New owners plan Hamaker update

February 13, 2009
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Hamaker BuildingThe new owners of the Hamaker Building at 49th and Pennsylvania streets are planning to spend more than $500,000 to repair the facade, add new landscaping and give the 1920s building new windows and a new awning. The local investors, led by Bryan Chandler of Eclipse Real Estate and Greg Rankin and John Bales of Venture Cos., paid $1.5 million for the 12,000-square-foot building. "It's just a building that hasn't had any TLC in 30 years," Chandler said. The new owners "will not" tear the building down, he said, calling it "the type of property that urban planners are copying around the country." The group bought the building from Judith C. Kaczmarski and her husband, George, who owned the former Hamaker Pharmacy. Current tenant Cafe Patachou is planning to expand into a neighboring space, and the new building owners are looking for a new tenant for the old pharmacy space. The deal was first reported in IBJ Real Estate Weekly here. (Image: Google Maps)
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  • This is great news. I remember buying slap bracelets from Hamakers when I was growing up in the neighborhood. It's a great place, I guess thats why 20 years later I bought my first home in the area. I just hope some more investment makes its way over to the College Ave. corridor as well.
  • Good new on that Patachou location as well.......that one is extremely cramped.
  • Yah! I'm excited since I live in the neighborhood. What a great example of old-style urban neighborhood living. Gas Stattion, Small shopping strip with service and retail, then across the street, a mechanic, a hardware store, a bank, pizza, ice cream, fitness, etc. Just a fun little corner! I enjoy riding my bike down to this area.
  • LOLz!!! Slap bracelets!!!!
  • are you using google earth now for images?
  • Great news. I hope this is a restoration and not a facade redo. The building is very classic and retains much of its original character.

    I remember all the old stores, Dolens Grocery and later Friendly Foods, Lloyds Barber Shop, Mary Ellens dress shop (never went in there), and the cleaners. Great neighborhood to grow up in. That would be 40 years ago. Wow, time flies.
  • The new owners will do a wonderful job with this building. The building is lucky to get an all star team for owners. The building is already a jewel. Bales, Rankin and Chandler will make it a shiny one again.
  • Anybody know which way is Patachou expanding? into the flower shop or the other way?
  • What a great building, I grew up in the area and have fond memories of walking to Hamaker's to buy candy on the weekend. A wonderful place to grow up! The care free days of my youth, where does fourty years go!!
  • Any better pics?
    From what I can see this is a pretty plain suburban structure.
  • Anyone have a better photo I can use? I'll give you a photo credit!
  • heard some young guy secured this property for those guys-anyone know who that was?
  • scorates, it does look dull in that pic, and it's a pretty subtle little Deco-ish building, but sited where it is at 49th and Penn it's the center of a very active neighborhood node.

    Great news Patachou is expanding, I've never had anything but a great experience there. Would be great if they could have better outdoor seating, not right on top of the bumpers of parked cars! I was sad that Corks (right?) Market left awhile ago, but it was definitely struggling to find the needed niche in the neighborhood. Now that Fresh market is a few blocks away it seems hard for a market to go in there, though one more like Goose (featuring *really* local foods) might do well.
  • How great would it be to have a Goose in the Broad Ripple area?
  • Guy from Midtown, your right, this is an exciting prospect for the Midtown area, and I think that eventually there will be money available for the 49th and College project. As a restauranteur (albeit a restaurateur in exile) all of these area are very attractive. I just hope that progress happens sooner than later.
  • I know Meridian Heights Dry Cleaners has some issues. I hope the new landlords can work with them in a way that allows the dry cleaner to stay. They've been located on that corner for decades. It's a great place to stop on the way to and from downtown.
  • $166 per square foot...
  • I heard that Antone Najem hustled that down for Bales/Chandler/Rankin. Smart kid.
  • Please, please new owners, one request: don't lease to Starbucks. They have a way of grabbing all the prime real estate, and Hubbard and Cravens across the street functions *perfectly* as the neighborhood third place.
  • I don't think we have to worry about Starbucks going in the neighborhood, especially with them closing a bunch of their stores.
  • Since John Bales is closely associated with Deering Cleaners, it doesn't take a genius to know what's coming for Meridian Heights Cleaners. $166 per square foot indeed.
    • I don’t think we have to worry about Starbucks going in the neighborhood, especially with them closing a bunch of their stores.

      This is true. They opened one by me and within a year it was closed. Brand new building sitting vacant. Hopefully Dunkin Donuts fills the void.
    • dunkin sounds gooood
    • On that same note I can't believe the Starbucks at 38th and meridian closed...I mean, it was a horrible in/out location (two way traffic, clogging the intersections and very little parking) but it was always PACKED when I drove by during rush hour. Maybe that'll give a little business to the cute Bonjour Cafe just south of fall creek?

      The 49th/Penn isn't a glorious building but it's in my neighborhood and I love having a little retail corner...only complaint is that the up front parking is alittle awkward (always have cars backing out into the street)
    • little pub anyone??
    • I think if I were the owner of the cleaners, I'd be worried. A big competitor is owned by one of the new owners of my building.
      • I hope Cafe Patachou doesn't expand into the flower shop. Where would I get my flowers? Their flowers are the best!
      • Goose? More Patachou ? How about a reasonably price convenience store or restaurant? I can not pay my new higher taxes much less shop at these type stores. The flower shop offers the best value for quality . Meridian heights is the best cleaner in the city.
      • Well Brian, at the prices mentioned above, the rents are going to be very high. Perhaps you should look for a jewelry store or very exclusive restaurant. Maybe Tiffany's is looking for another Indy location.
      • As owners of D & Z Gifts (flower shop) we really appreciate IBJ and the comments. This is the only way we have obtained information about the future of this property. The new owners have not contacted us about their plans even though the property was sold back on Dec. 23, 2008. Having grown up in this neighborhood and owned this store for 13 years we would like to stay here. Thanks for the information and future input.
      • Please, please no chains such as Starbucks!! And keep D&Z Gifts; it is a wonderful neighborhood store. Patachou needs more space, yes, but please don't let them put a catering business there. Keep it mom and pop shops. A catering business doesn't serve the neighborhood at all.
      • Meridian Heights
        Your right Deering will be the next cleaners but bought the Meridian Heights name. They are going green and it will be a plant
      • Cleaners
        Deering wanted that corner and the name for himself. Thought he could fool the customers into thinking it would be the same quality as Meridian Heights.
        • Smoke and Mirrors
          Just like their real estate careers were smoke and mirrors by using other people's ideas and hard work, the owners of Deering have taken over Meridian-don't expect the quality to be like it was. Find a new cleaner MK!!

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