IBJNews

$1.5M plan to salvage Di Rimini nears finish line

Back to TopCommentsE-mailPrintBookmark and Share

The bank that owns the hulking pile of code violations known as Di Rimini at the southeast corner of Capitol Avenue and St. Clair Street expects to invest more than $1.5 million to finish the ill-fated project.

Louisville-based Stock Yards Bank & Trust, which last year took ownership of the vacant 31-unit apartment building at 733 N. Capitol Ave. after foreclosing on a $2.8 million loan, is working on a final round of city permit approvals that could allow construction to resume this year.

de rimini building 15colThe bank that owns the Di Rimini building hopes to resume construction this year. (IBJ Photo)

The city's Department of Code Enforcement is reviewing a permit application after the bank's proposed aesthetic fixes won approval in theory from the Department of Metropolitan Development under Regional Center design guidelines, DCE spokesman Al Ensley said.

DMD would give final sign-off after code enforcement blesses the project, a move that could happen at a hearing Feb. 6. City officials in August granted a minor zoning variance involving the building's height.

A land-use attorney representing the bank, Bingham Greenebaum Doll partner Mary Solida, hung up on a reporter after saying she could not comment. A bank spokesman did not immediately return a phone call.

Stock Yards told city officials months ago that it would have to spend $1.5 million bringing the structure up to code, DMD spokesman John Bartholomew said, though that figure likely has risen.

The bank is proposing several fixes, including adding brick to first-floor facades, lighting at each first-floor entrance, glass doors and canopies for first-floor entrances, a new stair tower clad in brick, improved landscaping and changing leasing-office space to retail. It would also have to invest in major improvements to the interior, including problems with handicap accessibility, to pass code enforcement.

The city ordered construction to stop in October 2010 after code enforcement and planning department officials discovered developer Jeff Sparks was building an entirely different structure than the one for which he had sought approval.

Despite the order, the owners began moving tenants into the building, leading the state's fire marshal to issue an emergency order barring occupancy. Violations of the Indiana building code included a lack of fire walls between apartment units or a working sprinkler system.

Michael Osborne, president of Near North Development Corp., worries the city will let the bank cut too many corners out of sympathy for the money it stands to lose on the deal. His group, which first voiced concerns over Di Rimini, opposes Regional Center approval for the project.

"A huge issue is the precedent that is set by compromising standards now. It was not the bank's fault, but it was a debacle," Osborne said. "To say, 'you made it half-way to the finish line, that's good enough.' That's not the kind of precedent you want to set. This is very much about not just this project, but the standard for the community and expectation for future projects as well."

ADVERTISEMENT

  • It's the bank's fault, Osborne
    "It was not the bank's fault, but it was a debacle," Osborne said. Of course it's the bank's fault. They had a note, which is a contract. That note gave them the legal ability to demand performance. They didn't. In fact, they were negligent in protecting their own interests as well as the interests of surrounding property owners. Of course it's their fault, at least indirectly. Who is this Osborne clown, and why is he speaking if he doesn't understand B Law 101?
  • Great writing
    "...hulking pile of code violations..." I love that.
  • just adding to the mess
    It will be just another area for trash to hang out in this area of downtown. There is enough crap in this area already, let's not add to it. What about the 4-5 story vacant bldg near this one, how about we do something with that too while we are at it.
  • And by "salvage"...
    I hope they mean "tear the mess down and start over."

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. "This was a very localized, Indiana issue," he said. As in, Indiana failed to expand Medicaid to cover its poor citizens resulting in the loss of essential medical services, including this EMS company. Well done, Indiana GOP. Here are the real death panels: GOP state governments who refuse to expand Medicaid for political reasons.

  2. In the "one for all, all for none" socialist doctrine the sick die...this plus obama"care" equates to caucasian genocide plus pushed flight to cities thus further eroding the conservative base and the continualed spiral toward complete liberal/progressive/marxist America.

  3. There is a simple reason why WISH is not reporting on this story. LIN has others stations in different markets that are affiliated with CBS. Reporting about CBS blindsiding WISH/LIN due to CBS's greed and bullying tatics would risk any future negoations LIN will have with CBS in other markets.

  4. My best always! Dave Wilson

  5. How did Columbus, Ohio pull off a car share service without a single dollar of public subsidies? They must not have a mayor who is on the take like Indianapolis. Daimler Benz offers Columbus residents their Smart Cars on a market-driven basis: "This has some neat features. Cars don’t have to be picked up and dropped off at fixed points. You find one with your smart phone based on GPS, and drop it off anywhere in the service area you can find a spot – even at a meter. These cars aren’t required to feed the meter so you get free on street parking while using them. I was told this system was put in place on a market basis without subsidies – and that the vendor actually pays the city for the use of the meters." http://www.urbanophile.com/2014/05/26/checking-in-on-columbus/

ADVERTISEMENT