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. Aaron is my fav!

  2. Let's see... $25M construction cost, they get $7.5M back from federal taxpayers, they're exempt from business property tax and use tax so that's about $2.5M PER YEAR they don't have to pay, permitting fees are cut in half for such projects, IPL will give them $4K under an incentive program, and under IPL's VFIT they'll be selling the power to IPL at 20 cents / kwh, nearly triple what a gas plant gets, about $6M / year for the 150-acre combined farms, and all of which is passed on to IPL customers. No jobs will be created either other than an handful of installers for a few weeks. Now here's the fun part...the panels (from CHINA) only cost about $5M on Alibaba, so where's the rest of the $25M going? Are they marking up the price to drive up the federal rebate? Indy Airport Solar Partners II LLC is owned by local firms Johnson-Melloh Solutions and Telemon Corp. They'll gross $6M / year in triple-rate power revenue, get another $12M next year from taxpayers for this new farm, on top of the $12M they got from taxpayers this year for the first farm, and have only laid out about $10-12M in materials plus installation labor for both farms combined, and $500K / year in annual land lease for both farms (est.). Over 15 years, that's over $70M net profit on a $12M investment, all from our wallets. What a boondoggle. It's time to wise up and give Thorium Energy your serious consideration. See http://energyfromthorium.com to learn more.

  3. Markus, I don't think a $2 Billion dollar surplus qualifies as saying we are out of money. Privatization does work. The government should only do what private industry can't or won't. What is proven is that any time the government tries to do something it costs more, comes in late and usually is lower quality.

  4. Some of the licenses that were added during Daniels' administration, such as requiring waiter/waitresses to be licensed to serve alcohol, are simply a way to generate revenue. At $35/server every 3 years, the state is generating millions of dollars on the backs of people who really need/want to work.

  5. I always giggle when I read comments from people complaining that a market is "too saturated" with one thing or another. What does that even mean? If someone is able to open and sustain a new business, whether you think there is room enough for them or not, more power to them. Personally, I love visiting as many of the new local breweries as possible. You do realize that most of these establishments include a dining component and therefore are pretty similar to restaurants, right? When was the last time I heard someone say "You know, I think we have too many locally owned restaurants"? Um, never...

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