City preliminarily grants approval for 86th Street sidewalk
INDIANAPOLIS, Ind. (Dec. 2, 2015) — Developers breaking ground on a new hotel near The Fashion Mall at Keystone are now asking the approval to build a sidewalk for pedestrians.
Today the Indianapolis Metropolitan Development Commission preliminarily approved the sidewalk. Moving forward with the plans could mean a tax credit of more than $400,000 for the developers.
“We feel good I think it’s the right decision I might be a little biased,” said Isaac Bamgbose, asset manager with Hendricks Commercial Properties, the developer on the project. “This is something for the community, for our residents, and I think it will better everybody.”
The sidewalk be about three blocks long, piping along 86th Street and under Keystone Avenue. It would connect both sides of Keystone Avenue for pedestrians. Currently, patrons on foot and bike have a more potentially longer or more treacherous route in order to cross Keystone Avenue.
“We can’t tell you how much we see people risking their lives whether it’s on bike or via just walking trying to cross that,” said Bamgbose.
Hendricks Commercial Properties owns the Ironworks apartment building and is building a hotel next door. Also carrying the Ironworks name, the hotel will take over the area where currently a closed La-Z-Boy store stands.
“We purchased the property at the beginning of this year,” said Isaac Bamgbose, asset manager with Hendricks Commercial Properties. “We’ll be [demolishing] that building and building ground-up five stories with a new 120-room boutique hotel.”
Bamgbose said the tax abatement would go directly to helping fund the construction of the sidewalk, which he added would be a benefit in the short and long run.
“You have the moon trail to the west, and turn on 86th, and that really connects really all of Indianapolis,” said Bamgbose. “This really was that missing link.”
The tax incentives are on only new materials and property. The MDC will make a final decision on December 16.