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Keystone Towers heading toward demolition, city says

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The city of Indianapolis is making plans to demolish a major eyesore near the Indiana State Fairgrounds.

Reggie Walton of the Indianapolis Department of Metropolitan Development told WTHR-TV the city has plans to tear down the abandoned Keystone Towers complex at Allisonville Road and Fall Creek Parkway and seek proposals for redevelopment.

The complex a few blocks northeast of the fairgrounds has been empty for several years and has become a haven for squatters and drug dealers.

The Marion County Commissioners granted the city ownership last week after the previous owner, North Carolina-based Southeastern Partners Inc., missed a deadline to pay more than a half-million dollars in back taxes and penalties.

The 15-story building  has been largely vacant since 2001, when previous owners defaulted on the mortgage and the property was sold at a sheriff's sale. Since then, efforts to revive it by various owners have failed.

The complex, built by local developer George Ginger in 1974 as the VIP Center, originally included apartment and office components and was intended to be a crown jewel on the midtown Keystone Avenue corridor. However, leasing problems hampered the project from the beginning and the office space was eventually converted into apartments.

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  • Implosion?
    How about an implosion? That would be cool to see. I honestly thought about moving there in the mid 90's until I heard that the place had bugs so big that you could put a saddle on.

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  1. I am so impressed that the smoking ban FAILED in Kokomo! I might just move to your Awesome city!

  2. way to much breweries being built in indianapolis. its going to be saturated market, if not already. when is enough, enough??

  3. This house is a reminder of Hamilton County history. Its position near the interstate is significant to remember what Hamilton County was before the SUPERBROKERs, Navients, commercial parks, sprawling vinyl villages, and acres of concrete retail showed up. What's truly Wasteful is not reusing a structure that could still be useful. History isn't confined to parks and books.

  4. To compare Connor Prairie or the Zoo to a random old house is a big ridiculous. If it were any where near the level of significance there wouldn't be a major funding gap. Put a big billboard on I-69 funded by the tourism board for people to come visit this old house, and I doubt there would be any takers, since other than age there is no significance whatsoever. Clearly the tax payers of Fishers don't have a significant interest in this project, so PLEASE DON'T USE OUR VALUABLE MONEY. Government money is finite and needs to be utilized for the most efficient and productive purposes. This is far from that.

  5. I only tried it 2x and didn't think much of it both times. With the new apts plus a couple other of new developments on Guilford, I am surprised it didn't get more business. Plus you have a couple of subdivisions across the street from it. I hope Upland can keep it going. Good beer and food plus a neat environment and outdoor seating.

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