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. Good Day I am Mr (Victoria Wright) from United state of America, i stayed in NEW YORK, and i have a broke up business, until i found this company email who help me to gain a loan for business,, and now i want to used this short medium to congratulate the below company for the fast and safe money they loan to me without any form of collateral, i loan 500,000USD from the company to save my business and lots more, i saw their mail on the internet, everyone always give testimony for what they did, so i quickly contacted them and they all did everything for me without stress and my money was sent to my account just 3 days later, i was surprise and i feel so glad, now i have a standard business control agent who help me, now i will advice those who need urgent loan to contact him at the bellow email:zenithfirm12@gmail.com

  2. NOTICE:This is to inform the general public that Vampires are real. My name is James Franklyn.,am an agent of vampire,am here to introduce our new world trend to you,a world of vampire where life get easier,we have made so many persons vampires and have turned them rich,you will be assured long life and prosperity,you shall be made to be very sensitive to mental alertness,stronger and also very fast,you will not be restricted to walking at night only even at the very middle of broad day light you will be made to walk.In case you are wildly oppressed by some unscrupulous persons we can still help you fight them.Your protection is assured immediately you join.Just contact the bellow email if you are interested we are here to attend to you anytime you want us. Contact the bellow email for more details. Email:vampirescreed@hotmail.com Sincerely: James Franklyn.

  3. Bravo! Someone else that is willing to speak the truth! Bravo!_____NBCSN is available in almost 2 MILLION more homes than just a few years ago, but Indycar STILL gets less total viewers than it did just a few years ago when NBC took over Versus. Attendance and ratings cratered with the end of season races (just when the title battle got "interesting" HAH!__________And now...new race in Basilia, where Miles celebrated the "rich history" of Indycar racing there. Rich history? What, 7 events in the 100 years of AOW? Yep, some history. Well, at least its an oval. It's not??? Are you kidding me??? Gosh darn road racin furriners.

  4. PURITY RAY LOAN OFFER........ Have you been denied by your banks,or are you in need of of an urgent loan to pay of your bills we are capable of giving loans @ cheaper rate to interested individuals, student, companies and members of the public in need of finance to settle bills, we do offer considerable loans which you can count on. For more information on our various types of loan,then you will have to contact PURITY RAY LOAN FIRM, to help you achieve your desire LOAN APPLICATION FORM TO BE FILLED BORROWERS INFORMATION * Full name:………………………. * SEX * ……………………………. * Country………………………….. * State:……………………………. * Land:…………………………….. * Occupation:…………………….. * phone number:…………………. * Telephone: ………………………….. * Age:………………………………. * Amount needed as loan:……… * Loan Duration:………………….. * Propose of Loan:……………….. * Annual revenue:………………… * Monthly Income:……………….. * Guarantee:………………………. * Payment: monthly or annually Email.....purityrayloanfirm@gmail.com Thank you and God bless Mr Purity Ray PURITY RAY LOAN FIRM we tend to serve you better

  5. Problem: most of the people responding to this article don't know about this service AT ALL! Why? Lack of awareness. This isn't IndyGo. This is CIRTA: might as well be the mattress company because they are asleep at the wheel - something like 3 directors over the last year? Playing with federal grant money is great! This "region" wants commuter rail service, has spent MILLIONS on Transportation studies yet can't even support a commuter bus line? This is largely for suburban riders to get to downtown - not for "service people to work in our hotels and restaurants" ! Get your head out of your backside!! These are professionals, students etc. that don't want to fight traffic, save some money on parking, gas, stress.... if CIRTA would put their federal money into widely promoting the sevive to Greenwood, Fishers & Carmel instead of finding directors and studies - this would be a successful service. Our family uses(d) it daily for the last several years - but the recent uncertainty & now unreliability due to cuts from Carmel has been a problem. Now, costs us an additional $350/month for gas & parking ( $4200/year) plus vehicle wear, service, environmental impact ... YES - this REGION needs this this type of service in order to keep growing and getting the people it needs to fill skilled positions in downtown Indianapolis. Think outside of your own car !!!

ADVERTISEMENT