INDIANAPOLIS – Mayor Greg Ballard joined Flaherty & Collins Properties at a groundbreaking Tuesday for an $85 million project on the corner of Senate and Vermont Streets in downtown Indianapolis.
The development, dubbed ‘Block 400,’ once completed, will include 487 luxury apartments, a 40,000-square-foot Marsh grocery store, parking, and several smaller retail stores and restaurants.
“A lot of new ones are coming up,” said Everett Davis, an IUPUI student who said he has seen several development projects in the downtown area.
“The retail portion alone is 60,000 square feet. That’s more retail coming to downtown than any time since Circle Center Mall,” said David Flaherty, CEO of Flaherty & Collins Properties.
The city borrowed $14 million to build a replacement garage for the approximately 900 people who used to park in the surface lots where the development is being built.
The mayor’s office is convinced the city will pay off the loan in seven years with an estimated $2 million in taxes generated yearly.
“It certainly looks like the tax dollars we’ll be generating from this will be worth it,” Ballard said.
Ballard also talked about the project’s ability to better connect the downtown area and make it more “livable.” One of the biggest selling points, Ballard said, is a unique Marsh grocery store that will go there. Marsh Supermarkets President and CEO said the store will offer 20 percent more fresh food options than a traditional store.
“The offering is going to be a lot more tailored to the community, to the college and to the development going up,” said Tom O’Boyle, chairman, CEO and president of Marsh Supermarkets.
The grocery store will open its doors in a little over a year. The first renters will move in to available apartments.
“When you look at a major city, to have entire city blocks that are surface parking, that’s underutilizing your real estate,” said Flaherty.
Flaherty also promises an additional $53 million in additional revenue that will be paid in wages over several years.