Commercial Real Estate and Urban development and Development/Redevelopment and Real Estate & Retail

State seeks at least $6.5M for 19-acre site

October 15, 2009

The Indiana Finance Authority said Thursday it plans to auction off a vacant 19-acre development parcel between the White River and Fall Creek near downtown Indianapolis.

The state agency has set a minimum bid of $6.5 million for the property at 1401 Milburn St. between Indiana Avenue and 16th Street. The sale is scheduled for 1 p.m. Oct. 29, with bid-qualification packets due Oct. 28.

The state years ago intended to build a psychiatric hospital on the site. Later plans show what appears to be an apartment or condo development with three swimming pools.

Much of the surrounding area is part of a certified technology park. IUPUI's Biotechnology Research and Training Center on 16th Street just west of Indiana Avenue marks the edge of the park.

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