Fountain Square buildings for sale

November 15, 2007
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Fountain Square For SaleA prime block of Fountain Square real estate is on the market. Businessman Don Swayze is asking $1.2 million for two buildings and a used-car lot he owns along Virginia Avenue. Jesse Snyder with ReMax has the listing. The buildings are home to Luxor Restaurant, Days Gone By antique shop and 13 apartment units. A few years ago, Starbucks considered opening on the corner but a deal never materialized. What would you like to see here? Any other Fountain Square news?
  • No thanks on the starbucks, there are already 2 coffee shops nearby. Hopefully someone buys it and and develops the used car property, there are already way too many crappy used car lots in FS.
    • I know it's corporate, but I have long thought a Starbucks in FS would jumpstart the area and bring people there to do meet and do business. Hopefully it would attract other business as well.
    • Bring on Starbucks!
    • I hope when both the cultural trail & green-space projects are completed, it will bring more awareness to Fountain Square. Its such a cool and groovy area of town. . . . . . . .
    • I was thinking an Applebee's and maybe a Pier One...
    • Kevin G:

      Don't look too hard at Applebee's. They are in dire financial straights and are seeking a suitor.
    • You people are sick in the head.
    • Maybe they can tear the building down and put in a taco bell with a drive thru. It would be fitting for Indianapolis.
    • I know what would be great there. A store for rednecks and hicks. A mini- Wal Mart!
    • scrape the site and go 4 story residential with ground level retail, underground parking. new facade but architecturally within the theme of the area.

    • Does the IHPC have any control over this area?
    • Retail and Residential. Change the used car lot into an underground parking lot, and build a UNIQUE restaurant on the site. =]
    • I really want that area to succeed - Indy needs more cool neighborhoods where a person can walk to shops, restaurants, bars, etc. It too bad Peter's left that area long before it went under - it would be a great addition to the area now.
    • Unique/locally-owned establishments are nice and desireable, but doesn't anyone stop and think what it takes to start one up, gain loyal customers and keep it going?!

      It takes $$, folks, and there aren't many people who'll want to just GIVE goods away!

      It may take some anchor to generate more outside appreciation for the neighborhood. And take Starbucks, for an example: it isn't some Village Pantry or McDonalds or Taco Bell. It's a non-flashy, strong brand that can attract foot traffic and perhaps help generate a demand for other quality establishments.
    • Berwick guy,

      I thought IHOP was buying Applebee's? And is MacAlister Deli part of the Applebee's family?


      mini-Walmart? Don't you mean a Dollar General?


      Sorry, it's Friday and all in good fun, so don't forget that Broad Ripple supports a Starbucks plus two independent coffee shops, on top of Eistein and Scholar's Inn...most independent coffee shops think a Starbucks helps, not hurts traffic.
    • Fountain Square is a locally-designated Commercial Historic District, so it falls under the jurisdiction of IHPC:
    • 2 words... Art Gallery. Fountain Square has been really good to the art community, look at the sculpture on Virginia right by the I-65 bridge, or the top of the cop shop... Unfortunately, nobody wants to invest in real artists, they only want to invest in artists that have been spolied by the formal education system.
    • I also want FS to succeed. Unfortunately, there are just too many rentals in the area that it will probably take a few (5-10) more years before we see tangible progress.
    • Whatever happened to the SEND properties on English Ave? Did somebody buy them or the properties taken off the market?
    • Good question, Ron. My understanding as of last week is they are off the market for now.
    • I'd like to see Tuxedo Park Brewers open a Fountain Square neighborhood brewery.
    • Cranky,

      You're right, it is IHOP that is buying Applebee's, but Applebee's definately needed the help.


      You should keep your posts on a site for mindless meanderings.
    • Oh, god, please open an Outback Steakhouse there.... Just demo the old buildings and us the car lot for parking. Man, bringing down the density and adding more suburban-style development would be great for FS,,,,

    • Hey berwickguy

      I'm glad you find it amusing to project yourself as some form of an intelligent crinoid because you apparently can't take a joke for only a minute. But that's ok! Feel free to think what you want, I just know that you're obsessed with yourself.
    • Cranky... I probably think a Dollar Tree is better. Even Dollar General stores are too pricey for trashy people.
    • As a resident of Fountain Square some of you scare me ;-)

      It sounds like some of you haven't been there lately. Things are moving forward at a nice pace. We have Cognizant Coffee now...we don't need no stinkin' Starbucks. Have any of you been to Luxor (in the building that is for sale)? Their food is amazing!
    • I think they should restore the 19th century structure(and maybe the lower 1930's structure) and turn them into retail and apartment space.
      Tearing it down would just take character away from FS, not to mention a chunk of commercial history. Hopefully some people renovate them and fill in the parking lot. I'd hate to see the two structures demolished, or atleast the 19th century one.
    • Dustin, berwickguy... please desist from those useless personal attacks, or I'll be forced to use my hero powers. muahahaha ;)
    • I wish berwickguy would commit to his senses. I know he has an underlying obsession with me. His fantasies can be fulfilled if he'd just come over and sniff my immaturity. (Edited by moderator)
    • Adam Vinatieri is a joke.
    • Fountain Square needs a good bar/pub. Radio Radio is great, but only open when a show is booked. Deano's Vino is okay, but service is horrible!

      Who are these idiots talking about an Applebee's and Outback Steakhouse? Move to the suburbs if you want that garbage.
    • Apparently only idiots understand sarcasm......
    • I think a toy manufacturing building staffed by illegal aliens producing chinese toys, featuring lead paint would fit well.
    • what fountain square needs is people to patron the places there. And either a Starbucks/Panera/Dunkin Dounuts would only help bring outside people to FS. If half of the people who blogged about this story visited these businesses there would not be so much turnover w/ the retail and food service. P.S. anyone who thinks an neighborhood can survive by being a artist neighborhood doesn't know many artist. They don't exactly roll in the dough and spend it on retail.
    • Yeah, I like the Tuxedo Park Brewers idea. Locally brewed beer would be a GREAT addition to the neighborhood and the City. The problem is the price.

      $1.2 million dollars? Wow. You can get a 14,000 sq. ft. building just up the street on Virginia (n/e corner of McCarty & Va.) for $1.2, and it's in much better shape...just minus the proximity to the fountain. Ever been in those buildings? They need a million dollars worth of renovations to attract a solid tenant.

      Antique stores and artist studios are great, but they don't lend to well balanced economic viability. We need residents, not renters around here, so that the residents can support someone who wants to put their blood sweat and tears into a business. Cognizant is great, and I hope they do well, because this isn't much of a fancy coffee-drinking neighborhood. When people in the surrounding neighborhood start demanding more local establishments for services, businesses will be able to afford to offer higher quality services.

      We ARE getting there though!
    • I was the owner of Atomik, a vintage shop owner in the building that is for sale for two years. I was amazed at the number of people who came in and told me that they had never been to Fountain Square before. It is slated to be a part of the Cultural Trail. I just hope that when it does, people who normally go to the mall will take a minute and try to find someplace new to go in the city.
    • My wife and I came to Fountain Square in1993 and most of my friends said I was crazy, now some think we were smart. The price does not become the problem it is the vision. Anyone who has a vision for Fountain Square and wants to put their money, and more importantly their heart and soul into this building, the value will become 3 to 5 fold given time. I believe the next 5 years will be phenomenal for those who have a vision for Fountain Square.
    • I agree with Linton, but if the building owner thinks it is worth that much, why doesn't he develop it? Instead he is trying to pass his deferred maintenance on to someone else in favor of making a quick buck on a building he probably paid one-tenth as much for. A classic problem for redevelopment areas is this type of poor stewardship towards real estate. I ,unfortunately, have first hand experience with this type of project, and the number for the initial take down has to be much less for it to work.
    • SE Guy, thanks for your thoughts. To your quick buck point, though, I should have mentioned that Swayze has owned these properties for about 25 years.
    • Cory, that might just make it worse. In a little under 18 years Linton and his wife have created something wonderful through hard work. The value of their property and hard work has helped less conscientious owners be in a position to ca$h in on underdeveloped and undermaintained property. As SE Guy stated, this is classic in redevelopment areas. Someone with a vision or a plan invests heavily over a number of years, and all someone else sees is dollar signs when s/he is done.
    • I am beginning to like CDC guy. He is absolutely right.
    • Fountain Square is the last cultural area that independent people can come to and
      own their building and grow with the area. You have 3 years then it will be too late
      I predict. We can make it the best place to see art and to hear music and to eat
      great food and to live inexpensively. I saw what Linton had done down here and I
      wanted to be as close as I could get to him so I bought Radio Radio 1/2 away :)
      He had the vision early on and the area owes alot to him.
    • amen, linton and tufty. it takes heart and vision. there have been a lot of people put their heart and soul into fountain square to make it what it is and what it is becoming. we were inspired by the pioneers who moved to fs and really wanted to be a part of the movement. i love the fact that it is a group of small businesses. it is honest and unique. keep it locally owned small businesses!
    • AMEN to the last several comments. It's lovely to have those outside the village put their two cents in. Lovlier still, if they walked the streets daily and supported their local merchants instead of waiting on a Starbucks.

      It does take committment, heart, vision, and $$ to keep a service business open looking ahead to the eventual arrival of the supporting clientelle. $1.2M may be the going rate, but to maintain the FS flavor and NOT turn it into another BR with bar-after-bar, will take someone with perhaps more heart and vision than $$.

      I applaud Swayze for sticking around for 25 years, but this is not the time to drop the big $$ bomb on a neighborhood he has supported. I understand the market will set a price and equally dictate the buyer. My point is that short-sightedness (our politicians are repleat with it) gets no one anywhere. Look ahead!
    • There's an old home perfect for development at 1319 Prospect, next to Boca Loca and the Flower shop and it is only $120,000 !! Anyone wanting to jump start development and make $$$ it is perfect and very cheap.
    • If they want to sell the building to a realistic experienced redeveloper, the price will have to come down. I guess it all comes down to motivation. FS is a great story, and everybody deserves credit for the success. The other really cool part is the folks just on this blog supporting it.
    • Bar in Fountain Square
      My family owes a bar in Fountain Square for 25 yrs , We have seen it change so much for the better. I think there is so much more growth still to come. I would like to see more bars in the area. Silver Circle Pub is a great place in Fountain Square.

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    1. How much you wanna bet, that 70% of the jobs created there (after construction) are minimum wage? And Harvey is correct, the vast majority of residents in this project will drive to their jobs, and to think otherwise, is like Harvey says, a pipe dream. Someone working at a restaurant or retail store will not be able to afford living there. What ever happened to people who wanted to build buildings, paying for it themselves? Not a fan of these tax deals.

    2. Uh, no GeorgeP. The project is supposed to bring on 1,000 jobs and those people along with the people that will be living in the new residential will be driving to their jobs. The walkable stuff is a pipe dream. Besides, walkable is defined as having all daily necessities within 1/2 mile. That's not the case here. Never will be.

    3. Brad is on to something there. The merger of the Formula E and IndyCar Series would give IndyCar access to International markets and Formula E access the Indianapolis 500, not to mention some other events in the USA. Maybe after 2016 but before the new Dallara is rolled out for 2018. This give IndyCar two more seasons to run the DW12 and Formula E to get charged up, pun intended. Then shock the racing world, pun intended, but making the 101st Indianapolis 500 a stellar, groundbreaking event: The first all-electric Indy 500, and use that platform to promote the future of the sport.

    4. No, HarveyF, the exact opposite. Greater density and closeness to retail and everyday necessities reduces traffic. When one has to drive miles for necessities, all those cars are on the roads for many miles. When reasonable density is built, low rise in this case, in the middle of a thriving retail area, one has to drive far less, actually reducing the number of cars on the road.

    5. The Indy Star announced today the appointment of a new Beverage Reporter! So instead of insightful reports on Indy pro sports and Indiana college teams, you now get to read stories about the 432nd new brewery open or some obscure Hoosier winery winning a county fair blue ribbon. Yep, that's the coverage we Star readers crave. Not.