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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. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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