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Proposed development near Lilly campus could include hotel

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Buckingham Cos. is exploring plans to build a mixed-use development that could include a hotel and conference center next to the downtown headquarters of Eli Lilly and Co.

The Indianapolis-based developer said it is discussing with city and Lilly officials its proposal for apartments, retail shops and office space, as well as the potential for a hotel.

Buckingham spokeswoman Christina Felts said plans for the project are in their early stages and do not include any details about the hotel. Felts declined to divulge the projected cost of the project.

The development would be built on a 10-acre property that encompasses a parking lot bordered by South, Delaware and Alabama streets that the drug maker wants to sell to the developer.

In a prepared statement, Buckingham President and CEO Brad Chambers said Lilly supports the project and views it as an opportunity to benefit the city, and to make more amenities available to employees and visitors.

"Our discussions with Eli Lilly, the property owner, and the city of Indianapolis are progressing well, and we hope to finalize a deal in the not-too-distant future," Chambers said.

In January, Buckingham won the right to redevelop a two-acre property at 860 W. 10th St. near the IUPUI campus.

The developer plans to tear down the former YMCA branch and replace it with a $20.5 million mixed-use project featuring retail space, a fitness center and 210 apartment units.
 

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  • Bad for Business?
    As a former Hotel worker, Lilly keeps some of the downtown hotels in business through slow periods. The plan would probably save Lilly money and be more convenient, but for the city how would that affect downtown hotels?
  • Good
    I like the current trend of building on surface parking lots! Granted it's barely a trend currently, but it's going in the right direction.
  • Which lot?
    Will they be developing to the north or south of South Street? I think both lots are owned by Lilly and both fit the description of bounded by South, Alabama, and Delaware. I may have to find a new tailgating lot...

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  1. I am not by any means judging whether this is a good or bad project. It's pretty simple, the developers are not showing a hardship or need for this economic incentive. It is a vacant field, the easiest for development, and the developer already has the money to invest $26 million for construction. If they can afford that, they can afford to pay property taxes just like the rest of the residents do. As well, an average of $15/hour is an absolute joke in terms of economic development. Get in high paying jobs and maybe there's a different story. But that's the problem with this ask, it is speculative and users are just not known.

  2. Shouldn't this be a museum

  3. I don't have a problem with higher taxes, since it is obvious that our city is not adequately funded. And Ballard doesn't want to admit it, but he has increased taxes indirectly by 1) selling assets and spending the money, 2) letting now private entities increase user fees which were previously capped, 3) by spending reserves, and 4) by heavy dependence on TIFs. At the end, these are all indirect tax increases since someone will eventually have to pay for them. It's mathematics. You put property tax caps ("tax cut"), but you don't cut expenditures (justifiably so), so you increase taxes indirectly.

  4. Marijuana is the safest natural drug grown. Addiction is never physical. Marijuana health benefits are far more reaching then synthesized drugs. Abbott, Lilly, and the thousands of others create poisons and label them as medication. There is no current manufactured drug on the market that does not pose immediate and long term threat to the human anatomy. Certainly the potency of marijuana has increased by hybrids and growing techniques. However, Alcohol has been proven to destroy more families, relationships, cause more deaths and injuries in addition to the damage done to the body. Many confrontations such as domestic violence and other crimes can be attributed to alcohol. The criminal activities and injustices that surround marijuana exists because it is illegal in much of the world. If legalized throughout the world you would see a dramatic decrease in such activities and a savings to many countries for legal prosecutions, incarceration etc in regards to marijuana. It indeed can create wealth for the government by collecting taxes, creating jobs, etc.... I personally do not partake. I do hope it is legalized throughout the world.

  5. Build the resevoir. If built this will provide jobs and a reason to visit Anderson. The city needs to do something to differentiate itself from other cities in the area. Kudos to people with vision that are backing this project.

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