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MDC approves CIB's sale of building to Steak n Shake

 IBJ Staff
September 5, 2012
Keywords
Capital Improvement Board, Commercial Real Estate, Development/Redevelopment, Real Estate & Retail, Real estate deals, Steak n Shake
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The Metropolitan Development Commission on Wednesday approved a resolution allowing the Capital Improvement Board of Marion County to sell the Ober Building in downtown Indianapolis to the Steak n Shake restaurant chain.

IBJ first reported on the proposed sale Tuesday morning.

Indianapolis-based Steak n Shake Steak will pay $3.8 million for the building and plans to spend another $2 million to improve the six-story office property at 107 S. Pennsylvania St.

The restaurant chain will move its headquarters to floors 3 through 6 in the 1910 building named for C.S. Ober, a local businessman who founded Business Furniture Corp. and Stationers Inc.

Steak n Shake currently has its local offices in the Century Building on the opposite corner of Pennsylvania and Maryland streets from the Ober Building.

Longtime Ober Building tenant Ratio Architects Inc., which occupies the first and second floors, plans to remain in the building, an MDC spokesman said.

The sale will return the building to public tax rolls for the first time in 13 years. The CIB acquired the property for $5.5 million in 1999.
 

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  • Tax Base or TIF?
    pjSeptember 6, 2012 8:08 AM
    Will this return the money to the tax base or will it flow into the downtown TIF?
    Reply to CommentFlag Comment

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  1. Doug Henning!

  2. These guy were thugs — they grew up in freaking Haughville! Smh, sigh. If the mayor needs/wants "quality" Black Hoosiers who are NOT corrupt, give me a call — I know plenty. Land bank info here - http://www.kubepharm.com/indylandbank/IndyLandBank.html

  3. Magician and illusionist!

  4. The basic idea of nice apartments with parking and retail is a good one, but this design seems overwhelmingly big/tall for Broad Ripple. The size could be disguised a bit with lots of big trees/landscaping, but the complex is too massive to blend in easily. That section of canal between College and Westfield will also need to be upgraded on both sides. Nice apartments facing onto a nice promenade with shade trees/plantings could bring together the canal towpath/Monon recreation, the outdoor seating at existing restaurants, and this project into something that upgrades the whole area. A plan for the whole stretch makes more sense than facing nice new housing onto what looks like a ditch. Is there a plan? Does the public have input? Who pays? The apartment idea seems to be reasonable, but Whole Foods is not a good idea for appropriate retail. Besides the store being physically too big, there are already Fresh Market at 54xCollege and Whole Foods in Nora for fancy groceries. Good Earth and Kroger are within walking distance of the Shell site. There are at least 7 grocery stores within a safe bike ride. Whole Foods would add nothing but traffic congestion. This design is on the right track, but there needs to be more work done to ensure that it blends in with and enhances the existing community. A project that large will set a tone for that whole part of town. It could be a real asset, but only if done right.

  5. I did not move to Zionsville to live in Carmel. This and the subsequent developments to follow will ensure a vanilla uniformity of strip malls and apartment buildings as we seek to bring our town down to the least common denominator. We were warned before recent elections that pro-development council members would make sure their friends (landowners and developers) would be able to make their millions off of the exploitation of Zionsville. Why in God's name would we sell out the best preserved small town in the State of Indiana?

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