Wednesday, 06 October 2010

Confirming that it plans to move forward with the City of Indianapolis on a $150 million "transformative development" that will include a large business hotel, 320 high-end apartments, 40,000 square feet of restaurants and retail space and a proposed new YMCA, Buckingham Cos. said they hope to win fast approval and break ground on the "North of South" project on a site owned by Eli Lilly and Co. and near downtown's Conseco Fieldhouse.

The expansive "North of South" mixed-use project is a part of a public-private partnership that includes Buckingham along with the City of Indianapolis, State of Indiana and Eli Lilly.

The project is planned for a former parking lot north of South Street between Delaware Street and Virginia Avenue. Confirmed tenants include Dolce Hotels and Resorts, which is expected to operate the hotel planned in the project, and the YMCA, which is planning to open a second downtown location in the new project.

Buckingham, a major multifamily and mixed-use developer and property owners in the Midwest, has been working on plans for the project and the members of the private-public partnership for two years.

"North of South has the potential to transform this area of downtown," said Brad Chambers, president and CEO of Buckingham. "Its innovative, urban design represents the best in mixed-use, livable communities, and is an exciting opportunity for our company and for the community."

If funding proposal for the project currently before the City-County Council is approved, Buckingham said it would begin work immediately, with delivery of the first buildings expected in late 2011.

Although Eli Lilly owns the land, it has only a small ownership interest in the project and no role in the financing arrangements being discussed.

Buckingham currently manages approximately $900 million of real estate assets for its own account and for third-party owners, institutions and investment partners. More than 100 properties totaling greater than 17,000 units located throughout the Midwest comprise the aggregate portfolio.

Developer Teams with City of Indianapolis On Major 'North of South' Development

CoStar Group
Oct. 6, 2010