Fountain Square project would need city subsidy

November 27, 2013
Back to TopCommentsE-mailPrintBookmark and Share

City officials are keeping tight-lipped about which developers have submitted three proposals to transform a city-owned parking lot in the Fountain Square neighborhood. But what’s clear is that the winning bid will need some form of city subsidy to make the project happen.

The three proposals are asking for a range of assistance, from “very little” to “a lot,” said Adam Thies, director of the city Department of Metropolitan Development, which is reviewing the bids.

Fountain Square logo“There’s not a [tax-increment financing] district in this area,” he said. “So how do you subsidize something without a TIF district? There’s no open pocketbook for subsidies.”

Thies declined to reveal specifics about the proposals, but said one has a movie-house component to it. All three include some form of residential housing above ground-level commercial space.

The parking lot is located at 1202 S. Shelby St., about a block southwest of the Fountain Square Theatre Building.

Linton Calvert, who operates the Fountain Square Theatre Building, said the area’s merchants association supports development of the lot, particularly the plan calling for a theater.

“It goes along with the art development that is happening here in Fountain Square,” he said.

The city’s request required a minimum project bid of about $340,000, Thies said, based on the value of the land.

Thies said his staff is evaluating the proposals and is unsure how long the interview process will take. A final decision would rest with the City-County Council.

Developing city property is part of Thies’ mission as DMD director to convert idled city-owned properties into tax-generating developments.

 

ADVERTISEMENT
  • YES to the theatre!
    I live 1 block from the proposed site. The movie house would be great for the area and downtown in general (would no longer be necessary to to travel to the Fascist Mall for the Landmark Theatre)! The proposal calls for 6 screens that would show independent and art house offerings. I'm sure it would show some "mainstream" movies as well. Parking would not be an issue because the proposal is calling for 2 levels of underground parking. This would be a serious gain for the Fountain Square restaurants. With all of the local great places to eat it could take movie and a dinner to a whole new level. Raise my taxes or let me personally contribute to make this happen!
  • I hope this is the corner
    The last few times I've been through Fountian Square it seems to be continueing to rise I hope this project will make it a destination--it's has been on the cusp for so long it deserves to be the next "it" district.
  • Fountain Square and TIFs
    Why would be have TIFs for Broad Ripple and not for Fountain Square?
    • Fountain Square and TIFs
      Should read: Why would we (Indy) have TIFs for Broad Ripple and not Fountain Square?
    • Why Either?
      No, the question is, why would we have TIFs for Broad Ripple OR Fountain Square?
    • Secretive businesss as usual for City
      Much like most major decisions the City makes on handing out money to developers, the public is completely shut out of the decision making process. Why?
    • TIFs
      Maybe the time has come to no longer have TIFs & instead use the revenues generated within these districts fund projects throughout the region. TIFs should be used to jump start development not to ensure that all revenues stay only in one area. Let's use the progress in downtown Indianapolis -- & other TIF districts -- to fund the rest of the community.

    Post a comment to this blog

    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
    1. I am a Lyft driver who is a licensed CDL professional driver. ALL Lyft drivers take pride in providing quality service to the Indianapolis and surrounding areas, and we take the safety of our passengers and the public seriously.(passengers are required to put seat belts on when they get in our cars) We do go through background checks, driving records are checked as are the personal cars we drive, (these are OUR private cars we use) Unlike taxi cabs and their drivers Lyft (and yes Uber) provide passengers with a clean car inside and out, a friendly and courteous driver, and who is dressed appropriately and is groomed appropriately. I go so far as to offer mints, candy and/or small bottle of water to the my customers. It's a mutual respect between driver and passenger. With Best Regards

    2. to be the big fish in the little pond of IRL midwest racin' when yer up against Racin' Gardner

    3. In the first sentance "As a resident of one of these new Carmel Apartments the issue the local governments need to discuss are build quality & price." need a way to edit

    4. As a resident of one of these new Carmel Apartments the issue the local governments need to discuss is build quality & price. First none of these places is worth $1100 for a one bedroom. Downtown Carmel or Keystone at the Crossing in Indy. It doesn't matter. All require you to get in your car to get just about anywhere you need to go. I'm in one of the Carmel apartments now where after just 2.5 short years one of the kitchen cabinet doors is crooked and lawn and property maintenance seems to be lacking my old Indianapolis apartment which cost $300 less. This is one of the new star apartments. As they keep building throughout the area "deals" will start popping up creating shoppers. If your property is falling apart after year 3 what will it look like after year 5 or 10??? Why would one stay here if they could move to a new Broad Ripple in 2 to 3 years or another part of the Far Northside?? The complexes aren't going to let the "poor" move in without local permission so that's not that problem, but it the occupancy rate drops suddenly because the "Young" people moved back to Indy then look out.

    5. Why are you so concerned about Ace hardware? I don't understand why anyone goes there! Every time ive gone in the past, they don't have what I need and I end up going to the big box stores. I understand the service aspect and that they try to be helpful but if they are going to survive I think they might need to carry more specialty parts.

    ADVERTISEMENT