Bank leaving flagship corner

June 22, 2007
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Flagstar Bank will likely vacate one of downtown's highest visibility corners, at Meridian and Washington streets, later this year. FlagstarMidland Atlantic is marketing the 3,500-square-foot space in 2 N. Meridian St. as an "unmatched retail opportunity." The bank couldn't come to terms on a lease renewal with the building owners, which include local businessman John Goodman. Midland Atlantic is negotiating with a user that would be new to downtown but not to the market, said broker Nick Wright. He would not say whom. The new tenant could take possession by February 2008.
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  • Looks like a good Starbucks location...
  • I know Starbucks isn't shy about locating many stores in close proximity, but they've already got one around the corner from this location on the circle and another about a block away at the Radisson.
  • new to downtown, but not to the market leads me to believe its another bank.
  • The broker says it probably will not be another bank. What would you like to see?
  • Well, it most likely won't be a dining/drinking establishment. The state keeps important records in the basement of that building.

    Indiana Bread Co. used to have a store there facing Washington Street. Years ago, constant floor leaks damaged thousands of documents. I'm pretty sure they'd like to avoid that situation again. But as we all know, time heals wounds, so maybe they'll give it a shot again.

    I'd like to see a hip shoe-store or fashion boutique located there.
  • Perfect spot for a Jamba Juice!!! :)
  • I agree with aberlock. I'd like to see some notable clothing retailer. Downtown needs more retail outside of the mall. Borders was a great start, but it really needs to expand.
  • I'm thinking an Apple Store. And I'm not talking about the fruit.
  • Apple Store would be monumental for downtown. It will be a cheesecake factory or some other worthless chain restaurant. Just what Indy loves!
  • I hope it's another steakhouse chain! ;)
  • My money is on Applebees or Olive Garden.
  • This would be a sweet location for an Apple Store!

    As much as I'd like one to go here, I wonder if there's enough of a market for one so close to the Keystone shop....
  • I'm not sure if there is anymore available space to add to this 3,500sqft. that will open up, but a home store of some sort would be great for downtown. Carson Pirie Scott could stand some competition with their new home department to open soon.
  • I sense a Panera Bread...great competition for Au Bon Pain.
  • I know it won't happen, but the building looks like the perfect location for a Tiffanys. A girl can dream, can't she?
  • I am pulling back on my comment about Panera going in here...my bet is now on a Dunkin' Doughnuts. I just read that they are going to be opening up 80 stores in the metro over the next 6 years. DD can be found on just about every street corner in Chicago, Philly, NYC, etc. I suspect that our downtown will have its fair share. It will be nice to see some cometition for Starbucks.

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  1. Apologies for the wall of text. I promise I had this nicely formatted in paragraphs in Notepad before pasting here.

  2. I believe that is incorrect Sir, the people's tax-dollars are NOT paying for the companies investment. Without the tax-break the company would be paying an ADDITIONAL $11.1 million in taxes ON TOP of their $22.5 Million investment (Building + IT), for a total of $33.6M or a 50% tax rate. Also, the article does not specify what the total taxes were BEFORE the break. Usually such a corporate tax-break is a 'discount' not a 100% wavier of tax obligations. For sake of example lets say the original taxes added up to $30M over 10 years. $12.5M, New Building $10.0M, IT infrastructure $30.0M, Total Taxes (Example Number) == $52.5M ININ's Cost - $1.8M /10 years, Tax Break (Building) - $0.75M /10 years, Tax Break (IT Infrastructure) - $8.6M /2 years, Tax Breaks (against Hiring Commitment: 430 new jobs /2 years) == 11.5M Possible tax breaks. ININ TOTAL COST: $41M Even if you assume a 100% break, change the '30.0M' to '11.5M' and you can see the Company will be paying a minimum of $22.5, out-of-pocket for their capital-investment - NOT the tax-payers. Also note, much of this money is being spent locally in Indiana and it is creating 430 jobs in your city. I admit I'm a little unclear which tax-breaks are allocated to exactly which expenses. Clearly this is all oversimplified but I think we have both made our points! :) Sorry for the long post.

  3. Clearly, there is a lack of a basic understanding of economics. It is not up to the company to decide what to pay its workers. If companies were able to decide how much to pay their workers then why wouldn't they pay everyone minimum wage? Why choose to pay $10 or $14 when they could pay $7? The answer is that companies DO NOT decide how much to pay workers. It is the market that dictates what a worker is worth and how much they should get paid. If Lowe's chooses to pay a call center worker $7 an hour it will not be able to hire anyone for the job, because all those people will work for someone else paying the market rate of $10-$14 an hour. This forces Lowes to pay its workers that much. Not because it wants to pay them that much out of the goodness of their heart, but because it has to pay them that much in order to stay competitive and attract good workers.

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  5. It is sad to see these races not have a full attendance. The Indy Car races are so much more exciting than Nascar. It seems to me the commenters here are still a little upset with Tony George from a move he made 20 years ago. It was his decision to make, not yours. He lost his position over it. But I believe the problem in all pro sports is the escalating price of admission. In todays economy, people have to pay much more for food and gas. The average fan cannot attend many events anymore. It's gotten priced out of most peoples budgets.

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