IBJOpinion

City Market should build on immigrant roots

July 3, 2010
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IBJ Letters To The Editor

[In response to the June 14 editorial] The ambitious $4 million plan for a brighter, more compact market as a magnet for more customers is certainly exciting, but alas, it would still be a stand-alone venue! I would like to suggest that the 124-year-old landmark serve as an anchor for a broader vision of the near-east side.

Taking a page from the immigrant history of the market, why not create an international town around it? Indy has ethnic groups galore, so why not harness this diversity? The west quadrant is being demolished—why not replace it with a structure housing The International Center and a performing center for plays, shows and exhibition area for our diverse groups? The International Festival and parade could be held on the area. There are already ethnic restaurants along Delaware Street. Retail stores selling jewelry and clothing could be added both in the market and in storefronts.

As pointed out so importantly in your piece, the long-neglected Market Square [Arena] site is just around the corner. And wouldn’t a developer find the site more attractive if a new neighborhood would spring around it? Use might also be found for the old City Hall—another historic gem—which sits forlornly in the same area just waiting for rebirth!
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Georgia Buchanan

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  1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

  2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

  3. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  4. If you only knew....

  5. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

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