Jefferson Plaza revamp underway

June 21, 2007
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Downtown's Jefferson Plaza is getting a facelift and a new name. Developer J. Greg Allen says he's Jefferson Plazatalking with three potential restaurants interested in opening on the first floor with outdoor dining on the plaza. He would not name the restaurants but said each would be new to Indianapolis. The 90,000-square-foot former bank building along Pennsylvania Street just south of Washington Street also will be getting a new name: Allen Plaza. The $12-million renovation project includes a facade touch-up (shown here) and 30 new condos ranging up to $1 million on the top five floors. The second, third and fourth floors will be offices.
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  • allen plaza

    can we say narcissist
  • He can call it whatever he wants as long as he gets that fountain running again.
  • More outdoor dining. Joy!
  • Allen Plaza? Why doesn't he put a statue in front of it? Of himself. Love me, touch me. Barf.

    That being said, this project, at least the restaurant aspect, should be successful what with the rehabbed Zipper Building and Cultural Trail going in on VA.
  • Any new info on Greg Allen's Penn Tower? I heard it was supposed to be 30-40 stories.
  • Look up at the tops of various brick business buildings, and you may see a name carved in the masonry. There's nothing wrong with renaming JP to Allen Plaza.
  • Sure, he's got the name picked out, and the idea, but this project has been in his idea bank for at least three years, or since he bought the building. Needless to say, I'll believe it when I see it. In the meantime, I can only say that it's moving rather slowly. Even the IBJ has had at least one article in the past on this project.

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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

  2. $3B would hurt Lilly's bottom line if there were no insurance or Indemnity Agreement, but there is no way that large an award will be upheld on appeal. What's surprising is that the trial judge refused to reduce it. She must have thought there was evidence of a flagrant, unconscionable coverup and wanted to send a message.

  3. As a self-employed individual, I always saw outrageous price increases every year in a health insurance plan with preexisting condition costs -- something most employed groups never had to worry about. With spouse, I saw ALL Indiana "free market answer" plans' premiums raise 25%-45% each year.

  4. It's not who you chose to build it's how they build it. Architects and engineers decide how and what to use to build. builders just do the work. Architects & engineers still think the tarp over the escalators out at airport will hold for third time when it snows, ice storms.

  5. http://www.abcactionnews.com/news/duke-energy-customers-angry-about-money-for-nothing

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