IBJNews

Developer seeks abatement on $24M UIndy project

Back to TopCommentsE-mailPrintBookmark and Share

The University of Indianapolis has selected local developer Strategic Capital Partners LLC to build a $24.2 million health sciences center.

Strategic Capital, which s seeking a tax abatement valued at $2.5 million to help offset investment costs, plans to begin construction this summer on a site adjacent to UIndy's south-side campus. The building is expected to open by the fall 2015 academic year.

REW UIndy health 15col renderingUnder the tax abatement deal, the developer of the health sciences center would pay only half its property taxes over 10 years. (Image courtesy UIndy)

Under the arrangement between the university and Strategic Capital Partners, UIndy will lease most of the 156,000-square-foot building from the developer for an initial term of 11 years, with an option to purchase at the end of the lease agreement.

Strategic Capital is requesting a 10-year property-tax abatement, which the Department of Metropolitan Development supports. The city’s Metropolitan Development Commission is set to hear the request Wednesday.

The abatement would enable Strategic Capital Partners to cut its property-tax bill in half, paying $2.5 million over the 10 years. The new building should add nearly $17 million in assessed value to the city's tax base, according to a city filing.

The center is expected to create 30 jobs paying an average of $29 an hour while retaining 100 at an average of $19 an hour, the filing said.

The project would allow UIndy to consolidate several of its programs and departments into one location. They include physical therapy, occupational therapy, nursing, kinesiology, psychology, athletics training and social work.

UIndy will lease all but about 20,000 square feet, which will be set aside for university partners that will provide health care services to the neighborhoods surrounding the campus.

Gene Zink, CEO of Strategic Capital Partners, said his firm is excited about the opportunity to work with the university.

“This one is special because of the commitment of the university to the community on the south side,” he said. “We, as a community, haven’t spent a lot of time thinking about the south side.”

The four-story, 80-foot-tall building would be constructed at the southwest corner of Hanna and State avenues.

UIndy is seeking several variances for the building, which would eclipse the maximum 35 feet permitted in the residential neighborhood. MDC is scheduled to hear the variance requests June 4.

The architect for the project is CSO Architects.

Several homes originally occupied the space. UIndy gradually purchased the homes and demolished them in favor of a parking lot for the college. A campus police administration building that sits on the property would be torn down, and those offices would be relocated elsewhere on campus.

UIndy spokesman Scott Hall declined to divulge whether the project received interest from other developers but said the university is impressed with Strategic Capital Partners’ portfolio of work.

“This company shares UIndy’s conviction that University Heights is a great neighborhood in which to invest, and we’re pleased to be doing business with them,” he said in an email.

Strategic Capital Partners is involved in the redevelopment of the impoverished Meadows area east of Keystone Avenue along 38th Street on the city’s east side. Billionaire investor Warren Buffet helped finance the $27 million East Village at Avondale apartment project.
 

ADVERTISEMENT

  • Prediction
    Looks very nice. wHo is the construction company? I believe that Ursal with Keystone is a board member. He used to be at least. I would not be surprised if he is using influence on the board to try to build this.

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. A Tilted Kilt at a water park themed hotel? Who planned that one? I guess the Dad's need something to do while the kids are on the water slides.

  2. Don't come down on the fair for offering drinks. This is a craft and certainly one that belongs in agriculture due to ingredients. And for those worrying about how much you can drink. I'm sure it's more to do with liability than anything else. They don't want people suing for being over served. If you want a buzz, do a little pre-drinking before you go.

  3. I don't drink but go into this "controlled area" so my friend can drink. They have their 3 drink limit and then I give my friend my 3 drink limit. How is the fair going to control this very likely situation????

  4. I feel the conditions of the alcohol sales are a bit heavy handed, but you need to realize this is the first year in quite some time that beer & wine will be sold at the fair. They're starting off slowly to get a gauge on how it will perform this year - I would assume if everything goes fine that they relax some of the limits in the next year or couple of years. That said, I think requiring the consumption of alcohol to only occur in the beer tent is a bit much. That is going to be an awkward situation for those with minors - "Honey, I'm getting a beer... Ok, sure go ahead... Alright see you in just a min- half an hour."

  5. This might be an effort on the part of the State Fair Board to manage the risk until they get a better feel for it. However, the blanket notion that alcohol should not be served at "family oriented" events is perhaps an oversimplification. and not too realistic. For 15 years, I was a volunteer at the Indianapolis Air Show, which was as family oriented an event as it gets. We sold beer donated by Monarch Beverage Company and served by licensed and trained employees of United Package Liquors who were unpaid volunteers. And where did that money go? To central Indiana children's charities, including Riley Hospital for Children! It's all about managing the risk.

ADVERTISEMENT