IBJNews

City projects move ahead, following clash over TIF

 IBJ Staff
December 28, 2012
Back to TopCommentsE-mailPrintBookmark and Share
Year In Review
More
Stories
City successfully stages Super Bowl, shoots for another Indiana adopts right to work WellPoint investors force Braly ouster Judge lays into Durham, sentences him to 50 years ISO reaches new contract, launches fundraising spree Developers unleash blitz of apartment projects Hoosier voters tap Pence to continue Daniels' legacy Daniels wins presidency—at Purdue City projects move ahead, following clash over TIF Indy airport sends CEO Clark packing In election shocker, voters bounce schools chief Bennett Bernard bounced as IndyCar Series CEO Digital marketer ExactTarget splashed onto NYSE


Newsmakers
2012
                              NEWSMAKER: School librarian Ritz won with grass-roots campaign 2012
                              NEWSMAKER: Crime stance returns Hogsett to political spotlight 2012 NEWSMAKER:
                              Council Dem Mahern plays role of antagonist 2012 NEWSMAKER: CEO keeps Simon stock surging 2012 NEWSMAKER:
                              Miles adds to diverse business, sports career Other 2012 news
                              of note

Mayor Greg Ballard charged forward on government-supported downtown development efforts after successfully shepherding an expansion of a TIF district over Democratic opposition, and as the first phases opened for the city-subsidized $155 million CityWay apartment, retail and hotel project on the south edge of downtown.

The city in October tapped the apartment specialist J.C. Hart Co., retail developer Paul Kite’s Strongbox Commercial and architecture firm Schmidt Associates (all locally based) to redevelop a prime Mass Ave parcel currently occupied by the Indianapolis Fire Department. The 1.45-acre property is bordered by Massachusetts Avenue, North New Jersey Street and East North Street.

The $43 million plan calls for up to 235 market-rate apartments, 40,000 square feet of first-floor retail space and two levels of parking, including underground spaces. A notable feature is a giant electronic-mesh art display at the building’s corner.

city-project2-15col.jpg TIF financing is paying the way for Block 400, a development on the west side of downtown that will include 487 apartments and a Marsh grocery.(Rendering courtesy of Flaherty & Collins)

The city plans to contribute $3 million from the downtown TIF district to subsidize parking, along with the 1.5-acre site. The development team is required to put $5.4 million into an escrow account it may draw on to fund construction. If the project stalls, the city would keep the land and cash.

Construction is expected to begin in 2014.

Meanwhile, in December, construction began on the first phase of a project that calls for a Marsh grocery store and hundreds of apartments that would replace a block and a half of surface parking lots in the northwest quadrant of downtown.

The plan by locally based Flaherty & Collins Properties calls for 487 apartments, the grocery store, a parking garage and additional retail space on properties bounded by Michigan Street, Capitol Avenue, Vermont Street and Indiana Avenue.

Much of the land needed for the development—dubbed Block 400—is owned by locally based OneAmerica Financial Partners Inc., which uses it for employee parking. To make way for the development, the city is using TIF funds to pay the roughly $13 million bill to build a 930-space parking garage for OneAmerica at the northwest corner of Illinois and New York streets.

The total cost of the development, including the city’s contribution from tax-increment financing district revenue, is projected at $85 million.•
 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. So as I read this the one question that continues to come to me to ask is. Didn't Indiana only have a couple of exchanges for people to opt into which were very high because we really didn't want to expect the plan. So was this study done during that time and if so then I can understand these numbers. I also understand that we have now opened up for more options for hoosiers to choose from. Please correct if I'm wrong and if I'm not why was this not part of the story so that true overview could be taken away and not just parts of it to continue this negative tone against the ACA. I look forward to the clarity.

  2. It's really very simple. All forms of transportation are subsidized. All of them. Your tax money already goes toward every single form of transportation in the state. It is not a bad thing to put tax money toward mass transit. The state spends over 1,000,000,000 (yes billion) on roadway expansions and maintenance every single year. If you want to cry foul over anything cry foul over the overbuilding of highways which only serve people who can afford their own automobile.

  3. So instead of subsidizing a project with a market-driven scope, you suggest we subsidize a project that is way out of line with anything that can be economically sustainable just so we can have a better-looking skyline?

  4. Downtowner, if Cummins isn't getting expedited permitting and tax breaks to "do what they do", then I'd be happy with letting the market decide. But that isn't the case, is it?

  5. Patty, this commuter line provides a way for workers (willing to work lower wages) to get from Marion county to Hamilton county. These people are running your restaurants, hotels, hospitals, and retail stores. I don't see a lot of residents of Carmel working these jobs.

ADVERTISEMENT