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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. I am not by any means judging whether this is a good or bad project. It's pretty simple, the developers are not showing a hardship or need for this economic incentive. It is a vacant field, the easiest for development, and the developer already has the money to invest $26 million for construction. If they can afford that, they can afford to pay property taxes just like the rest of the residents do. As well, an average of $15/hour is an absolute joke in terms of economic development. Get in high paying jobs and maybe there's a different story. But that's the problem with this ask, it is speculative and users are just not known.

  2. Shouldn't this be a museum

  3. I don't have a problem with higher taxes, since it is obvious that our city is not adequately funded. And Ballard doesn't want to admit it, but he has increased taxes indirectly by 1) selling assets and spending the money, 2) letting now private entities increase user fees which were previously capped, 3) by spending reserves, and 4) by heavy dependence on TIFs. At the end, these are all indirect tax increases since someone will eventually have to pay for them. It's mathematics. You put property tax caps ("tax cut"), but you don't cut expenditures (justifiably so), so you increase taxes indirectly.

  4. Marijuana is the safest natural drug grown. Addiction is never physical. Marijuana health benefits are far more reaching then synthesized drugs. Abbott, Lilly, and the thousands of others create poisons and label them as medication. There is no current manufactured drug on the market that does not pose immediate and long term threat to the human anatomy. Certainly the potency of marijuana has increased by hybrids and growing techniques. However, Alcohol has been proven to destroy more families, relationships, cause more deaths and injuries in addition to the damage done to the body. Many confrontations such as domestic violence and other crimes can be attributed to alcohol. The criminal activities and injustices that surround marijuana exists because it is illegal in much of the world. If legalized throughout the world you would see a dramatic decrease in such activities and a savings to many countries for legal prosecutions, incarceration etc in regards to marijuana. It indeed can create wealth for the government by collecting taxes, creating jobs, etc.... I personally do not partake. I do hope it is legalized throughout the world.

  5. Build the resevoir. If built this will provide jobs and a reason to visit Anderson. The city needs to do something to differentiate itself from other cities in the area. Kudos to people with vision that are backing this project.

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