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Buckingham Companies' CityWay Development

CityWay was developed by Buckingham Companies as a mixed-use, livable community to transform the south side of downtown Indianapolis. As a fully integrated real estate developer, Buckingham Companies specializes in the development, acquisition, renovation, and asset management of a wide range of properties. With every property, Buckingham Companies relies on its 25 years of real estate experience to create exceptional value.
The CityWay development is an innovative urban design including:
  • 250 luxury residences
  • 209-room world-class hotel managed by Dolce Hotels and Resorts
  • 75,000 square foot YMCA
  • 40,000 square feet of retail/restaurant space with an additional 60,000 square feet in future phases
  • Office space available in premier locations
  • Certified Technology Park
Addressing post-development needs
Buckingham needed to finance the project in a way that would allow for each parcel of the completed development to be sold or refinanced separately. This would provide an opportunity for a hotel operator to run the hotel, for apartment operators to lease the luxury residences, or for retailers to lease space for shops. Buckingham needed legal counsel who could take a comprehensive, long-term view of the project to meet their transition needs.
Planning for a successful transition
Ice Miller coordinated the development process so that upon successful completion, each component of the development could be entered into a willing market for refinancing or sale. Ice Miller also provided guidance on the refinancing market and its impact on planning for the developer's transition strategy.
The importance of planning for mixed-use properties
Mixed-use properties are increasing in popularity as communities work to provide a more robust tax base by maximizing the density of an area, as well as meeting the growing demands of residents who want to live, work and play within a pedestrian and bicycle-friendly area. 
According to the American Planning Association, a mixed-use development:
  • allows for greater housing variety and density
  • reduces distances between housing, workplaces, retail businesses, and other destinations
  • encourages more compact development
  • strengthens neighborhood character
  • promotes pedestrian and bicycle friendly environments
Developers of mixed-use properties may need to plan their transition strategies in advance of securing the initial loan for development of the property. Working to solve mixed-use issues ahead of time may save developers time and money when the development is completed and transition to the sale and refinancing process begins. 
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