How much is this land worth?

October 30, 2007
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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.)
  • 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

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