California-based Tallen Capital Partners LLC, which has the property in the 6200 block of East Washington Street under contract for an undisclosed price, hopes to rezone nearly 7 acres for mixed-use development.
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Plans for the project call for 120 apartments, a 125-room high-end hotel, 63,000 square feet of office space, 15,000 square feet of retail space, 508 parking spaces and a public plaza.
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The bonds could be used to help fund a list of downtown projects, including improvements to Georgia Street and multiple downtown underpass projects.
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The strip mall was built in 1952 and for years served as a primary retail hub for the neighborhood.
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A pair of apartment projects on Dr. Martin Luther King Jr. Street near the under-construction Indiana University Health hospital campus received initial approval for tax-increment financing bonds Monday evening.
Reagan Park could soon benefit from an economic development tool that would capture the tax dollars from new developments to benefit existing residents and potentially help them stay in their homes.
Plans call for the project, named Allison Pointe, to be built on a 10.5-acre undeveloped parcel in a small commercial park just south of Interstate 465, north of 82nd Street and west of Allisonville Road, between Castleton and Keystone at the Crossing
The council also approved tens of millions of dollars in bonds to support the redevelopment of Old City Hall, a demolition of the former Jail I building and renovation of portions of the City-County Building. Also passed Monday was a plan to create a study commission on the use of artificial intelligence.
The move follows pushback by several neighborhood groups on the north side who expressed concern about the city’s plan, which could rely heavily on the Midtown tax-increment financing district to repay bonds issued for the acquisition.
Several Indianapolis neighborhood groups are taking issue with the city’s plan to spend up to $26 million in tax revenue earmarked for neighborhood redevelopment to acquire the new family center.
While incumbent Joe Hogsett says a broad use of incentives like tax-increment-financing bonds is often necessary to bridge funding gaps, Jefferson Shreve favors a moderated use of the city’s incentive toolbox.
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.
The $550 million project includes a $125 million expansion of the Indiana Convention Center, as well as an 800-room hotel being developed by local developer Kite Realty Group Trust. A second 600-room hotel is planned for a later phase of the project.
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.
Plans call for the downtown hotel in the historic Odd Fellows building to feature as many as 164 rooms, a ground-floor restaurant, a rooftop bar and 4,500 square feet of ballroom and meeting space.
The Monon 32 and the Domino, two projects in the 14.5-acre Monon 30 project, have received approval for their own respective tax increment financing districts and millions of dollars in bonds.
City officials plan to create an economic development area in the coming months for the Motto-branded hotel, which is being developed in the the historic King Cole building by Chicago-based Gettys Group for about $48.5 million.
The City-County Council on Monday saw the introduction of proposals to award developer-backed tax-increment financing bonds for a $60.8 million apartment development at the 16 Tech Innovation District, along with the $53 million redevelopment of the historic Stutz Motor Car Co. factory.
The area includes four neighborhoods: Hillside, Martindale-Brightwood, Oakhill and Ralston-Hovey-Arsenal. Staff, community organizations and residents have been working on the housing district, the redevelopment zone and a plan for the area for two years.
The tax-increment financing bonds will be used to pave the way for Elanco Animal Health Inc. to build its new headquarters on the former General Motors stamping plant property west of downtown.
City officials are again refining expectations of developers who ask for help in financing projects, with the goal of increasing the affordable-housing stock and reducing the city’s long-term debt.
The developer behind the Proscenium development in Carmel is expanding the project across the street, and an Indianapolis-based developer is planning to dive into the Carmel market with a $78 million project.
Indianapolis-based developer Kite Realty Group Trust is asking the cities of Carmel and Indianapolis to ante up incentives for a trio of mixed-use projects in its pipeline.
