenity for the community.”
Operators will set rates for parking at the garage, but the city said it will have oversight and the ability to cap the rates. A public meeting in late July will allow residents to provide comment on the plans for the garage. Creation of the garage allows for discussion to begin on a residential-permit parking program, which cannot be implemented until the garage is built to provide parking for Broad Ripple visitors.
All revenue from the garage will go to the private operators.
“This high-performance mixed-use structure will transform an eyesore into an asset and stimulate much-needed infrastructure improvements,” said Broad Ripple Village Association board member Tom Healy. “We look forward to working with the developers and the city to create a dynamic Village gateway.”
Weigh in on the plan at IBJ's Property Lines blog.
on Facebook & Twitter
Back to Top
IBJ Conversations
20 Comments
Add Comment
If, however, the City colludes in the theft and launders $6 million in criminal proceeds through a building project, the rubes are too dumb to see that a massive crime occurred.
What regularly occurs in Indy would be shocking if it occurred anywhere else. How can you people not understand that you are being embezzled by your government? The City regularly transfers taxpayer dollars to private parties, and you people can't understand that one of the largest crimes in American history is ongoing, right under your noses.
It's just my opinion. I'm here stating it like you're stating yours, Fred. But I also work to make things better instead of just posting about them online.
If the city waited on a proposal that made everybody happy, nothing would ever get done. There is a reason that the committee which reviewed the proposals allowed two "civilian" members from the BRVA board of directors to join (this has never happened before an Indy project to my knowledge). The committee members chose the project that is best suited for the community. I think they did a great job and that the positives greatly outweigh the negatives.
Again, in my perfect case scenario, we would not even need a garage, but we would be focused on increasing density and developing mass transit. But I understand that's unrealistic to expect in Indy. So, I am giving this project a tentative B grade for now. Of course this grade takes into consideration limitations of local government, local mentality, financial constraints, housing recession, etc... In other words, I have learned to have low expectations.
At least, now we have both ends of BR avenue developing (east end with recent additions of Three Wise Men and another restaurant soon to be open).
From the rendering, it looks like a Walgreens. Horrible site selection.
The assessed value based upon market value or income approach with property tax cap reflect this number a very optimist projection.
How much did Chad Miller say the parking garage on Market Street was projected to pay??? How much are they really paying?
Point made.
The location of the garage troubled me at first due to the crazy corner, traffic, etc. That said, it is certainly in the one spot everyone passes before they get to "the strip." That should encourage use. Were the garage in a hidden or obscured spot in BR,it would be more of a hassle and, perhaps, be less used.