Council committee OKs $18.8M in TIF bonds for City Market East
A City-County Council committee passed a group of proposals Monday night to set the stage for the upcoming $180 million City Market East project.
A City-County Council committee passed a group of proposals Monday night to set the stage for the upcoming $180 million City Market East project.
The city is seeking input from developers on how to revitalize the former site of a long-troubled apartment complex on the far-east side of Indianapolis, officials announced Wednesday.
The redevelopment of the former Broad Ripple Kroger and the Fountain Square White Castle could be the first residential projects to receive tax-increment financing from the city without including affordable housing units.
Officials with New York City-based SomeraRoad Inc. told IBJ the company is in the pre-development phase of at least two projects on land adjacent to the multi-building Stutz complex at 1060 Capitol Ave., which is in the midst of a $100 million renovation.
The approval allocates $25 million from the city’s downtown tax-increment financing district to pay for the acquisition of the basement level of the project from developer Kite Realty Group Trust, which plans to build an 800-room hotel and an addition to the Indiana Convention Center.
A pre-election revamp of the mayor’s cabinet includes the appointment of the first diversity officer, a new senior adviser and new deputy mayors.
For years, Lopresti has been telling Indiana sports stories in the pages of IBJ—stories about professionals, amateurs and kids. Stories about referees and coaches. Sad stories, funny stories and inspiring stories.
Many U.S. sportsbook operators are seeking to boost profits by weeding out winning customers. Bettors who show signs of savvy are being limited faster and more aggressively than in the past.
Nearby residents object to the project, which would include 817,000 square feet of speculative industrial space across 56.7 acres and a residential section with 133 single-family homes and another 52 homes in a paired-patio design.
The Cole Motor Redevelopment, which includes the former Jail II building and Arrestee Processing Center, is one step closer to receiving tax-increment financing.
The Indianapolis City-County Council and Metropolitan and Economic Development Committee are considering tax-increment financing for three apartment developments that prioritize access to transit.
City officials see the 0.65-acre parcel at 222 N. Alabama St. as a connector between the Mass Ave cultural district and the Market East area, potentially with a hotel or apartment project.
The Indianapolis Airport Authority and the city of Indianapolis on Wednesday confirmed the heliport could be decommissioned later this year by the Federal Aviation Administration, paving the way for redevelopment.
After struggling with product shortages for much of the pandemic, the country’s retailers are now facing an unprecedented glut of unsold merchandise that’s cutting into profits, derailing holiday plans and threatening to drag down broader U.S. economic growth.
The city’s “request for information” is likely to garner suggestions from developers for mixed-use developments, apartments, community spaces and facilities for not-for-profits.
At its peak, the rent-assistance program doled out $7 million in a month. That rate is impossible post-pandemic, so the city must decide how much eviction-prevention assistance is possible.
Indianapolis officials said the agreement announced Thursday is expected to give the city more control of the crime-plagued housing complex.
The developer behind the proposed revamp of the former Jail II and Arrestee Processing Center facilities on the eastern edge of downtown Indianapolis said he expects city incentives for the project to be secured by the end of this year.
More than 75% of venture capital is deployed in just three states—California, Massachusetts and New York. But 75% of the nation’s gross domestic product is outside those states.
Officials are working on finding the $60 million, which will likely include federal funding, to pay for it.