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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:

  • Creation of 2,800 temporary and permanent jobs, and will be the catalyst for thousands of additional jobs in the area.
  • Hundreds of new downtown residents to live in the community's 320 upscale apartments.
  • An anticipated economic impact of $350 million in income generation and consumer spending over a five-year period.
  • $1.7 million in taxes to Indianapolis every year, and when combined with County and State tax revenues, more than $5 million in taxes a year.
  • A world-class Dolce hotel expected to attract new business to Indianapolis by meeting the needs of an underserved global business market.
  • Development of a state-of-the-art, flagship YMCA with healthy programming for the many City neighborhoods in a three-mile radius.
  • A foundation of vibrant economic activity in a critical area of downtown that, in turn, will spur further economic growth to the west on South Street and to the southeast along Virginia Avenue and the Cultural Trail toward Fountain Square.
  • A draw for major Indianapolis employers to attract and retain top talent by providing amenities such as upscale housing, retail stores and a fitness facility in the downtown urban core.
  • 40,000 square feet of new restaurants and retail shops.
  • Opportunities for further gains in public art.

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:

Presentations: