Property Lines

Welcome to Property Lines, Indy's favorite source for neighborhood real estate news. Your host, IBJ real estate beat reporter Scott Olson, can be reached at solson@ibj.com.
Real Estate & Retail

How much is this land worth?

October 30, 2007

Stadium LandState officials are challenging a $7-million assessment for a 2.3-acre parking lot sandwiched between the RCA Dome and Lucas Oil Stadium. The state has launched eminent domain proceedings, and the owner isn't challenging the taking. The hangup is value. The owner—a trust started by late local businessmen Anthony Maio and Ronald Palamara—says the land is worth $15 million. The state is offering $3 million. A local real estate broker who keeps track of downtown transactions said the land is worth at least $100 per square foot based on recent property deals, putting the price above $10 million. (The man pictured is Paul Roland, attorney for the landowner.)
ADVERTISEMENT
Comments powered by Disqus