Consolidated sale put on hold

July 10, 2007
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The vacant 15-story Consolidated Building at 115 N. Pennsylvania St. Consolidated Buildingwas listed for sale with a $6.5-million pricetag yesterday until the owners pulled it off the market, ostensibly to focus on trying to sell First Indiana Plaza next door. A real estate broker removed the listing at the owner's request following a call from Property Lines. Consolidated is owned by Crown Consolidated LLC, which shares some principals with New York-based Crown Properties. Crown has its 31-story First Indiana Plaza listed for $60 million. They bought it for $38 million in 2002. The 186,000-square-foot, 1910 Consolidated Building set them back $2.73 million in November 2004. It has been vacant since the late 1990s. Redevelopment deals have fallen through over the years, thanks in large part to the cost of renovation and a lack of parking.
  • That would be the perfect location for some affordable apartments. The lack of parking shouldn't be a major issue for an urban apartment building.

    Also, that seems like a large appreciation for the value of Indiana Plaza in just 5 years. Did they do a major renovation?
    • That is a laughable asking price, one they'll NEVER get even close on. Heck, the current owners overpaid back when they purchased the building for 2.7 mil.

      No parking and vacant. Consolidated Building, let me introduce you to the Illinois Building. Unlike the Illinois Building, though, parking could and should be added to the Consolidated Building by tearing down the add-on building behind the original structure and building a parking garage.

      I don't think affordable housing works there, in between several major office buildings (although it is close to John's liquors!).

      I'd like to see a higher-end boutique hotel myself, maybe 50-60 rooms, with some condos up top.
    • I've always thought what a same that the building just sits there empty. $6 million does seem to be a steep price for a dilapidated building. I remember the comic book store had to move out fast due to some water issues, I think. I like the idea of a boutique hotel. If you offer valet parking, the parking wouldn't be as big an issue to potential guests. Indy is lacking in boutique hotels and I think it would be a nice addition. Can we skip the condos though? I'm so tired of the condo mania in this city. Every building is being converted to condos. Especially when the condos aren't really affordable for the middle class. I'm all for making downtown nice but at the same time, can we try to keep some diversity?
    • Apparently, this building is infested with mold and therefore, will be very costly to renovate. However, the City's Economic Dev team is aware of the building and is doing everything they can to prevent this from coming down. I agree that we need less condos and hotels and more affordable housing. Maybe Riley Area Dev corp can partner with someone to make this affordablew apartments?
    • Maybe a new Library?

    • Wonder how many other State employees have experienced illness since working in the Consolidated Building?
      I worked in the Consolidated Bu. for 7 yrs. and loved the building, it had a beautiful chandelier in the main lobby with high 16' ceilings and gleeming floors and mirrors. I was in this building for 7 yrs. In 1990, I was sick continually for months without knowing the cause. Previous to my becoming ill the asbestos was removed from the floor below mine (12th) where the ladies restroom was. The haze was so thick when I opened the fire door I had to feel my way to the restroom door. The manager of the bu. hired the elevator man and the crew who emptied the waste baskets to work overtime removing asbestos. We could see they wore no protective clothing. This all happened so casually none of us realized what this was doing to us. I was diagnosed with cancer and had the fight of my life. My doctor said I had less than a year to live. The Lord used the extensive chemo I took to heal me. Thank you Jesus. Prior to the exposure to the asbestos I had never been sick. Now, I have one health problem upon another. A boss I had worked for on the 6th floor died of the same kind of cancer I had while I was taking chemo in 1991. The asbestos spread throughout the building through the opening and closing of the elevator doors. So many of our people are gone and no one ever offered to make this right.

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