A pair of local developers plan to spend upwards of $500 million to develop nearly 200 acres just west of Interstate 465 on the west side of Indianapolis.
Indianapolis-based Cornerstone Cos. and Bargersville-based GCG Investments LLC are seeking city approval to rezone multiple parcels between West 79th and West 86th streets just west of the interstate as the site for a sprawling mixed-use development.
Plans call for multiple types of commercial buildings that would be used by artisan and light manufacturers, retailers, hotels, and for research and development, as well as various types of residential units, including apartments, townhouses and duplexes, triplexes and fourplexes.
According to a brief description of the request to rezone the property listed on the city’s website, the project would have buildings as tall as 90 feet, requiring a height variance. IBJ requested information on the project from city officials on Tuesday, but has yet to receive those documents.
Company officials with Cornerstone told The Indianapolis Star that the project would be called The Crossing at Traders Point and offer retail and restaurants, health care facilities, hotels, offices and life sciences areas.
The project also is expected to involve an extension of Marsh Road, connecting 79th and 86th streets. The Star said the cost of the development is expected to be about a half-billion dollars.
Cornerstone, operated by CEO Taggart Birge, mostly develops health care-related properties, with more than 10 million square feet of real estate across 200 properties in 24 states, according to the company’s website.
Greenwood-based GCG , which is owned and operated by Gregory Gurnik—CEO of Lauth Group from 1995 to 2010—develops office, industrial, retail, and health care real estate.
The land involved in the project is currently owned by two entities—JRT II LLC and West 79th Street Associates LLC, both holding companies that are registered to a local Ice Miller law partner. None of the parcels has been sold in the past 20 years.
The city’s hearing examiner is expected to take up the rezoning and variance requests during an April 13 meeting. Approval there would advance the request to the city’s Metropolitan Development Commission, with a hearing likely set for May or June.
IBJ did not immediately receive responses late Thursday to messages sent to Birge or J. Murray Clark, an attorney representing the development partners on the rezoning matter.
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Mixed-use development is needed in single use suburbia or it’ll fall apart like the house of cards it is. We should all welcome this.
That depends on how “mixed use” is defined. Heartland Crossing on Kentucky Ave. is mixed use, but its retail and residential components were completely separated in a traditional sprawl pattern.
I agree. I should’ve added that qualifier. We don’t know a lot yet.
Aaron R. I understand the point you’re making about Heartland Crossing but this project on the Northwest side of Indy is a different type of environment where something like this would do better and better retail and restaurant selections would be made. Location is important for projects like these.
Background:
This property was formerly owned by the Fred Ropkey family (Ropkey Printing).
It was acquired by Kite Real Estate 20 years ago as agent for Eli Lilly and Co.
One of the last large properties along 465 suitable for what was intended to be Lilly’s suburban campus.
Now they are apparently shifting their attention to Boone Co.
CMA, Do you recall how much Kite paid for the property? I seem to recall the amount was made public, somehow, and it was such a shockingly large amount, at the time, it was an IBJ cover story.
Wonderful