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Greenwood firm buys building near Lucas Oil Stadium

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A building near Lucas Oil Stadium that played a major role in the city’s hosting of the Super Bowl two years ago has a new owner.

REW The building recently served as the headquarters for the Super Bowl Host Committee.(IBJ Photo)

The Alderson Commercial Group of Greenwood closed on the purchase Dec. 31 and plans to move into the vacant building in April. The six-year-old development and construction firm declined to divulge how much it paid for the half-acre property at 425 W. South St.

But Tony Alderson, the company’s president and co-founder along with Chris Hoffee, said the total investment should run about $2.2 million.

“We’re changing the exterior of the building,” Alderson said. “We’re putting a lot of money into the project.”

The two-story, 23,000-square foot building once housed a printer before the Indiana Stadium & Convention Building Authority leased space there. Most recently, it served as the headquarters for the Super Bowl Host Committee.

The seller of the half-acre property was West Hotel Partners LLC, whose four partners include local hotelier Tim Dora. West Hotel had hoped to use the site to build a large hotel, said Cathy Richards of the Lee & Associates brokerage, who represented West Hotel in the sale.

The group tried to get the entire block under contract, from South to Merrill streets fronting West Street. But they couldn’t pry the Basey’s Downtown Grill & Spirits property from its owner, Richards said.

“They [instead] ended up building the parking garage behind the [Alderson] building and the Staybridge [hotel] to the south,” she said.

After the hotel plan fell through, the Dora group had planned to lease out the building before Alderson expressed interest in buying it.

The building provides Alderson with the additional space it needs. The firm, which specializes in developing and remodeling medical and dental facilities, has grown to 22 employees and $24 million in annual revenue since its founding in late 2007.

It currently occupies 1,700 square feet in the 48,000-square-foot Signature Building at Interstate 65 and Main Street, which Alderson helped build.

“We have people on top of each other,” Alderson said.

Alderson Commercial plans to take 6,500 square feet of the 23,000 square feet available at the new building. The remainder could be divided among two additional tenants, Alderson said.

Tavern on South is immediately east of the building. Given its proximity to the stadium and Indiana Convention Center, the building is well-suited for a restaurant, he said.

“It’s such a great site,” Alderson said. “We’re going to take our time and find the right tenant mix.”

The building’s downtown location puts Alderson closer to its  clients, most of which are downtown or in the Keystone Crossing area, Alderson said.

Matt Jackson of Jackson Investment Group represented Alderson in its purchase of the building. Jackson and his brother, Bart Jackson of Lee & Associates, are co-listing the remaining space.

 

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  1. Why not take some time to do some research before traveling to that Indiana town or city, and find the ones that are no smoking either inside, or have a patio? People like yourself are just being selfish, and unnecessarily trying to take away all indoor venues that smokers can enjoy themselves at. Last time I checked, it is still a free country, and businesses do respond to market pressure and will ban smoking, if there's enough demand by customers for it(i.e. Linebacker Lounge in South Bend, and Rack and Helen's in New Haven, IN, outside of Fort Wayne). Indiana law already unnecessarily forced restaurants with a bar area to be no smoking, so why not support those restaurants that were forced to ban smoking against their will? Also, I'm always surprised at the number of bars that chose to ban smoking on their own, in non-ban parts of Indiana I'll sometimes travel into. Whiting, IN(just southeast of Chicago) has at least a few bars that went no smoking on their own accord, and despite no selfish government ban forcing those bars to make that move against their will! I'd much rather have a balance of both smoking and non-smoking bars, rather than a complete bar smoking ban that'll only force more bars to close their doors. And besides IMO, there are much worser things to worry about, than cigarette smoke inside a bar. If you feel a bar is too smoky, then simply walk out and take your business to a different bar!

  2. As other states are realizing the harm in jailing offenders of marijuana...Indiana steps backwards into the script of Reefer Madness. Well...you guys voted for your Gov...up to you to vote him out. Signed, Citizen of Florida...the next state to have medical marijuana.

  3. It's empowering for this niche community to know that they have an advocate on their side in case things go awry. http://www.youtube.com/watch?v=Lrst9VXVKfE

  4. Apparently the settlement over Angie's List "bundling" charges hasn't stopped the practice! My membership is up for renewal, and I'm on my third email trying to get a "basic" membership rather than the "bundled" version they're trying to charge me for. Frustrating!!

  5. Well....as a vendor to both of these builders I guess I have the right to comment. Davis closed his doors with integrity.He paid me every penny he owed me. Estridge,STILL owes me thousands and thousands of dollars. The last few years of my life have been spent working 2 jobs, paying off the suppliers I used to work on Estridge jobs and just struggling to survive. Shame on you Paul...and shame on you IBJ! Maybe you should have contacted the hundreds of vendors that Paul stiffed. I'm sure your "rises from the ashes" spin on reporting would have contained true stories of real people who have struggled to find work and pay of their debts (something that Paul didn't even attempt to do).

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