$150M 'North of South' project moving ahead

September 27, 2010

Officials are announcing details of a $150 million downtown development planned for 10 acres Eli Lilly and Co. owns near its Indianapolis headquarters.

Among the plans: a 148-room hotel, 320 high-end apartments, 40,000 square feet of restaurant and retail space, and a 27,000-square-foot YMCA.

As IBJ reported in June, local developer Buckingham Cos. proposed the mixed-use project, dubbed North of South. It will be built on land that now houses a parking lot north of South Street between Delaware Street and Virginia Avenue.

Lilly would be a "significant user" of the various amenities, Buckingham CEO Brad Chambers said in June.

Preliminary plans called for several buildings, four to six stories each, with street-front retail and concealed, shared parking.

Buckingham, one of the largest apartment developer/owners in the Midwest, has branched out in Indianapolis with mixed-use properties. The company is developing several properties surrounding its headquarters in the restored Stokely Building along North Meridian Street, and is shepherding a $20.5 million redevelopment of a former YMCA branch near IUPUI.

This story will be updated here.


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