Developer offers big bucks for homes

July 12, 2007
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A developer is negotiating individually with 77 condo owners to buy a community called Lakes at the Crossing that sits near the Fashion Mall. Lakes at the CrossingGershman Brown & Associates has to convince every owner to sell or they don't get the 23-acre property. (Photo is of Mabel Young, a resident who wants to stay put.) Gershman apparently is working with Simon on plans for a retail or mixed-use project that would capitalize on the booming area around 86th Street and Keystone Avenue. Across Keystone, Premier Properties has its own plans for a big development. The story of Lakes at the Crossing reminds me of Florida, where developers have paid top dollar for residential properties on the water. With the Indiana homes, which sit behind a strip center and a Kohl's, the only water features probably would be eliminated. The developers are offering double the residential property values, making the deal worth potentially $43 million. Would you sell?
  • Yes I a heartbeat. And Mable better sell as well. She is expected to get close to a million! With that, she can shop around all she wants for the perfect place on water with a wood screened in porch and still help out her family. That and she will be hated if she doesn't sell!
  • Gee, what a surprise... another retail developer announced plans to build a mixed use center across the street (Premier) and Simon now needs to build a new mixed use center. That area is already so congested... would adding MORE retail over there really be the best thing? Simon already has a succesful mall there and another a short way down the road. They seem to be out to squash ANY competition that comes their way. The same thing happened at Exit 10. They've got all the money and all the muscle. I hope those people don't sell, though I can't say I wouldn't give into temptation to double my money. If you really love your home and location though... it would certainly be a difficult choice.
  • I would wait to be the last one and demand three or four times as much. If your the last two or three left. The will pay out the ass to get it.
    They have billions and will make millions on this land. They would rape you in a minute why not rape them.
  • If this proposal and the Woodfield Crossing get added to the area, it's going to be a traffic/parking nightmare. It will be so dense, a monorail connector between all three areas might actually have a decent chance of being useful and successful. People could drive into the area, park once and do all their shopping without moving their car, possibly easing congestion a little.

    Ahhhh....good ideas that will never happen.
  • She would get more like $558K not $1 million. Tough choice though, the money would be tempting but then again there is enough retail in that area.
  • CorrND, remember, mass transit is a four letter word in Indy.
  • Did anyone read the related article this week from Florida? Despite much opposition from local governments and community associations, the Florida governor signed a bill that requires all owners in a condo community to sell it circumstances like Lakes At The Crossing if 80% vote to sell their homes. Thus even if you absolutely don't want to go, like Mable, you can be forced to sell your home so your neighbors can cash in. Good old Florida! Wonder when the first Constitutional lawsuit will be brought?
  • Sure, you say you'd sell in a heartbeat. But what if you could look out of any room in your home and see water and mature trees and marine life and smiling (at least until recently) neighbors you've known for decades, and then on any given day WALK to breakfast or brunch at Sunrise Cafe, LePeep or Ruth's Keystone Cafe (the latter is the deal breaker); pick up a gift at Brenner Designs or Earthly Designs; get a ring sized at Reis-Nichols; grab Dim Sum at Shanghai Lil's or a sandwich at Blimpie or McAlister's Deli; shop for essentials at Kohl's or Ulta; get a great haircut, pedicure, close shave or massage; meet a friend for drinks at Lulu's or a steak at Fleming's Steakhouse; grab carryout from Pizza Hut, or Peking Wok and an ice cream treat at Maggie Moo's; and then come home to the greatest neighbors in all of Indy with lots of green space for people and pets - all without EVER donning your car or even crossing 86th St? This is the best of urban living that Indy CURRENTLY has to offer, folks, and it's a well-kept secret. Find us a place like this in Marion County for even three times the current value of our homes, and we'll be glad to start packing tomorrow.
  • IndyWatcher, its a truly sad commentary on Indianapolis if this is the best urban living Indy has to offer.
  • Did IndyWatcher receive a royalty check from every retailer mentioned in that post? BTW, this post is brought to you by LucasOil.
  • Shouldn't Mabel be in a nursing home by now?
  • Personally, in this market I would sell in a minute. But, I'm all for personal property rights and if Mabel doesn't want to sell there is no reason in the world she should have to. Sadly, the crooks we call politicians around here will probably be convinced by Simon to declare the property blighted so they can seize it and sell it to the developers.
  • Let's kill all the developers and let's kill'em tonight!
    Paraphrased from what song?
    The world is ruled by greed and fear (fear of not being too greedy)
    If you sell at an inflated price, aren't you part of the developers evil plan?
  • Wow Ron,
    Lay off the sauce. You seem a little angry.

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  1. Kent's done a good job of putting together some good guests, intelligence and irreverence without the inane chatter of the other two shows. JMV is unlistenable, mostly because he doesn't do his homework and depends on non-sports stuff to keep HIM interested. Query and Shultz is a bit better, but lack of prep in their show certainly is evident. Sterling obviously workes harder than the other shows. We shall see if there is any way for a third signal with very little successful recent history to make it. I always say you have to give a show two years to grow into what it will become...

  2. Lafayette Square, Washington Square should be turned into office parks with office buildings, conversion, no access to the public at all. They should not be shopping malls and should be under tight security and used for professional offices instead of havens for crime. Their only useage is to do this or tear them down and replace them with high rise office parks with secured parking lots so that the crime in the areas is not allowed in. These are prime properties, but must be reused for other uses, professional office conversions with no loitering and no shopping makes sense, otherwise they have become hangouts long ago for gangs, groups of people who have no intent of spending money, and are only there for trouble and possibly crime, shoplifting, etc. I worked summers at SuperX Drugs in Lafayette Square in the 1970s and even then the shrinkage from shoplifting was 10-15 percent. No sense having shopping malls in these areas, they earn no revenue, attract crime, and are a blight on the city. All malls that are not of use should be repurposed or torn down by the city, condemned. One possibility would be to repourpose them as inside college campuses or as community centers, but then again, if the community is high crime, why bother.

  3. Straight No Chaser

  4. Seems the biggest use of TIF is for pet projects that improve Quality Of Life, allegedly, but they ignore other QOL issues that are of a more important and urgent nature. Keep it transparent and try not to get in ready, fire, Aim! mode. You do realize that business the Mayor said might be interested is probably going to want TIF too?

  5. Gary, I'm in complete agreement. The private entity should be required to pay IPL, and, if City parking meters are involved, the parking meter company. I was just pointing out how the poorly-structured parking meter deal affected the car share deal.