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Indianapolis: Developments and News

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CIB approves Pacers deal to fund $360M renovation, expansion of Bankers Life Fieldhouse

 

The Capital Improvement Board has approved a 25-year deal with the Indiana Pacers that will fund a $360 million renovation and expansion of Bankers Life Fieldhouse, including an outdoor entry plaza to the north and trendy new gathering spaces inside.

 

The CIB and the city will pay for the bulk of the project—$295 million—with Pacers Sports & Entertainment kicking in $65 million.

 

Combined with additional spending on technology, maintenance and general operating expenses, the deal could cost the CIB—a quasi-government agency representing the city—nearly $800 million over the life of the 25-year deal, which is contingent on legislative approval of a bill that would shift millions in state tax revenue to the CIB.

 

The unprecedented agreement, which has the option for up to three one-year extensions, commits the CIB to spending up to $120 million on technology upgrades, an average of $14.5 million per year on operating expenses, $17.6 million on maintenance and repairs and $4.6 million to license the video and sound system.

 

More below:

https://www.ibj.com/articles/73314-pacers-cib-agree-to-360m-renovation-expansion-of-bankers-life-fieldhouse

 

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"You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers

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Mass Ave parking garage hidden in apartment building to start rising this summer as city gives final OK

 

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After three years of going back and forth in court with a small group of neighbors, developers have been given the go-ahead to build a 255-space parking garage hidden inside an apartment building next to the Athenaeum and Rathskeller — and construction is expected to begin this summer.

 

The City-County Council Monday night approved the project developer's request for $7 million in tax financing.

 

The dual-location project, Block 20, is expected to be finished by late summer of 2020.

 

The six-story, 67,791-square-foot mixed-use development at 428 N. East St. is the site that has received most of the attention, but the project also includes a 57,300-square-foot redevelopment of two existing buildings in the 600 block of North Park Avenue. The North Park development would become office and retail space. Together, the projects are estimated to cost $40 million.

 

More below:

https://www.indystar.com/story/news/2019/05/14/mass-ave-parking-garage-hidden-apartment-building-start-rising-summer-city-gives-final-ok/1190723001/


"You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers

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Developers team up on $12.5M apartment project on near-north side

 

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A north-side community group and a locally based development company are partnering on a $12.5 million apartment project at the southeast corner of Illinois and 22nd streets.

 

The project, which does not yet have a formal name, is expected to have about 60 affordable, one- and two-bedroom apartment units in two buildings constructed on 1.2 acres.

 

The 51,800-square-foot complex will include a four-story building facing 22nd Street and a three-story building facing Illinois Street. Plans call for a 60-space parking lot to the rear of the buildings, as well as 2,500 square feet of commercial space and 2,000 square feet of amenity space.

 

More below:

https://www.ibj.com/articles/74484-developers-team-up-on-125m-apartment-project-on-near-north-side?utm_source=ibj-daily&utm_medium=newsletter&utm_campaign=2019-07-09


"You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers

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City OKs Incentives for Downtown Indy Project

 

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The Indianapolis City-County Council has approved nearly $10 million in incentives toward a major mixed-use development in the city's downtown. The 13-story project from Denver-based Charles Street Investment Partners will include 213 apartment units, as well as more than 27,000 square feet of retail and office space.

 

The council voted 20-5 to approve a 25-year economic development tax increment revenue bond totaling $9.8 million for the project. As part of the proposal, 80% of the TIF funds generated by the project will be used to repay the bond, with the remainder going to the city.

 

More below:

http://www.insideindianabusiness.com/story/41028675/city-oks-incentives-for-downtown-indy-project

https://www.ibj.com/articles/city-approves-incentives-for-66m-apartment-project-in-mile-square

 

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"You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers

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Developer plans $30M Tapestry hotel on downtown parking lot

 

An Indianapolis hotel development firm has transferred its Tapestry by Hilton hotel concept originally planned for downtown’s former Ike & Jonesy’s building to a nearby site that it had previously eyed for a separate hotel project.

Sun Development & Management Co. plans to spend at least $30 million to build a 150-room Tapestry on a parking lot at the northwest corner of South Meridian Street and Jackson Place, owner Bharat Patel told IBJ.

 

More below:

https://www.ibj.com/articles/hotel-developer-moves-tapestry-project-eyes-new-concept-for-jackson-square

 

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"You don't just walk into a bar and mix it up by calling a girl fat" - buildingcincinnati speaking about new forumers

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