Offers pour in for First Indiana Plaza

August 28, 2007
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First Indiana PlazaA sluggish real estate market hasn't deterred investment groups interested in owning the 31-story First Indiana Plaza. Brokers say the New York-based owners of the struggling skyscraper have received about 10 offers for the 425,000-square-foot office building. The owners, Crown Properties Inc., have rejected several of the offers and are evaluating others. The finalist offers are in the $32-$38 million range. There was no official asking price, and brokers say a $60-million figure listed by CoStar Property is not accurate. Some local bidders, including a group that includes Situs Realty Corp., are among the finalists, brokers said. Situs has done sales and leasing for Republic Development's Saxony project. Officials with Crown Properties could not be reached, and Situs President Keith Stark declined to comment.


A condo conversion? In the offering materials for the building, the owners tout the tower's upper floors as a candidate for condo conversion. The intention is to show some upside for a building that could be 70 percent empty after Bose McKinney & Evans leaves in September 2008. But local real estate veterans say a conversion would be cost prohibitive. What do you think?

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  • YEAH! The World's Largest Starbucks
  • It does kind of look like a venti latte.
  • I have a hard time believing this would stay empty for long. It's such a great location right next to the remodeled City Market. I don't think it should be converted to condos at all with all the other condo projects going on downtown right now. Just a good olf fashion office building.
  • I can't wait 'til they get rid of the First Indiana signage. It's ugly and dated. The building will look much nicer without it.
  • Prior to One Indiana Sq being sold (right after the NBD/Bank One Merger) there was also talk of making that building a mixed-use tower. For this tower, I think it makes sense now. yes, it may be somewhat cost-prohibitive, in the sense who ever buys it probably doesn't want to sink much money into it. That doesn't mean it can't/shouldn't be done. To me, anything to lower our high office vacancy rates, is a win. Especially if it is a conversion of newer Class-A space to a mixed-use tower. Indy is lagging behind our neighbors when it comes to truely mixed-use towers and high-rise residential living. If this is successful, the mantra that Indy can't support highrise living can finally be flushed down the drain.

    However, saying all of this, it makes me hope that the Consolidated Building, which is just south of First Indinana, is able to be purchased by someone with deep pockets to convert that to apartments.
  • Good point, Ablerock. Hadn't thought about it. Check out the M&I logo here: http://www.mibank.com/mibanknew/index.html

    What do you think: An improvement over First Indiana?
  • I'm thinking IKEA, or a strip club. Or maybe a shooting range.
  • ^^^ damn, now that is a very wide range of possibilities!
  • A giant homeless shelter is what downtown desperately needs.
  • I like how Indiana is on the sign tho... Makes it more local, ya know?

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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.

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