City Council unanimously approved a development deal today to build a grocery store, luxury apartment tower and garage at Fourth and Race streets downtown.
With council approval, construction could begin later this year, with developers hoping to finish the project in 2015.
The $80 million deal with Indianapolis-based development company Flaherty and Collins was approved following City Manager Milton Dohoney’s urging earlier today.
“If we wait any longer on the parking deal, we put this deal at risk. With the housing capacity issue downtown and decade-long cry for a grocery store, we must move forward,” Dohoney said in a statement.
The city’s share of the project will cost $12 million. As part of the deal, the city will provide the money through a five-year forgivable loan financed by urban renewal funds, which are generated through downtown taxes and can only be used for capital projects downtown. The funds can’t be used for operating budget expenses such as police and fire.
For more information on the project, read CityBeat’s original story on the Budget and Finance Committee hearing
here
.
