The owners of the eyesore formerly known as Eastgate Consumer Mall have put the property back on
the market at an asking price of $3.5 million. Dallas-based JTL Capital LLC received two conditional offers on the property
during a February auction, but both potential deals fell through, said Gordon J. Greene, a Cleveland broker who represents
the owners. Greene said several potential buyers have looked at the 40-acre property and are weighing redevelopment uses ranging
from retail to distribution or warehouse space. All of the potential plans would involve demolition of the 370,000-square-foot
mall, which was built in 1957. The city repeatedly has offered to pitch in tax abatements to spur redevelopment of the languishing
property. What would you like to see 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 owners of the eyesore formerly known as Eastgate Consumer Mall have put the property back on
the market at an asking price of $3.5 million. Dallas-based JTL Capital LLC received two conditional offers on the property
during a February auction, but both potential deals fell through, said Gordon J. Greene, a Cleveland broker who represents
the owners. Greene said several potential buyers have looked at the 40-acre property and are weighing redevelopment uses ranging
from retail to distribution or warehouse space. All of the potential plans would involve demolition of the 370,000-square-foot
mall, which was built in 1957. The city repeatedly has offered to pitch in tax abatements to spur redevelopment of the languishing
property. What would you like to see here?
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In my opinion the estridge companies are crooks. They filed bankruptcy on their 'track housing' side of the business two weeks before they closed on one of my clients' homes. When my client first interviewed Estridge as a builder 6 months before, they specifically ASKED about the solvency of their business, knowing that some builders were struggling. Estridge truly misrepresented their financial situation at that time. I suppose I am more unhappy with the whole system than I am with the builder because what the heck==you can file bankruptcy on 'track homes' but still keep building and make money off of 'custom built' homes??? How ridiculous! They are all homes. How can a company be allowed to bilk thousands of dollars from their subcontractors but still be allowed to build houses?? they should have been made to pay back all their unpaid contractors before being allowed to profit from building any more houses! This alone makes them and the system crooks in my eyes. I would never build an estridge home and I would not recommend for my clients either. If they were truly 'bankrupt' how could they afford to keep building homes anyway??? The whole system needs fixed.
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I live a couple blocks east of the Angie's campus and my house is assessed for ~$160,000. If I could get that amount, let alone $384,000 (a 140% bonus), I'd sell in a minute. Either Angie's stockholders just got fleeced, or Angie's is getting about a 58% discount on their property taxes, if these properties are actually worth what they paid Mr. Oesterle for them. Which do you think is the case?
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Perhaps the IMA board is really to blame! They agreed to hire Charles. They can't seemingly find donors among themselves, or bring in new blood that will support the museums operating budget with an expanded museum and money to provide curators with something to do (ie buy art). The headlines of disarray at the museum and mass firings are hurting the reputation of the museum for some time to come. If people on the board had misgivings, perhaps they shpuld have more forcefully opposed efforts that they have seemingly been unable to fund, like expansion and the costs it has created!
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See, I told u Indyman and Dipsicle....this 8 days is overkill. It's barely worth a weekend....great job Tony George! Your dream has been fulfilled....he fans want the I r l back. Thats how good it was.....and that sucked.
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I have been in training for a short time now but right off I can see that safety and quality are the number one issues, my experience as of late has been a positive one, the employees along with Jeff the plant manager and the operation supervisor as well as the engineers are a highly motivated group of people, what an asset for the area to have and for company's in need of a quality metal products.
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Just some ideas. :)
Last Saturday, a worker in charge of cleaning up the trash said nothing is happening there and that the whole place will be boarded up soon. There is a sign up that says it's for sale but it's been there for months. This worker said he hadn't heard anything from JTL either.
My suggestion is that Symphony Motors buy it and create an assemply plant there for electric cars.
Hooters
Starbucks
Condos
Maybe a big, boxy hotel?
The Post Office idea is great, but a lot of mail goes by aircraft these days that I don't see the Post Office wanting to locate that far away from the airport.
What about a new justice center? Not jails but Courts, IMPD command facility for the Northeast, East, and Southeast. Of course, temporary jail facilities would probably be part of the equation. Don't know the new jobs effect though.
Personally I'd like to see solar panel assembly plant, electric car, or high technology venture.
although, we could open up a Maricopa County type boot camp/prison camp/work camp out there! Have the inmates make car parts, wash cars, make license plates, or just sit there in the summer sweating to death.
But I'll go with the great big whorehouse idea. The eastside could use one. :)
Post Office jobs are stable good-paying ones, as are FBI jobs. Highway access from Eastgate is better than downtown for semi-trailers, and there would be plenty of room there for a security perimeter for an FBI facility. Maybe both government uses would fit on the site. I'd guess land at Eastgate will be cheaper than land at 96th & Boondocks Rd., and I'd also guess Dunkin Donuts would be glad to put a store there for the FBI guys and the mail-truck drivers.
Finally, IKEA is U/C in Cincy right now and its is being built there due to the city's location between Indy, Louisville, Columbus, Dayton, and Lexington. Indy HAS BEEN IDENTIFIED as a site for a new store, just don't expect it until the new airport is complete and Ameriplex is further along. This is where I was told they had zeroed-in.
I have a friend who is a bank manager that worked many different branches all over town. According to his data, eastsiders typically have $100,000 homes and $20,000 in cash in the bank while northsiders typically have $200,000 home and $0 in the bank. It's about the lifestyle baby! Put the IKEA in Castleton and give us a high tech park. IUPUI research or bio-tech business incubator!
Stop thinking 20th century, start thinking 21st!
set your sites a little more realistically, please.
Think big.
I need a drink. :)
enough-not enough population base to support it, not enough higher incomes,
and unfortunately Indiana is in a severe economic decline that will take a long
while to correct. Don't think you're there yet...
I doubt that Ikea will build in indiana any time soon as they now have multiple stores in chicago and a new one in cinci, and these stores draw from a large radious so they are not going to intentionally position them to sabotage each others sales. also I they have specific populations guidelines that they go by i think i heard they want a city to have a minimum population of 1 million, and if and when they build a store it will be by and interestate by high income.
Someone said anson, that would be a terrible location as that project isnt going anywhere fast, I would say it would be more suited to like the new 69 south area to avoid competion with the chicago store, or off of 69 north around the saxony project in fishers noblesville as that area has higher incomes.
for the east gate site i would recommend a mixed use redevelopment with a combination of things such as what is being developed at the old fort harrison site in lawrence, eventhough i don't think right now is the right time to start any more of these projects as there is such a glut of new contruction of homes and condos on the market that even if there great it is difficult to sell them for a decent price.