As part of Mayor Ballard's concerted efforts to create financially sound, ongoing economic development initiatives in Indianapolis and Marion County, the Mayor announced a unique partnership between Eli Lilly and Company, Buckingham Companies, Dolce Hotels and Resorts, and the YMCA of Greater Indianapolis to build a major new mixed-use development in the southeast quadrant of downtown Indianapolis.
The project is sited on a former parking lot north of South Street between Delaware Street and Virginia Avenue, close to several major Indianapolis employers, including Eli Lilly and Company, Indiana Farm Bureau and WellPoint Inc. The agreement calls for the City to provide an $86 million credit enhancement for North of South by issuing bonds and using revenue generated by the development to pay off the costs. The City and State have also committed up to $15 million for necessary infrastructure upgrades.
The project is expected to bring the following benefits:
The City-County Council approved the project on February 28, 2011.
For more information from Buckingham Companies about CityWay, visit www.cityway.com.
The project received support from the following organizations: