State 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.)
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Welcome to Property Lines, Indy's source for neighborhood real estate news. Your host is Scott Olson, IBJ's real estate beat
reporter. Edited by Cory Schouten.
State 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.)
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The Fringe! Plus, the simple fact that there are so many local faves in such close proximity to each other.
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I remenber, watching the toll road, being built, through South Bend, when I was 10 years old. I believe, back then that it was estimated, that the toll road, would be paid for in 20 years and then it would be free. I am now 71, what happened? Since the power is in the people, by that, I mean that, we the people are in total control of everything. I, suggest that no one ever use the toll road again, let it go broke. We the people can control the price of everything, from groceries to gas, if we would just do it. If we don't pay the asking price, the sellers will lower the price and if we wait awhile, they will lower the price to what we accept as reasonable. I would like to know why a highway like interstate 94, is so well maintained, a much better highway, than the toll road, but has no tolls. I would also like to know why, a sitting governor, with a term limit, maximum of eight years, can lease, public property, for 75 years. Even though I have transponders in both of my trucks and will not be affected by the increase, I have been and will contine to avoid using the toll road. I make many trips from northern Indiana to Chicago, every year, and I prefer the better highway, I94!
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Coming from her background,she should be used to those kinds of advances! Menard probably figured it was ok to tuck a buck!
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I'm still waiting for the list of available, high quality apartments in the Village.
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This criminal masquerading as a lawyer obviously has serious issues. He’s been proven by his own testimony to be a pathological liar and probably has a personality disorder as he seems to be constructing a reality around himself. He places no value on truth, honesty or loyalty as evidenced by what he has done to his clients and his own family. And by the demands and lies he has made in court, it is evident he feels entitled to do and say whatever suits his purpose and everyone else is expected to nod obediently and believe him because he is, after all, Bill Super Lawyer; or BS lawyer for short. This millionaire wanna-be no longer owns anything of value; he squandered it and put everything he had into foreclosure. He has no money, house, car, boat or vacation home left to show for what he earned or what he stole. He’s just another loser without morals who will be doing time. I’m certain all of his courtroom shenanigans are antagonizing his poor victims. As Lamar said, his behavior and claims in court have been outrageous. The judge needs to be more than concerned; he needs to be judicial and end this nonsense.
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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.