The hits keep on coming for the unfinished Binford Medical Complex
at 65th Street and Binford Boulevard as the urgent care center that served as the development's anchor has left, at least
temporarily. Plans for the $29-million, 17-acre medical complex called for several buildings with a total of 150,000 square
feet, but only one building has been partially constructed and the property now is in foreclosure. The Binford Immediate Care
Center halted operations April 30 but plans to re-open in the future, Bloomington-based Unity Physician Group wrote in a letter
to patients. The only remaining tenant is Seward Sales Corp., which leases 2,200 square feet. An additional tenant, a radiology
firm, is scheduled to move in but can't until the building is finished. In a 2006 story in IBJ, healthcare consultants had
questioned the feasibility of the project by Binford Medical Developers LLC because of its location and lack of affiliation
with a hospital system. Read more here.
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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.
The hits keep on coming for the unfinished Binford Medical Complex
at 65th Street and Binford Boulevard as the urgent care center that served as the development's anchor has left, at least
temporarily. Plans for the $29-million, 17-acre medical complex called for several buildings with a total of 150,000 square
feet, but only one building has been partially constructed and the property now is in foreclosure. The Binford Immediate Care
Center halted operations April 30 but plans to re-open in the future, Bloomington-based Unity Physician Group wrote in a letter
to patients. The only remaining tenant is Seward Sales Corp., which leases 2,200 square feet. An additional tenant, a radiology
firm, is scheduled to move in but can't until the building is finished. In a 2006 story in IBJ, healthcare consultants had
questioned the feasibility of the project by Binford Medical Developers LLC because of its location and lack of affiliation
with a hospital system. Read more here.
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So the Mayor adds another non value added layer to having a vehicle towed? Whereby the City Government RECIEVES AN ILLEGAL KICKBACK FROM A LGOISTICS COMPANY THAT SUBS THE WORK TO LOCAL TOW COMPANIES? What is the service the City performs for receiving the "tribute"? This is RICO!!!!! What a corrupt and unnecessary layer. What a dirtbag Mayor and his cronies.
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Owner occupied housing. Clear enough?
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So people think I am paranoid. It's from experience in dealing with puds requested by developers who make major donations themselves to representatives, have nice fund raisers for those running for office and hide through pac's. then there are the public relation firms. You will note some pr comments below. You there Clyde Lee? My opinion. Commercial along 421, great. Multifamily housing, terrible idea that will change the town. Senior condos or zero lot line homes west, great. I suggest keeping all entries to commercial areas at 421. All entries to owner occupied on sycamore. Will keep the traffic on sycamore down some. Two other things. You can't trust what will be there in 10 years. Steve builds quality stuff, but areas change over time. Look at the changes at the wall mart center at 86th and 421 over the last 10 years. Look at the apartments and neighborhoods behind St Vincent's. Raintree properties WILL decrease in value if commercial and multifamily goes in near. It has already been happening around the bridges area. The houses that have been sold recently are way below market. Several deals not closed due to the Illinois construction and the whole unsurety of the bridges. It's pretty simple, Zionsville will approve the whole thing because the city council has been groomed over a LONG period of time for this. I might even suggest some are in their position as a result of this.
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Esta, do you have a dog in this fight? You seem to really want to knock anyone against this project. No, I didn't move to Indiana for the architecture. I moved here for that red barn in the field. The horses and fields of corn. A place that is NOT overdeveloped. There are plenty of nearby places in Indianapolis that could be REDEVELOPED instead.
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RKW - OK, we get it, you're paranoid. The question is, are you paranoid enough? Greg - Yes, Pittman(s) is (are) at it again. They are developers, they build things. It's what they do. So when you go to work tomorrow, Greg, you're at it again too. Cliff - Really? You moved to Indiana for its progressive architecture? That's like moving to England for the cuisine. Zionsvillain - The house you moved to was once a field or woods. I'm willing to bet folks were upset when that ground was plowed under and a house was built. But I guess now that you are in, everything should stop? "My house was OK, but the next one is sprawl." SE Guy - Please don't paint us with such a wide brush. Most reasonable Zionsville residents welcome planned, measured development.
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and land owners deciding where these retail establishments are built.
Cory: It would be a great IBJ round-up to take an inventory of all the
strip developments that were built (such as this) and never inhabited,
or that were scarcely inhabited and failed quickly. I can think of
three on the west side alone on the 56th street/LaFayette Road corridors.
Another example: The former Marsh headquarters (for sale). . .less than
a quarter mile away someone is building a new office complex. Senseless.
It's a poor use of resources. A poor use of land. And if you think this is
real economic development, think again.
And now we're going to let the gov'mint be owners of formerly public companies and unions part owners of auto companies. The owners of hospitals had better watch out, they've hung themselves out to dry with their own version of greed and they are next in the gunsights of the new administration.
Having spent 20 years in banking, it wasn't the low-income loans that caused the housing crisis. It was the lack of regulations that made it possible to sell loans in the secondary market without any over sight. Add to that the banks turning a blind eye to out right fraud (massive marketing of option arms) it was a freight train that was unavoidable. Banks profits were based on the yield spreads and a quick sale of a loan versus the loan quality and its ability to perform.
So too much debt starts the downward spiral into a sinkhole and now the adminstration fixes the problem with more debt. The sinkhole will likely beome a blackhole in future years at the rate we're going.
About this medical complex, I think that saturation is a big problem, and also location. There was information that this company ignored early on that proved this was a bad business idea.
But I recall several years ago, reading in the IBJ as it was being built that it was a longshot to make it. The Community Hospital complex and all the various professional buildings that surround it - is not two miles away?? Who and what would the Binford complex serve that can't be done on Shadeland..
P.S. politics are local.. let's give it a rest folks.
you heard it here first.
What this town really needs is ready-to-assemble ultra modern Swedish furniture. I think that would give us that certain sense of place we seem to be after.
This reminds me of why so many people turned to Japanese imports...they were the kind of cars (quality and looks) that people wanted to buy...but the US makers thought they knew better.
I know the area very very very well and this parcel and development has been plagued by a number of extensive issues some public and some behind the scenes. This also isn't the highest and best use for the property. Now it is bogged down by a vacant shell of a building. That's a shame for an area undergoing a major rebound. Looks like the rest of that corridor is going ahead full steam.
stay the F away from that intersevtion ladies. :lol:
What is the highest and best use? Let's remember the best part of the definition as well. Something that actually has marketability, demand, etc.