Ibj north of south 12-16-10


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Ibj north of south 12-16-10

  1. 1. 12/16/2010 North of South project clears rezoning h… LOG IN REGISTER RSS FEEDS VIEW CART SITEMAP HOME NEWS REGIONAL THIS WEEKS PAPER BLOGS MULTIMEDIA OPINION A&E LISTS PEOPLE EVENTS SUBSCRIBE IBJNEWS SEARCH IBJ.com North of South project clears rezoning ADVANCED SEARCH hurdle Sponsored by Scott Olson December 16, 2010 KEYWORDS BUCKINGHAM COS., COMMERCIAL REAL ESTATE, DEVELOPMENT/REDEVELOPMENT, METROPOLITAN DEVELOPMENT COMMISSION, REAL ESTATE & RETAIL, REAL ESTATE DEALS, URBAN DEVELOPMENT, ZONING COMMENTS E-MAIL PRINT IBJ ON FACEBOOK & TWITTER RELATED NEWS AND OPINION The downtown property where developers want to build a $155 million Downtown apartment mixed-use project known as North of South won rezoning approval on developers take divergent Wednesday, but not without more resistance from nearby businesses. paths to financing Members of the Metropolitan Development Commission voted Disagreement about parking unanimously to rezone 14 acres of land—now home to a parking lot delays project on Meridian north of South Street between Delaware Street and Virginia Avenue Street downtown—to accommodate the project. Buckingham tapped to develop mixed-use project Locally based Buckingham Cos. is leading the development, set to be near IUPUI built on property owned by Eli Lilly and Co. The city is offering to provide an $86 million loan and build $9 million in infrastructure to get Research lab could replace the project off the ground. Plans call for a boutique hotel, retail space, ATA headquarters a YMCA and 320 upscale apartments. Historic downtown building poised for overhaul But a handful of longtime area businesses, led by fabric wholesaler Mayer Paetz Inc. at 321 S. Alabama St., wants a commitment from IN DEPTH developers that the project will not disturb right-of-way and on-street parking configurations. Brizzis lease deals benefited friend, donor Mayer Paetz is particularly concerned about semitrailers being able to Grad students dream up access loading docks to make deliveries. plans for mass transit “What we have been looking for in these multiple meetings is an actual Simon familys interests binding commitment,” the company’s attorney, Larry Whitham, told helped city thrive, but the commission. “We’re looking to you for guidance.” ADVERTISEMENT taxpayers paid the price Commission members, though, said they’re confident Buckingham will ADVERTISEMENT cooperate with Mayer Paetz to ensure semis have access to the docks, and work with businesses to make certain visitors have access to on- street parking. Attorney Tim Ochs, representing the developer’s partnership known as NOS Innovation Partners, argued that right-of-way issues aren’t even relevant to a rezoning request. “Nobody wants to see those businesses suffer,” he said. “But we’re entitled to [the street] just as much as they are. To have us make a commitment to property that we don’t own, it’s impractical—it’s impossible.” Ochs said the proper city entity to air their grievances is to the Regional Center hearing examiner. Because the site is located within the Regional Center overlay district, its design needs to comply with Regional Center Urban Design guidelines. Former Allison executive alleges bribery The examiner is set to hear site plans Dec. 23, but a continuance could Online daily deals coupons push it back to Jan. 13. transform local advertisingibj.com/…/24030 1/4
  2. 2. 12/16/2010 North of South project clears rezoning h… Earlier this month, the MDC approved a potential financing arrangement for the project involving the city. The city is offering to provide the $86 million loan by issuing bonds and using income generated by the development to pay off the costs. The $155 million price tag for the project includes the city loan and infrastructure-improvement pledge, as well as a $7 million contribution from Buckingham, a $6 million grant from the Indiana Economic Development Corp., the $29 million in land Lilly is donating and $18 million for the YMCA branch, which the YMCA will fund. Most Read Most E-m ailed Recent Com m ents 1. Longtime local Cadillac dealer loses fight to sell car 2. Menard law suit entangles businessmen Hilbert, Dick 3. Simon w idow s attorneys w ant j udge to step dow n 4. Judge remov es Bren Simon as trustee ov er late husbands estate 5. Foreclosure w ashes aw ay w ater park plans in Fishers MULTIMEDIA Video IBJ Radio Photo Gallery Podcasts Leading Questions: Inside Dish: Inside Dish: Return Michael Huber Jockamo Upper of Santorinis Crust Pizza More Videos ADVERTISEMENT IBJ FEATURED ADVERTISERS Fox59: Breaking local new s, morning new s, Indiana w eather new s ADVERTISEMENT IBJ CONVERSATIONS 4 Comments Add Comment Huh? caliboy28 December 16, 2010 12:28 PM Is this the same tea party member posting repeatedly about the same damn thing?!? We get it... you dont like the project or the financing. Get over it. Its happening. And some of us, who pay just as much in taxes as you, WANT it to happen. Its called progress - growth - and if you dont like it I suggest you pack up and head out. Peace! REPLY TO COMMENT FLAG COMMENT Wake Up Hello Out There December 16, 2010 11:49 AM Lilly is not "donating" anything. This project is roughly 95% government financed with grants, bonds, & separate infrastructure improvements. Here are the deals finer details: http://hadenoughindy.blogspot.com/2010/12/mdc-to-vote-on-no-so-deal-today.htmlibj.com/…/24030 2/4
  3. 3. 12/16/2010 North of South project clears rezoning h… REPLY TO COMMENT FLAG COMMENT I hate the deal AtlasShrugged December 16, 2010 11:49 AM All I can say is that this is the deal that turned me against Greg Ballard. I voted for him. And Ive been willing to give him the benefit of the doubt on other controversial matters like the water company deal and parking. But I dont approve of the way this was rammed through; I dont like the Indianapolis bond bank being used as a slush fund for politically motivated projects; I dont like Metropolitan Development rubber stamping these type of deals under the table with little interest in public sentiment; and I dont think we ought to indebt Indianapolis taxpaying residents with this financing when Lilly is perfectly capable of building out its own parking lots with its own money. Very few cities have bond banks. I think ours is being mismanaged. Were scraping by on libraries and IndyGo. Every million counts. And yet the mayor is free to unilaterally push through a hundred and fifty five million dollar project that taxpayers dont want using bond bank shenanigans. I dont like it a bit, and when Greg Ballard loses the next mayoral election Ill remember the day I turned against him. REPLY TO COMMENT FLAG COMMENT Taking Advantage of the Holidays Market Has Spoken, Are You Listening December 16, 2010 11:36 AM This project is screaming NO, yet the pleas are being ignored again. Its a government driven project that has little economic impact with few high paying, highly skilled jobs that drains shrinking public resources from more worthy projects. The banks rejected it and some amateur politicians think they know better for some less scrupulous reason. REPLY TO COMMENT FLAG COMMENT POST A COM MENT TO THIS STORY NAME* EMAIL* (w ill not be displayed) COMMENT TITLE * COMMENTS * Please enter the text you see above: Not sure? Give me another.ibj.com/…/24030 3/4
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