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More upgrades in store for downtown's Cadillac Building

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An 83-year-old downtown building that takes its name from the classy car dealership it once housed is poised for a rebound after years of sputtering occupancy.

About a quarter of the 50,700-square-foot Cadillac Building at the northwest corner of Capitol Avenue and Michigan Street has been empty for at least five years.

Cadillac building after renovation 15colThe Cadillac Building's owner is investing $500,000 in its exterior to take advantage of new attention to downtown's northwest quadrant. (IBJ Photo)

The Stough Group, the Cincinnati-based company that owns it, last year gave the building a boost by investing $400,000 in a modest exterior renovation. Now, it’s set to spend another $100,000 to install new windows on the first floor in spaces that had been filled in long ago.

Stough filed plans with the state late last month to further renovate the building and should have the large windows installed by October, said Scott Stough, the company’s director of marketing.

“We’re going to restore the retail windows on the first floor as a proactive approach to opening up the space,” he said. “It should look very nice, and hopefully we’ll get a quality tenant in there.”  

map of the Cadillac Building, site of proposed projectBut perhaps the building’s biggest selling point is Flaherty & Collins Properties’ $85 million Axis at Block 400 mixed-use project right outside the Cadillac Building’s front door. The local developer is transforming an entire city block of surface parking into a Marsh grocery store, 487 apartments, additional retail space and a parking garage on the south side of Michigan Street between Capitol and Indiana Avenue.

In addition, a block west of the Cadillac sits Flaherty’s Cosmopolitan on the Canal, which boasts 218 units.

“As that area’s coming around with the Marsh development, it’s got a lot of potential going forward with the additional residential component,” said Gary Perel, a retail broker at Newmark Knight Frank Halakar. “All those units coming in will certainly help that area.”
 
Scott Lindenberg of Reliant Partners Commercial Realty is listing the roughly 12,000 square feet that’s available in the two-story building for $9.95 a square foot. The best retail spot undoubtedly is a 7,200-square-foot, first-floor space fronting Michigan Street that’s getting serious interest.

Lindenberg expects to have a formal commitment signed next month with a first-floor tenant occupying the space by the end of the year.

“Current ownership has made a commitment to the building, and the neighborhood is turning,” he said. “It’s a hot little area right now.”

Another 4,500 square feet of loft space is available on the second floor, which has 12-foot ceilings and exposed beams. The second floor already is home to Indianapolis School of Ballet, which leases about 13,000 square feet, and Riolo Dance, a dance studio that leases 3,500 square feet.

The building’s oldest tenant is PlasmaCare, a plasma donation center that occupies the majority of the first floor in a space that fronts Capitol Avenue. PlasmaCare moved into the building not long after Stough Group bought the property in 1983.

Stough owned PlasmaCare, which has facilities in Virginia, Alabama and throughout the Midwest, until about six years ago. It got into commercial real estate by purchasing properties suitable for housing the centers. When Stough sold PlasmaCare it kept the real estate.

Stough also owns the building immediately west of the Cadillac occupied by Mo’Jo Coffeehouse. It recently received a fresh coat of paint courtesy of Stough. in addition, the company plans to resurface three parking lots it owns in the area totaling 220 spaces.

Stough developed and owns the 22,000-square-foot Lockefield Commons retail center at 901 Indiana Ave. as well as the Pavilion at Castleton, a 42,000-square-foot retail center on the north side of Castleton Square Mall that Stough built in 1986.
 

 

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  • Nothing is moving until...
    Let's be honest, nothing is going in that building until PlasmaCare is out of there. Having been in the unfortunate situation to have to use PlasmaCare for some extra $, the people in this place are not the brightest bulbs in the box. This will deter companies from moving in there.
  • Open it up
    Looking forward to seeing this building restored. And great to see it done without any tax abatements or public subsidies. Hopefully, we'll see more market rate redevelopment in the City leading to more property tax revenue.

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  1. I am not by any means judging whether this is a good or bad project. It's pretty simple, the developers are not showing a hardship or need for this economic incentive. It is a vacant field, the easiest for development, and the developer already has the money to invest $26 million for construction. If they can afford that, they can afford to pay property taxes just like the rest of the residents do. As well, an average of $15/hour is an absolute joke in terms of economic development. Get in high paying jobs and maybe there's a different story. But that's the problem with this ask, it is speculative and users are just not known.

  2. Shouldn't this be a museum

  3. I don't have a problem with higher taxes, since it is obvious that our city is not adequately funded. And Ballard doesn't want to admit it, but he has increased taxes indirectly by 1) selling assets and spending the money, 2) letting now private entities increase user fees which were previously capped, 3) by spending reserves, and 4) by heavy dependence on TIFs. At the end, these are all indirect tax increases since someone will eventually have to pay for them. It's mathematics. You put property tax caps ("tax cut"), but you don't cut expenditures (justifiably so), so you increase taxes indirectly.

  4. Marijuana is the safest natural drug grown. Addiction is never physical. Marijuana health benefits are far more reaching then synthesized drugs. Abbott, Lilly, and the thousands of others create poisons and label them as medication. There is no current manufactured drug on the market that does not pose immediate and long term threat to the human anatomy. Certainly the potency of marijuana has increased by hybrids and growing techniques. However, Alcohol has been proven to destroy more families, relationships, cause more deaths and injuries in addition to the damage done to the body. Many confrontations such as domestic violence and other crimes can be attributed to alcohol. The criminal activities and injustices that surround marijuana exists because it is illegal in much of the world. If legalized throughout the world you would see a dramatic decrease in such activities and a savings to many countries for legal prosecutions, incarceration etc in regards to marijuana. It indeed can create wealth for the government by collecting taxes, creating jobs, etc.... I personally do not partake. I do hope it is legalized throughout the world.

  5. Build the resevoir. If built this will provide jobs and a reason to visit Anderson. The city needs to do something to differentiate itself from other cities in the area. Kudos to people with vision that are backing this project.

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