The Metropolitan Development Commission unanimously approved rezoning of 14 acres north of South Street in downtown Indianapolis to allow for the $155 million mixed-use North of South project led by Buckingham Companies. Some nearby businesses expressed concerns about access for trucks and parking during construction but were assured issues would be addressed. The project includes apartments, retail, a hotel and YMCA and will be partially financed through $86 million in bonds issued by the city.

1. 12/16/2010 North of South project clears rezoning h…
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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
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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.
Brizzi's 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 family's 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 advertising
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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
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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
don't like the project or the financing. Get over it. It's happening. And some of us, who pay just as
much in taxes as you, WANT it to happen. It's called progress - growth - and if you don't 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.html
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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 I've been
willing to give him the benefit of the doubt on other controversial matters like the water company deal
and parking. But I don't approve of the way this was rammed through; I don't like the Indianapolis
bond bank being used as a slush fund for politically motivated projects; I don't like Metropolitan
Development rubber stamping these type of deals under the table with little interest in public
sentiment; and I don't 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. We're 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 don't want using bond bank shenanigans. I don't like it a bit, and
when Greg Ballard loses the next mayoral election I'll 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
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