A proposal for a $500 million sports medical complex specializing in head trauma and concussion treatment was selected as the preferred bid to develop the former terminal site at Indianapolis International Airport.
The developer, the Athlete's Business Network, said its development would employ 3,000 workers. Built on 130 acres south of Washington Street near High School Road, the complex would have five medical office buildings that specialize in sports performance, substance abuse sports medicine, and orthopedics and sports medical technology. The centerpiece, called the ABN Global Center for Brain Health, would focus on brain trauma.
Plans also call for two 250-room hotels and a 20,000-seat stadium. The project would be built in two phases.
"The chance for the west side to benefit is tremendous," airport board member Phillip Borst said at a Tuesday news conference at the airport announcing the plan. "It can elevate this side of town."
Mario Rodriguez, airport executive director, said the medical complex would be privately financed and no subsidies were being sought.
ABN does not yet have financing for the project. The firm needs to have a letter of intent from the Indianapolis Airport Authority, which could happen as soon as Friday when it's scheduled to vote on the plan.
"We're well-positioned and well-coached with a team of individuals and entities seeking opportunities to invest in this project," Athlete's Business Network CEO Craig Sanders said.
ABN was founded in 2009 by Sanders, technology executive Yair Oren and health care executive Arne Pedersen. The Indianapolis project would be its first venture. Oren is a former Israeli Army officer, according to the company's website, and other executives in the company have ties to the U.S. military, including the Delta Force.
Partners in the project include developers The Pataki-Cahill Group of New York; Walsh Construction Co. of Chicago; construction company The Hagerman Group of Indianapolis; real estate consultant Johnson Consulting of Chicago; investment bank Ziegler and global design firm Gensler of Houston.
ABN could grow to hundreds of employees in the near future, Sanders said. The company launched its website Tuesday.
"We will be evolving very quickly on a number of front lines," Sanders said.
Construction of the first phase could begin in 2017. It would include two of the medical buildings and one of the hotels at a cost of $150 million. Phase 2 would include the other three medical buildings, an additional 250-room hotel and the stadium. The entire project would cost an estimated $500 million.
According to terms laid out in the airport's request for proposals, ABN would enter a letter of intent if the board approves the plan Friday. ABN would have 75 days to enter a “definitive agreement,” in which the company would need to pay a $250,000 option fee.
On Oct. 1, ABN would have to submit a site plan, and on Jan. 29 the option ends and ABN needs to submit its financing details, including equity and debt and other commitments.
The airport still would own the land and lease it to ABN.
The brain health division would concentrate on treating athletes suffering the effects of concussions and soldiers suffering from post traumatic stress disorder.
"A brain health project of this size has never been done anywhere in the world," Sanders said. "This research and our message and our ability to put a focused and global spotlight on brain health issues can save lives."
The brain center would be headed by Dr. Jim Kelly, former director of the National Intrepid Center of Excellence, part of Walter Reed National Military Medical Center in Bethesda, Md., which treats traumatic brain injuries.
The ABN plan marks the latest proposal for land the airport is turning over for development. The airport is selling or transferring 3,200 acres, worth $83 million, to developers and local governments. Airport officials said doing so will generate $1.8 million a year in property taxes.
Another approved bid also was announced Tuesday. Holladay Properties of South Bend plans to build a separate project on 300 acres near the planned medical complex. Its plans are not finalized but could include entertainment and light industrial uses.
Little had been known about the handful of submitted bids for the airport property near the former terminal except one by the owner of the Rising Sun Casino to build a $150 million casino with 700 gaming tables. Rodriguez said the casino was rejected in favor of the medical center because it would better serve a wider swath of people.
Late last year investors paid $3 million for 329 acres during an auction, clearing the way for residential, commercial or industrial development. That land was in 31 tracts scattered around the airport, including at the Stanley Cove subdivision in Plainfield, the old Speedway Airport near Ronald Reagan Parkway in Avon and on Lynhurst Drive near Kentucky Avenue in Indianapolis.Those parcels were expected to generate $75,000 in taxes immediately and $200,000 for every $10 million in capital improvements.
The airport also has agreed to transfer nearly 2,000 acres of conservation land to the Hendricks County Park Board and the Town of Plainfield.
This Article originally first posted here: $500M sports medicine complex chosen for airport site
