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Marsh to anchor massive new downtown development

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A local developer plans to build a Marsh grocery store and hundreds of apartments in a massive project that would replace a block and a half of surface parking lots in the northwest quadrant of downtown Indianapolis.

The plan by 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 would foot the roughly $13 million cost of building 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 revenues, will be about $85 million. The deal will not include a property-tax abatement.

Indianapolis Mayor Greg Ballard, Marsh Supermarkets CEO Joe Kelley and officials with Flaherty & Collins announced details of the project at a press conference Tuesday afternoon.

The new grocery store would be a welcome amenity for the neighborhood and nearby IUPUI campus, and it represents a significant milestone for the Fishers-based supermarket chain. It would be the first new Marsh store since 2004.

Marsh also will continue to operate its location in the Lockerbie neighborhood, a top performer for the chain.

The first step in the project would be to build the OneAmerica parking garage, which would include a skywalk across New York Street to the OneAmerica Tower.

Flaherty's plans call for two mixed-use buildings and a parking garage. The Marsh store would be built at the southwest corner of Michigan Street and Capitol Avenue.

Also included in the project is a triangle-shaped parcel bordered by Indiana Avenue, Senate Avenue and Michigan Street where Flaherty had planned a second phase of the Cosmopolitan on the Canal, the company's $33-million mixed-use project immediately to the north.

A groundbreaking for the new project is scheduled for the summer.

___

Visit the Property Lines blog for more about the project, including a rendering.

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  • Nice
    Encouraging move, I personally didn't care for that parking lot
  • PTL!!!
    Praise the Lord! The surface parking lots around the NW section of downtown are the biggest eyesores in town.
  • Is one america donating land
    So, is One America donating the land in return for the $10 million parking garage it is receiving? Who will own the land and property when all is said and done?
  • Finally!
    This is the best all around development proposal I've seen come along for downtown Indy in what feels like decades. Downtown could easily support 10 more of these housing projects to fill in the holes. Its been painfully slow, but this is extremely encouraging. Don't stop now!
  • Way to Go!
    This is precisely the type of redevelopment our downtown needs. Great public/private partnership to get more tax revenue on the books. Yay for no property tax abatement. Love that a homegrown company -- Flaherty & Collins -- is leading the way. Wouldn't have hated Trader Joe's instead of Marsh.
  • Awesome!
    Great Job FnC!! You guys are an asset to the city!

    Thanks Mr. Mayor for helping to spur this kind of development.
  • Details Matter
    Let me guess.

    The city will pay for the 1,000 space parking garage with TIF or 50 year parking lease proceeds, but will give ownership to Keystone Construction like the new Broad Ripple parking garage by using inflated construction cost estimates.

    Park Indy will extend its 50 year monopoly by managing the garage for the city also.
  • Finally...
    Couldn't agree more Marcus. Downtown needs more grocery options....the mini Marsh (Lockerbie) and a Kroger (16th) that looks like it was set up in a dirty closet just aren't cutting it anymore.
  • Sweet
    JJ, the goal is to bring more residents into Marion county to increase income tax revenue so services can improve and our shared tax burden can be reduced. Did you know over 120,000 people work in Marion county but their income taxes go elsewhere? With the property tax cap, we've got to drastically increase our income tax revenue. This type of high-density development is one of many components needed to attract more young (and old) professionals to live downtown. Fixing public transit and education are a couple of others. :)
  • Great News
    Putting the implications of the One America garage aside; this is great news for the NW side of downtown. I am hopeful this leads to further development in the immediate area and I strongly encourage any retail to face Indiana Avenue. We need to ensure we bring life back to this historical street as there needs to be a physical and meaningful connection between downtown, IUPUI and the 16 Tech corridor. New development should also attempt to tips its hat to the history, heritage and culture of the Avenue as it deserves better than suburban architecture and design (i.e. Canal Overlook).
  • Hallelujah!
    The dead sea of parking lots will finally come to life! And another grocery store in downtown will spur even more downtown residential growth. This needs to happen.
    • WHAT?
      Why am I giving 10mill of my money to a private company. Furthermore, I would like to make sure the company has skin in the game. There is alot of difference between 70 and 90 mill. Give the tax payers a break not your fat cat buds.

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      1. I think the poster was being sarcastic and only posting or making fun of what is usually posted on here about anything being built in BR or d'town for that matter.

      2. Great news IRL fans: TURBO the IMS sanctioned movie about slugs running the Indy 500 has caught the Securities and Exchange Commission because Dreamworks had to take a $132MILLION write down...because the movie was such a flop. See, the Indy/IMS magic soiled another pair of drawers. Bwahahahahahaha! How's CARTOWN doing? HAHAHAHA...Indy is for losers.

      3. So disappointed in WIBC. This is the last straw to lose a good local morning program. I used to be able to rely on WIBC to give me good local information, news, weather and traffic on my 45 minute commute.Two incidents when I needed local, accurate information regarding severe weather were the first signs I could not now rely on WIBC. I work weekend 12 hour nights for a downtown hospital. This past winter when we had the worst snowfall in my 50 years of life, I came home on a Sunday morning, went to sleep (because I was to go back in Sunday night for another 12 hour shift), and woke up around 1 p.m. to a house with no electricity. I keep an old battery powered radio around and turned on WIBC to see what was going on with the winter storm and the roads and the power outage. Sigh. Only policital stuff. Not even a break in to update on the winter storm warning. The second weather incident occurred when I was driving home during a severe thunderstorm a few months ago. I had already gotten a call from my husband that a tornado warning was just southwest of where I had been. I turned to WIBC to find out what direction the storm was headed so I could figure out a route home, only to find Rush on the air, and again, no breaking away from this stupidity to give me information. Thank God for my phone, which gave me the warning that I was driving in an area where a tornado was seen. Thanks for nothing WIBC. Good luck to you, Steve! We need more of you and not the politics of hatred that WIBC wants to shove at us. Good thing I have Satellite radio.

      4. I read the retail roundup article and tried Burritos and Beers tonight. I'm glad I did, for the food was great. Fresh authentic Mexican food. Great seasoning on the carne asada. A must try!!! Thanks for sharing.

      5. John, unfortunately CTRWD wants to put the tank(s) right next to a nature preserve and at the southern entrance to Carmel off of Keystone. Not exactly the kind of message you want to send to residents and visitors (come see our tanks as you enter our city and we build stuff in nature preserves...

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