CityWay Has Room for More Apartments in Indianapolis
- Nov 16, 2015
Buckingham Cos., the developer of the $155 million first phase of the CityWay project in downtown Indianapolis, is planning to invest an additional $110 million into the construction of the development’s second phase.
Located at Delaware and South streets, the initial phase of CityWay brought 250 apartments, as well as The Alexander hotel, 40,000 square feet of retail and office space, and a YMCA that is scheduled to open in December.
Plans for the project’s second phase, according to the Indianapolis Business Journal, call for seven buildings, including a nine-story tower that would contain 450 apartments and 19,500 square feet of retail or office space. The new development will also bring a 220-space parking garage. Construction is set to begin early next year and wrap up in early 2018.
On Oct. 21, the city’s Metropolitan Development Commission agreed to contribute $15 million in downtown tax-increment financing to the project. Adam Collins, the city’s deputy mayor of economic development, told the newspaper that this decision would not need City-County Council approval. This is based on the original CityWay financing agreement between the city and Buckingham. At the time of construction of the first phase in 2011, the city issued $98 million in bonds to finance a portion of the $155 million development.
The project became quite successful. By mid-July for instance, CityWay’s apartment occupancy rate was 96 percent, with rents ranging from approximately $1,000 for a one-bedroom unit to $3,300 for the largest three-bedroom.
The upcoming nine-story apartment tower and nearby buildings are set to rise on the surface lots bounding the railroad tracks and Virginia Avenue to the east of Bankers Life Fieldhouse. Other buildings will be built on the surface lots on the west side of Delaware Street, stretching from South Street to the railroad tracks to the north, and will cover the former Delaware Street Towing site.
Image courtesy of Buckingham Cos.