As promised, here is a siteplan from Kite Realty Group Trust
that shows its preliminary plan to redevelop Pan Am Plaza. The plan shows seven restaurant, retail or entertainment spaces
with a total of about 70,000 square feet for lease. The existing Pan Am memorial would be relocated to an area designed to
"draw people into the plaza." Kite joined with Sacramento, Calif.-based Coastal Partners LLC to buy the plaza and two adjacent
ice skating rinks from Indiana Sports Corp. in April.
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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.
As promised, here is a siteplan from Kite Realty Group Trust
that shows its preliminary plan to redevelop Pan Am Plaza. The plan shows seven restaurant, retail or entertainment spaces
with a total of about 70,000 square feet for lease. The existing Pan Am memorial would be relocated to an area designed to
"draw people into the plaza." Kite joined with Sacramento, Calif.-based Coastal Partners LLC to buy the plaza and two adjacent
ice skating rinks from Indiana Sports Corp. in April.
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RKW's comments read like a modern "Chicken Little". As a Raintree resident for many years, "Yes, I'm ready for this." Matter of fact, I welcome The Farm because it's a development that compliments our town, brings new and desirable shopping & dining closer (specialty grocer, upscale shops, micro brew pub, etc), offers upscale condos for empty nesters who want to stay in Zionsville, is being planned and constructed by local, well-reputed firms and, of course, provides desirable non property tax benefits. We all knew the Pittman's were going to develop their property sooner than later. That one of the Pittman's will continue to live on the property helps assure The Farm will be everything promised. This also sets a standard for other developers as to the quality of future developments - which should keep an ugly Walmart at bay for decades. As we've no meglomaniac mayor, I seriously doubt Zionsville would ever aspire to over-priced statues or subsidized retail rents. And we already have a very nice public theater, the Zionsville Performing Arts Center, that meets our cultural needs quite nicely.
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Do we add (or subtract) these from the bounty we recieve from RTWFL, Daylight Savings Time, corporate tax giveaways, and the crack job IEDC is doing?? Or is Mike going to blame these on Mitch?
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Who makes Tater Tots? They would be a good sponsor, because $3 Million for the alleged "Greatest Spectacle In Racing" is taters. Tiny, tiny taters. But at least they are making up something of the losses accumulated over the years in this dying sport. Buttock in seat is certainly not doing it, nor eyeball on TV, as evidenced by the lack of both.
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We loved lakehouse and think the Arbor Village would be a great location. It is less than 2 miles from over 1000 rooftops in the 225,000 to over 1 million range. Many people could use the great fishers trail system to bike or walk there. Just an idea Scotty -- but maybe something closer to 3 Wiseman would good. The only microbrew in area is Ram (boring)
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True, it's an ESPN production, but ESPN is just another name for ABC Sports, or what used to be ABC Sports since ABC Sports no longer exists as a name. ESPN=ABC Sports= ESPN. ESPN is, according to Forbes "the world's most valuable media property" worth $40 billion. Despite that, they fired 400 people this week.
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And a poor use of one the best lots downtown: It's sandwiched in-between The Luke, The Convention Center, and Circle Center Mall, for crying-out-loud, and is just a few blocks from The Circle and Conseco Fieldhouse.
I didn't imagine a 30-story tower getting built there anytime soon, but a couple of 10-story mixed-use buildings would seem to make more financial sense than a handful of retail stores. Why just rent to retailers when you can give them a built in audience via several stories of apartments or condos?
I guess one can't really expect much grander visions from a strip-mall developer.
Check the portfolio: http://www.kiterealty.com/portfolio.cfm/
Rockemsockem, I could whip together a vastly superior project with mock-ups in 2 hours. Thinking creatively about downtown development is not hard. Getting the money to build it is the hard part.
You know Kite could've let Glendale go the way of Lafayette Square, but instead decided to really work on it. This is the 2nd remodel of that site since they've owned it. My neighborhood association is thrilled with it! So few real estate companies give us anything but check-cashing and liquor stores near that area of Keystone.
Why don't you guys get together and pool your money and buy a site downtown and develop it? I mean, if you obviously know so more about it than do the professionals, by all means, I would love to see what you can do! I'm sure it would astonish!
If the site is developed now, it's going to be mostly retail. If the site sits vacant for another five years, it could be something bigger. Generally, I'm in favor of development, as opposed to wasting the utility of valuable land by letting it sit under-utilized, while hoping for something grand down the line. There are exceptions (MSA for one), and this might be another one. But adding that much retail space that close to the convention center would definitely increase the density of people downtown... tough call.
I hope this was put together quickly!
Will that work Big Daddy,.
Building ANYTHING that is not 10-15 floors or taller. Well, is just BAD development on this site. I think that’s what people on here are trying to say. You don't build a trailer park next to your Convention Center in the middle of Downtown. Times are tight. But wait a couple of years and the Cash will be flowing again. And Kite can build something more suitable on this site. Don’t just build to build something. That just more bad development. Its looks like with the SB on its way. Kite just wanting to cash in on retail space/sells with a LOAD of stores right outside the Door. NOT thinking LONG TERM... Just fast cash. Now, we all know that ALL developers are in it for the cash. IT’S ALL ABOUT THE BENJAMIN’S. It’s never about making the City a better place. And when we give up TAX money for them to build. YOU BET your back side. We should have something to say about it
And if IBJ did not want people's comments they would have never given us this blog. Or do you JUST want the good comments or just the one’s YOU like.
I was just trying to say to comments that argue Build something extravagant now! that it's not possible, and to be blunt, it's naive. Indy doesn't need another office building, and the site isn't suited for apartments or condos with the available parking.
In general, I don't have a problem with single-user restaurant or retail buildings holding places downtown. Those buildings can easily be swept away if a major project comes down the pike later. In the meantime, the restaurants are generating wages, taxes, and foot traffic.
Levi, I happen to think that a a mid- to highrise would be perfectly feasible on this site. Not every development has to be condos. Anyone remember those things called apartments? There is still a VERY HIGH demand for apartments downtown, a demand which will probably continue to grow. Several years ago, Barrett and Stokely had propsed a high rise apartment building with retail on the lower floors which I think would work perfectly in a location like this. Perhaps someone should push them to revive their plans. It would have been a unigue project in Indianapolis and, if I remember correctly, it was actually fairly innovative architecture, as well.
Kite indeed rescued Glendale with MIllion's of public dollars !
Kite most certainly is a stripmall developer. When 99% of your properties are shopping centers, you're a stripmall developer. It's almost impossible to find anything but stripmalls in their portfolio: http://www.kiterealty.com/portfolio.cfm/
Also, they label themselves as such.
From Kite's website:
Kite Realty Group Trust is a full-service, vertically-integrated real estate investment trust focused primarily on the development, construction, acquisition, ownership and operation of high quality neighborhood and community SHOPPING CENTERS in selected growth markets in the United States.
and
We focus on neighborhood and community SHOPPING CENTERS anchored by market-leading retailers or small to medium sized operators with a dominant niche position.
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Levi, your argument that there's no parking doesn't make sense. There's not enough parking for apartments or condos, but there is enough parking for a giant stripmall? C'mon. They could easily build a parking garage in a similar fashion to The Cosmolitan's.
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Bob is right on. This is all about a quick buck. It's going to bring down the quality of the whole area if it's as poor as it seems it is.
St. Elmo Steakhouse? Yeah It's right down the street from Pan Am Town Centre. Just make a right at the Pet Food Warehouse.
I don't think apartments are viable on the site for the same reason I don't think condos are viable: there's no place to put the cars.
I'm picturing a cartoon alligator with the different DMD sections being on the opposite short little arms unable to come together to figure out what each is doing.
And I'll say it again, your argument that there's no parking doesn't make sense. There's not enough parking for apartments or condos, but there is enough parking for a giant stripmall?
That said, there could and should still be something there that is useful, architecturally significant, and at least a decent use of the space within three stories.