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Council approves $2.9M in financing for Duke Realty HQ project

May 21, 2018

The Indianapolis City-County Council on Monday night advanced proposals that would help Duke Realty Corp. move its headquarters from Carmel to a $28 million office building it would build on Indianapolis’ north side.

The council voted 23-1 to approve $2.9 million in developer-backed bonds for Duke to help finance construction of the headquarters, to be paid for by future tax revenue generated by the project.

The council also voted 23-1 to extract the site at 8711 N. River Crossing Blvd.—which formerly was occupied by a Champps restaurant—from the 96th Street tax-increment-financing district, and create a site-specific TIF district for the project.

Councilman Stephen Clay cast the lone no vote against the proposals but did not express why.

IBJ previously reported that Duke Realty, a publicly traded real estate investment trust, would co-own the four-story, 78,000-square-foot building at Keystone at the Crossing with Indianapolis-based PK Partners LLC, which would serve as project developer. Duke would occupy 73,000 square feet and would pay rent as a tenant.

Plans call for the remaining 5,000 square feet to be occupied by a restaurant.

Duke Realty had its headquarters in Indianapolis when it was founded in 1972, but eventually moved to Carmel. It has been leasing space in the Parkwood Crossing office park for 18 years.

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