Retail, parking, shopping developments announced in downtown Indianapolis

INDIANAPOLIS (WISH) - On Tuesday, Indianapolis Mayor Greg Ballard and developers will announce several new projects in downtown Indianapolis.

The "Block 400" development, to be announced Tuesday, will include four downtown locations, all in the area north of the State Capitol.

They will include:

• 487 high-end apartments
• A 40,000-square-foot urban prototype Marsh Supermarket
• Parking garages with more than 1,500 spaces
• Restaurants
• Additional space for retailers

The total cost is around $85 million.

The city is putting up $11 million in property tax money as part of the financing; it will receive money back in property tax revenue from the project.

“We will now have a lot more living options here in downtown Indianapolis and we will also have a full service grocery store down here” said Indianapolis Mayor Greg Ballard.

The apartment developer also owns the Cosmopolitan apartments on the canal. Representatives said there is demand for more upscale apartments downtown.

Marsh’s other supermarket location downtown at Lockerbie Square will remain.

For city dwellers like Sally Spiers, downtown growth is costing her money. Spiers lives in the Chatham Arch neighborhood on the east side of Indianapolis.  Growth along Massachusetts Avenue has resulted in property values increasing.

“I'm not planning on selling mine so for me it means I'm just paying more property taxes.
But I'm willing to do that because there is more stuff going on.  I wouldn't live anywhere else” said Spiers.

Spiers views the Block 400 project as another step forward for the city.

“People want to live here, with good reason.  It’s culturally diverse, economically diverse, you can walk anywhere.  It has beautiful parks, bicycle trails, what's not to like?”