Mayor Greg Ballard speaks as plans for a $150-million development are unveiled in downtown Indianapolis. (WIBC.com photo: Eric Berman)

An Indianapolis developer plans a $150-million hotel, apartment and retail project, nestled between Eli Lilly and Conseco Fieldhouse.

Listen:

If the City-County Council approves a financing plan, Buckingham Companies plans to break ground this year for the "North of South" project on what currently are two Lilly-owned parking lots.

Dolce Hotels, a New Jersey-based developer of high-end business hotels in six countries, has already committed to open its first Indiana hotel on the property, and the YMCA of Greater Indianapolis plans what it calls a state-of-the-art facility.

"You have the highest concentration of daytime employment in the city (at the intersection of South and Alabama Streets)," says Buckingham president Brad Chambers. "You've got proximity to events (at) Conseco Fieldhouse and Lucas Oil. The activity is here; the facilities just aren't."

The development would incorporate restaurants and retail shops along with 320 high-end apartments, the hotel and the Y.

The city calculates the project would create 2,200 temporary jobs during construction, and 200 permanent jobs when the complex opens.

The city would use tax-increment financing to make the project happen, meaning borrowing would be paid off by the additional property taxes the project would generate. After that deal runs out in 10 years, the city expects to gain $1.7 million a year in tax revenue.

Lilly would lease the land, and gain what it calls a major recruiting tool.