How much is this land worth?

October 30, 2007
Back to TopCommentsE-mailPrintBookmark and Share
Stadium LandState officials are challenging a $7-million assessment for a 2.3-acre parking lot sandwiched between the RCA Dome and Lucas Oil Stadium. The state has launched eminent domain proceedings, and the owner isn't challenging the taking. The hangup is value. The owner—a trust started by late local businessmen Anthony Maio and Ronald Palamara—says the land is worth $15 million. The state is offering $3 million. A local real estate broker who keeps track of downtown transactions said the land is worth at least $100 per square foot based on recent property deals, putting the price above $10 million. (The man pictured is Paul Roland, attorney for the landowner.)
ADVERTISEMENT
  • My grandpa used to say something is only worth what someone is willing to pay for it.....
  • Cory: Who's the broker? $100 per foot seems extremely high unless the use is a high rise.
  • The broker asked for anonymity... but did base the estimate on two property sales a couple of blocks from the South Street land.
  • I'm with the people who think it should be valued similar to the other land taken for Lucas Oil Stadium. Those are the true comps.
  • What about using imminent domain to take it?
  • Don't mess with Paul Roland.
  • Why do you say that, Da Hooey?
  • two legit comps!? ok, what were they?? I know about some ground that went for a little over 1MM/acre ($25 -$30/sf) for one of the hotels on west. You're telling me somebody bought ground for 3-4 times that much. Hard to believe. What are they building, Chase Tower?
  • From the story on NK Hurst's property:

    The dispute lasted for months before the Hursts, not wanting to move from the building the family business has called home since 1948, came to a compromise with the city in April 2006, selling 1.7 acres to the building authority for $1.97 million. That seems in line with Ivo's comment.

    That transaction was $1.15 million per acre for ground adjacent to the stadium site. And it seems a good comp because the transaction was voluntary while under threat of eminent domain, similar to this case. 2.3 acres times $1.15 million is $2.67 million.

    That's 1% restaurant tax on about 100 million Big Macs.
  • Cause I know him Cory, and he is top notch. One of the smartest, yet nicest guys you will ever meet. He'll take your money and you'll thank him for it. Smooth operator. I'd hire him in a second.
  • Love the Big Mac comparison. Good work.
  • Thanks Cory. :-)
  • I'm sorry to see that the owner isn't challenging the taking. I think this would be a great case to try to test the limits of the governmental powers in the wake of the New London case.
  • New London would not come into play because Indiana's laws are much tougher.
  • i'm driving by it right now, i luv blackberrys

Post a comment to this blog

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT
  1. Looking at the two companies - in spite of their relative size to one another -- Ricker's image is (by all accounts) pretty solid and reputable. Their locations are clean, employees are friendly and the products they offer are reasonably priced. By contrast, BP locations are all over the place and their reputation is poor, especially when you consider this is the same "company" whose disastrous oil spill and their response was nothing short of irresponsible should tell you a lot. The fact you also have people who are experienced in franchising saying their system/strategy is flawed is a good indication that another "spill" has occurred and it's the AM-PM/Ricker's customers/company that are having to deal with it.

  2. Daniel Lilly - Glad to hear about your points and miles. Enjoy Wisconsin and Illinois. You don't care one whit about financial discipline, which is why you will blast the "GOP". Classic liberalism.

  3. Isn't the real reason the terrain? The planners under-estimated the undulating terrain, sink holes, karst features, etc. This portion of the route was flawed from the beginning.

  4. You thought no Indy was bad, how's no fans working out for you? THe IRl No direct competition and still no fans. Hey George Family, spend another billion dollars, that will fix it.

  5. I live downtown Indy and had to be in downtown Chicago for a meeting. In other words, I am the target demographic for this train. It leaves at 6:00-- early but doable. Then I saw it takes 5+ hours. No way. I drove. I'm sure I paid 3 to 5 times as much once you factor in gas, parking, and tolls, but it was reimbursed so not a factor for me. Any business traveler is going to take the option that gets there quickly and reliably... and leisure travelers are going to take the option that has a good schedule and promotional prices (i.e., Megabus). Indy to Chicago is the right distance (too short to fly but takes several hours to drive) that this train could be extremely successful even without subsidies, if they could figure out how to have several frequencies (at least 3x/day) and make the trip in a reasonable amount of time. For those who have never lived on the east coast-- Amtrak is the #1 choice for NY-DC and NY-Boston. They have the Acela service, it runs almost every hour, and it takes you from downtown to downtown. It beats driving and flying hands down. It is too bad that we cannot build something like this in the midwest, at least to connect the bigger cities.

ADVERTISEMENT