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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