Get out your checkbooks

July 3, 2007
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First IndianaAs first reported in Property Lines on May 2, the owners of First Indiana Plaza are considering a sale of the struggling 31-story skyscraper. Who do you think will buy it? The 425,000-square-foot building is owned by New York-based Crown Properties Inc. It now has about 150,000 square feet vacant and could soon lose another 80,000 square feet if law firm Bose McKinney & Evans bolts to Chase Tower as expected. It was built in 1988 and rises 401 feet, making it the city's sixth tallest building.
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  • Condo conversion?
  • Cory, don't even mention the thought of condo conversion. lol
  • That may, believe it or not, be a possibility. For a story I wrote in March, a couple of brokers told me the building's owners were considering conversion of the top floors if more tenants bailed.
  • When does the condo market in this city dry up? seems like the supply is already outweighing the demand.
  • Kevin G -- I've heard many people say that there's a glut of condos on the market but I've yet to see any numbers indicating that. Kosene and Kosene sold out The Hudson and The Desoto just finished and is already over half sold. Condo projects farther outside of the core may not be selling quite as well, but I think there's still high demand for condos in the heart of downtown.
  • People love to live in condos in downtown Indy - and why wouldn't they? It's a perfect location for everything. It's be a cool idea to have condos at the top
  • When will the condo market dry up? When there is no longer a demand! Both home sales AND apartment rentals appear to be going strong. In fact, apartment vacancy rates are lower downtown than most any other part of the city. I don't see the downtown housing market slowing any time soon. Like the poster before me said.... downtown IS the perfect location and with the growth and accompanying expansion of retail options, it should continue as such.
  • With property tax going up, I think there will be a slow sale of condos downtown. Tax downtown is even higher.
  • I'm not sure why anyone awaits the cease of downtown development.
  • Bill, the tax downtown is higher than what? Isnt it the same as the rest of center township?
  • I'm not awaiting the slowing of the downtown market. I just don't think you get much for the money. I've been in some of these $400K condos and found the workmanship leaving something to be desired. For 400K, my 700 square feet better at least include solid frame doors, real wood floors and decent windows.

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  1. 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.

  2. If you only knew....

  3. 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.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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