New development near Eli Lilly could be boon for near southeast side
City Way, a large mixed-use community going up just south of downtown, is on track to open its first apartment units this fall. The $155 million project is under construction at South and Delaware streets on a 14-acre site adjacent to the Eli Lilly campus.
Indianapolis-based Buckingham Companies is the developer. Plans call for 250 luxury apartments and the Alexander, a very upscale 209-room business hotel, managed by Dolce Hotel and Resorts.
Computer-generated video provides a virtual tour of the development.
It shows a very contemporary hotel with a second floor lobby and bar that opens onto an outdoor deck overlooking a large green space. The first floor includes a flagship restaurant.
Other restaurants, including a café as well as boutique-style retail, are also planned below the residential units at street level.
A new 75,000-square-foot YMCA is also going in once the Y's fundraising goal is met.
Terry Sweeney, Vice President of Real Estate Development for Indianapolis Downtown Inc., sees City Way as a game-changer, not just a place to live but a destination.
"It really begins to change the density and scale of development of what's going in around downtown. It's really exciting to create that urban vibrancy and expand it," he said.
Also watching closely are several small business owners in nearby Fountain Square.
Bob Jaeger opened South of Chicago, a pizza place on Virginia Avenue, about a year ago.
Asked about City Way he said, "I'm looking to move there. That's how nice it is!"
Jaeger also thinks with so many people living nearby, it will deliver a lot of new customers.
"It will help the whole area grow. I think it's the best thing for us. We're really excited," he said.
Though the first apartments won't be done until fall, Mike Timpe was already checking things out at the City Way Discovery Center, where several large monitors show the virtual tour.
The Southport resident said, "I just want to be downtown. I've always been a city boy at heart."
The $155 million investment includes $86 million in financing from the city. Eli Lilly provided the land (former parking lots) and $15 million in cash toward the project.