Could losing
three of four anchors in a year's time actually have a bright side for Lafayette Square Mall?
Broker Clint Fultz thinks it might. The property has always been a "crazy quilt
of ownership" in which many of the anchors owned their stores. The departure of Macy's,
Sears and Steve & Barry's could give the owners, Ashkenazy Acquisition Corp.,
a chance to completely redevelop the property. "That's not a bad stretch of real
estate by any stretch of the imagination," Fultz said. One challenge will be holding on to small
tenants, many of which may have lease clauses that let them leave if anchors bolt.
The photo
above (from retail blog Labelscar)
shows a mall directory from the 1970s. The Sears is scheduled to close Jan. 11. Macy's (formerly
L.S. Ayres) just announced plans to close (story is here). The Lazarus space
now is home to the mall's lone remaining anchor, Burlington Coat Factory. Steve & Barry's was
in the G.C. Murphy space. J.C. Penney left in 2004 and was recently replaced by Shoppers World. The Block's space is now a
family-entertainment center called Xscape.
- Home
- NEWS
- REGIONAL
- THIS WEEK'S PAPER
- BLOGS
- Multimedia
- OPINION
- A&E
- LISTS
- PEOPLE
- EVENTS
- Classifieds
- Subscribe
Welcome to Property Lines, Indy's source for neighborhood real estate news. Your host is Scott Olson, IBJ's real estate beat
reporter. Edited by Cory Schouten.
Sponsored by
ADVERTISEMENT
-
On what planet are they entitled to this largesse from the stockholders? These people make multi-million dollar salaries: Pay for your own personal travel.
-
It matters because they're already paid enormously fat salaries: Pay for your own personal travel. Being "taxed on it" isn't a valid excuse--so what? They're still being gifted a raft of luxury perks from somebody else's money on top of an enormous, lavish salary.
-
Greenwood was scammed. Somebody didn't do due diligence in checking out the claims of this company. The manufacturing of insulin can't be done on the cheap. If it could be done, some big generic company would already have it on the market. The founder was either a scammer or a wild-eyed dreamer who made people believe that his Lilly experience was what they needed to make millions of dollars. Greenwood fell for a get-rich-quick scheme but smarter investors didn't make the same mistake.
-
DV, your list is not reasonable. For example, mass transit in Chicago does not benefit the poor Illinois farmer living on the Iowa border. So, there is no need for mass transit in Indy to benefit the retired widow living in Jasper, Indiana. Your comments, therefore, cannot be taken seriously yet it does reveal the narrow viewpoints that are robust here in Indiana. Mass transit works, even if not everyone in the city or state uses it.
-
To Me Tim McGraw's Tight Muscles are Truly Magical
ADVERTISEMENT
Back to TopCopyright © All Rights Reserved. Privacy Policy | Terms of Use.
Design, CMS, Hosting & Web Development :: ePublishing.
Additional Hosting & Delivery by
IBJ Conversations
51 Comments
Add Comment
Maybe Ballard can turn it into a China Town, or maybe a Cricket Field! Garsh that wood be so darn cool! :lol:
http://www.housingwire.com/2008/12/29/malls-the-future-of-housing/
They should consider demolishing the Sears and the old Lazarus spot where Burlington Coat Factory is and the old Murphy's spot where Steve and Berry's was and just move everything else to the south end of the mall. Burlington can go into the Macy's spot then the rest of the empty demolished space can be developed into out lot retail. The food court they have now is not going to be missed for awhile.
Anybody else have any ideas?
The good news is that while the mall itself has struggled, the greater commercial district has retained relevance and has been reinvented by ethnic businesses, often Asian. I think this is a tangible sign of how immigration is good for the city.
The problem is that there are many other declining suburban commercial zones in Marion County. It's a huge problem.
As for the mall, if the new owners want to keep working on it, best of luck. Give it a go, but I don't see how they'd EVER fill in those traditional anchor department store spots. Who's left anyway? Sears continues to close stores, JCP is evolving into free-standing locations ala Target and Kohls.
What other traditional, mid-level anchors remain besides Macy's, on the national landscape? Where there were Ayres, Blocks and Wassons at every large mall and shopping center in central Indiana, including Bloomington, Lafayette, Anderson, Kokomo, Muncie, and Richmond, now only 3 stores remain, all and only in Indy. Hardly an urban phenomenon.
My advice for LSM, save and remake what's feasible, tear down the rest. Some of these posts are certainly on to something. The LS area's a melting pot of many cultures and socio-economic groups that may not necessarily appeal to high-volume, suburban-style retail. Also, traffic count, access and visibility at 38th/Lafayette/65 remains high.
Sure the demographics have changed -- RETAILING has changed. Yes, the area has had its challenges and changes since LSM first opened, no doubt crime has been a problem in the past -- just as damaging, is perception. But this is hardly a wasteland -- just a changed landscape. What comes down, usually comes back up, just maybe not the same. It takes TLC, committment, and vision on several fronts.
There is possibilty and opportunity in this region. And yes, some of those traditionally desirable demographics remain nearby: Eagle Creek, the new northwest side, even Butler-Tarkington. As I think of it, even in its better days, this was still a working class part of town.
I say, on to whatever's next! Here's to ideas, innovation, and, yes, investment!
Oh, and when I named all those old department stores with multi-locations across central Indiana, I left out Lazarus. At one time they were part of the mix until Lazarus bought Blocks, then the Ayres parent bought Lazarus, then Macy's what was left, until there was one big fish. Did I get that right?
There are still some regional players out there.......Von Maur (sp?) being one of them.
get real, 38th and lafayette is ghetto, so just let it be that! its not a black or white thing, ghetto comes in many shapes and sizes and colors. i say lets bring in an ikea!
Many people around the city go to Trader Joes, or Fresh Market for certain types of ethnic and international ingredients, why not make this a destination for that as well. Just a creative thought - better than more outlots and strip malls.
1. Indyone is correct on all fronts. But still, Ballardio could entice IKEA with 54000000 years free rent and abatements. The low rents in this city would eat it up. but that is far too easy for that d-bag to understand and exploit.
2. Berwickguy: you crack me up. Maybe we should have a beer sometime and we could kiss and make up. sorry Tony George failed, I'll even buy the first round.
3. This city has become a city of extremely low expectations. low expectations. Think about it. When is the last time anything exciting happened here, or when was the last time YOUR expectations of living in an NFL Class city were met? This city has failed on so many levels its not funny. Can we start with the condition of our roads?
4. Its almost Friday. See you in Broiad Ripple for happy hour. :)
http://goindygo.blogspot.com/
The IKEA Idea? In your dreams! A nice dream, but they really spread out their stores, and with a new one in the Cincy suburbs, don't count on one here anytime soon.
Indyone and others....good ideas, not sure if they'll fly, but it points to an obvious conclusion: why bother saving the bulk of that mostly-empty hulk called LSM? Whatever the plans, I can't imagine they won't include a wrecking ball.
If Carson's would consider Lafayette Square and Washington Square at least those two malls would have something unique about them. If Macy's ever left Glendale I think Carson's would be a good fit.
tyhat side of town is a dump. Not even IKEA wood open up there, That’s a nice link Anne. Will never work at the Wessside tho,get real, 38th and lafayette is ghetto, so just let it be that,but that is far too easy for that d-bag to understand and exploit.
Really...?
My kids are 11 and 14 and many of the items seemed geared to lower ages. The biggest draw for my 14 year old was the go carts but the wait was too long and the track too short.
The set-up is nice, but there was not enough staff cleaning tables. The idea of charging upfront and providing the buffet was good, but not when you have to bus your own table and there is not anywhere to put the dirty dishes from the party before you.
They also had good video games but not enough of them. It was very hard to spend money because there were games to play but not available.
One neat thing was the movie theater with tables / couchees and free films. They showed Get Small when we were there. It is great for the parents while older kids are out playing. The food was also not bad about average for buffet food.
The mini bowling was cool, but very very crowded.
They actually have the space in the northside parking lots to build a real entertainment center.
This is pretty much what New Orleans did with New Orleans Centre after Lord and Taylor and Macy's closed in that d'town mall and if was shuttered and not going to reopen after Katrina.
Even the little town I'm from took over an old shopping center that had a closed Kroger as the anchor and redeveloped it into a city municiple complex while still mainting the mayors office and other offices d'town.
Good ideas people keep em coming.
With regards to the New Orleans Centre, it's been over a year since I lived there, but I used to work right next door to the building. Prior to Katrina it was already a dying mall, worse than Lafayette Square, with just a handful of major chains, one department store (Macy's--Lord and Taylor had already closed), and scattered services like passport photos and temp agencies and stuff. Pretty bleak.
After Katrina, the 30-story building that rested on top of the New Orleans Centre in sat in disrepair with shattered windows for so long that it practically had to be condemned, and the owner out in Los Angeles was getting sued for negligence. The lower two levels--where the mall was--were the only ones in operation and I don't think they were city services--it was mostly a disaster relief unit, offering emergency medical services, with guards and a highly restricted entry. I hope things have changed there since then. At any rate, that building was still in downtown New Orleans--Lafayette Square is in what was in the 1960s considered the suburbs.
Is there any section of 38th Street anymore that isn't economically distressed?
No where in my post did I say that I wanted commercial office space to be left empty. I was referring to the city-county building which is constantly in the news as being over crowded, people complaining about having to pay for parking, not being properly suited for todays challenges of screening people for weapons, etc. I simply said that I have seen old commercial shopping centers redeveloped into uses for city services. I'm not proposing that Chase leave their offices d'town.
If the city is serious about helping this side of town, then why not show it by putting some government offices in the area. Where does it say that every city office has to be consolidated in one building. The parking is there, easy access to the interstate and I'm sure they could acquire the property at a reasonable cost compared to acquiring property d'town. They could put some courtrooms there...maybe family court? Traffic court? Move some of the offices that are for permits,licensing, etc to the area. I for one hate to have to pay to park when I have to run inside the city-county building to conduct that only takes about 15 minutes or so.
I personally don't see retail as an option as the area has plenty of vacant areas in the numerous surrounding strip centers.
Crystal, thanks for the positive note.
As far as New Orleans, the city has no plans currently that I am aware of to repair/fix the old city building on Canal so most city services are slated to move into New Orleans Centre, yes I know that mall was struggling before Katrina and this turned out to be a great way to reuse an existing facility.
I also think that the area is big enough to build a major post office depot since the one downtown sits an area right next to the new stadium and everyone seems to be clamoring for that land maybe they can move the main post office to the lafayette square area and they are still not that far from the airport
In my opinion the MPO needs to put development restrictions on the outer counties to make sure there is not a mass exodus from center of the city like in Detroit and Cleveland.
The idea from Anne’s link will work in the end because a rail platform for the NW line is planned for the mall area. The owners can sit comfortably on large piece of land and either sell or redevelop when the time is right.
I am in favor of whatever the owners of LS want to do, and I have no doubt that they can restore LS to greatness. The area around the mall needed some out of the box thinking and investment in a time when everyone left our “ghetto†for dead.
Da Hooey you are a sad man and you let your stupidity and racism blind you. The IBJ had an article not too long ago, about the time the redevelopment plans came out, about how the LS area had one of the lowest crime rates in the city despite the perception. There are some real ghettos in this country and 38th and Lafayette is not one of them. You complain about the roads and go on about Ballard. Ballard was only voted in because the tax payers didn’t have the stomach to pay extra to fix and reform a city with no sidewalks, no street lights, terrible water quality, disgraceful schools (33% grad rate), and roads that have only been patched since the 80s. Your close mindedness and elitist mentality disgust me. People like you are the reason why I wish to emigrate from this country.
And I agree on the fact that the 'tards in this town didn;t have the stomach to vote to fix up all that is wrong in Indy. Ballard is as much a victim in this as you and me? He looks like a total buffoon in the Mayor's Suit, and will logically go down as the worst Mayor in the history of our city.
So far as Ballard is concerned, I don't think he's going to do anything good or bad for Indianapolis. I think he'll fail to go down in history at all! (Time will tell).
On another note the dim sum restaurant on Georgetown Road is now closed.
Your assertion that Bart did nothing but bad in his tenure is laughable. May I remind you of such projects as the new airport? ne central library? lucas Oil Stadium? Fall Creek Proper? The combined sewer overflow solution? This represented REAL progress in our community, the creation of thousands of jobs, and further, a feeling that Indianapolis was progressing. Perception is often the reality for most of us.
Indy faces numerous challenges and every prior mayor had both achievements and setbacks. The claim that bart was bad for the city and Ballard has to clean up his mess is just plain stupid. But, Ballard could quit being a big baby and start leading - showing examples of progress and leading the city - if in just words and examples - out of this so called mess you have described. Where is he on Life Sciences? Where is he on the No-smoking anywhere legislation? Where is he on crime?
:crickets:
These projects are great for tourists to get a good impression of the city when they visit, but they don't really do anything for the everyday lives of the actual citizens. Do any of these 3 projects you named make the roads better, or decrease crime, or make the schools better?
All these projects were going on while VIOLENT criminals were be released from jail due to overcrowding, and IPS kept falling further and further behind the suburban schools in funding and performance. Its 2009, and they still have schools with no Air Conditioning.
I-70 got better right by the airport because of the new airport. All the streets around Lucas Oil got rebuilt (new paving, sidewalks, etc.)
Bart rebuilt 38th St. completely, from the sewers underneath it all the way up. All the streets, sidewalks, and alleys in Fall Creek Place were redone. That was by far the worst city neighborhood in 2000, and it's one of the best now.
The assertion that Bart did nothing but bad in his tenure IS laughable. The same will eventually be true of Ballard.
Do you think that the internet hurts or helps local malls?
Sometimes I see items on the website and then will go to the store because I do not want to deal with paying the extra fees to ship it.
It is common practice to claim everything good in economic development, so what is good for one is good for all - candidate and office holder wise. The fact that mayor Peterson - got those projects done - is to his credit. What will Ballard bring us? What is his Vision?
The way I see it is that Bad and Good are two sides of a continuum. The vast majority of politicians are somewhere in the middle.
One thing I'm afraid of with Indianapolis is what I like to call Midtown Blight (I haven't looked to see if anyone else uses this term). While there have been a lot of efforts to revitalize downtown, you can draw a circle between downtown and the outlying areas that is experiencing blight, which would include Lafayette Square. The thickness of this circle obviously varies greatly depending on the direction you go. Blight on the near north side varies from a few blocks to not at all, but blight on the west side varies from a few blocks to a few miles!
I think for a lot of us long-time westsiders, Lafayette Square is a symbol for the blight the near-west side is experiencing. I believe that even if a developer is successful in revitalizing this space, it will have little impact on what is a pervasive consequence of unchecked urban sprawl, commonplace in many Midwestern cities.
You're wrong about the Northside being spared blight: have you ever driven across E. 25th or E. 30th St., up MLK, up N. Keystone from I-70 to 52nd?
then we could make a stop up here on the Northside and you can see it ain't no different. Where on earth did the N-side get any preferential treatment from Bart? Hell, Dean Road was until just this fall a COMPLETE mess with curbs sliding into ravines and yards all the way from 62nd up to 79th. And where the F do you think Bart lives? Here's a clue: along that route. I could go on and on about the horrid state of the streets and sidewalks in the city, INCLUDING the N-side, but you know that.
speaking of spending a day with you, how about you spend some time with Mayor Ballard. Without giving the farm away, let me tell you that this guy is the laughingstock of Indy politics. Even his own cannot believe this guy. He cannot remember meeting people, alsways says the wrong thing at the wrong time to the wrong people, and just does not look or act the part of a big-city mayor by ANYONE'S standards. While I personally cannot stand Bob Grand and his gopher Loftus, at least these sharks can play politics and know where to go to get things done. Scott Newman is owed a sincere thumbs up by everyone in this city for stepping up to the plate to run the Police and Public Safety. You let me know if you need more on my perspective.
I'm really scared for this city, Ballard is too dumb to think of any sort of Vision, and it will, ultimately, really cripple this city.