A $60 million project slated for South Street between Meridian and Pennsylvania streets is on hold until
credit markets return to some semblance of normal, the developer acknowledged today. The 11-story project calls for a hotel,
restaurant and an upscale bowling alley. "Nobody's closing loans today," said Brian Epstein, president of locally based Urban
Space Commercial Properties and a partner on the project. "We're just waiting. Everybody's in the same boat." The developers
had hoped to break ground in the summer but now say the start date is out of their control.
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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.
A $60 million project slated for South Street between Meridian and Pennsylvania streets is on hold until
credit markets return to some semblance of normal, the developer acknowledged today. The 11-story project calls for a hotel,
restaurant and an upscale bowling alley. "Nobody's closing loans today," said Brian Epstein, president of locally based Urban
Space Commercial Properties and a partner on the project. "We're just waiting. Everybody's in the same boat." The developers
had hoped to break ground in the summer but now say the start date is out of their control.
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Saw the Indy Men's Chorus "Music of Gilbert & Sullivan" at the Indiana Historical Society on Sunday evening.
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Temporary workers are not "tools" they are people and companies that keep large amounts of temp staff are cheating.
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I miss having them around. I hope one of their stores is in the general Meridian/86th Street area. I will make good use of it.
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The Fringe! Plus, the simple fact that there are so many local faves in such close proximity to each other.
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I remenber, watching the toll road, being built, through South Bend, when I was 10 years old. I believe, back then that it was estimated, that the toll road, would be paid for in 20 years and then it would be free. I am now 71, what happened? Since the power is in the people, by that, I mean that, we the people are in total control of everything. I, suggest that no one ever use the toll road again, let it go broke. We the people can control the price of everything, from groceries to gas, if we would just do it. If we don't pay the asking price, the sellers will lower the price and if we wait awhile, they will lower the price to what we accept as reasonable. I would like to know why a highway like interstate 94, is so well maintained, a much better highway, than the toll road, but has no tolls. I would also like to know why, a sitting governor, with a term limit, maximum of eight years, can lease, public property, for 75 years. Even though I have transponders in both of my trucks and will not be affected by the increase, I have been and will contine to avoid using the toll road. I make many trips from northern Indiana to Chicago, every year, and I prefer the better highway, I94!
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This is a decent project I hope to see materialize. Here's hoping the developers are able to keep the project alive until the market recuperates.
It is tough to blame this one on anything other than the economy. If Chicago has partially completed skycrapers with no work going on because the loan fell through, clearly Indy can't expect to be immune.
I can understand your frustrations with some of the things that happen locally. I actually used to have an approach similar to you. But I got behind it. I think it's an expression of a local inferiority complex to tell you the truth. As cities and people mature, we compare ourselves to our elders so to speak, to the cool upperclassman, the big league cities, etc. And it isn't surprising that we come up wanting and inadequate. But like that high school or college freshman, we come to understand that the older kids weren't quite as cool as they thought they were, got comfortable in our own skin, and found our own paths to success. So it is with cities. Of course Indy should compare itself to the best that is out there in the world. And I think a high bar should be set. But expecting the city to become San Francisco or something overnight isn't realistic.
Indy has come a long way and is positioned to go further. Is it perfect? No, of course not. I could make a long list of complaints myself and often do on my blog. But it is city that is slowly maturing and coming into its own. It is growing up and will find it own unique adulthood as a city that is a mix of the best from elsewhere and a unique local character. And Indy can feel good that it is on the way up. It is still that high school freshman with its best days ahead of it. Detroit, Cleveland and way too many other places are already in the geriatric ward. Their best days are long gone.
Rather than always bemoaning the things that are messed up in Indy, why not celebrate the good from time to time: the Cultural Trail, the IHIE, LOS, the airport terminal, ExactTarget's expansion, etc. And pitch in and help to make it better in the places it isn't. I realize you are out of town, but that's no boundary. In fact, taking advantage of its disapora/expatriate network is something I believe Indy should do to help drive its future growth and to help bring that perspective and ideas from the outside world. Are you willing to step up and help?
- Urb
99% of those that post, or even just read these blogs have a desire to see Indy grow to what we all know it is capable of being. Your mindset is a particular one that hinders progress in a non-tangible, non-direct way. Either contribute some morcels of positive thought or like I stated previously, Go to sleep!
Everyone in the construction industry has been running into similar problems with a lack of credit to get things off the ground, but from what I can tell people are still genuinely optimistic. I have faith in our local economy and real estate values, we'll get through this and the Ralston will be built when the time is better. Just be sure to continue supporting your local businesses and keep a smile on your face.
This does not mean that in the next few weeks, assuming the screwing of the American people gets passed today, the loan will close and all will be well.
Several of these large projects need to realize that in the not too distant future if any of these projects want to be up and running before the Super Bowl they will need stay somewhat close to their timelines. Some of these projects can't go into 2010 still on the unknown list.
The credit squeeze will ease a bit going into next year. It still will be hard to come by, but credit lines will open back up a little as the banks stablilize and will need to begin generating income producing loans again.
The problem was not large upscale projects... the problem was fools taking out either predatory loans, homes they couldn't afford, and high-margin/max leverage loan practices. Solid projects will a solid lender and reputable owner should not be held back.
The downside to the entire credit mess is that it will likely negatively affect more good projects that now can't get financing than it will help the banks get out from under the bad projects they've financed.
I worked for Irwin Union several years ago. I could see some of the changes that Will Miller was making were suspect. He proved to be much too big for his own shoes, trying to turn a small town bank into a national player with very risky strategies. And now, he may be lucky to even hold on to the pile of rubble that he has left himself with. Shame on you Mr. Miller for your ridiculous decisions and for the bad calls you made toward people that served you well and whom you wrongfully and callously terminated.
Nobody values a troll's posts, they contribute little if nothing to the conversation. Responding to them only validates the troll's pathological need for attention. Resist the urge to respond.
dis not guud.