Have property values around Lucas
Oil Stadium risen as fast as the profit expectations of the owners? Perhaps not, at least if you consider the Cambridge Transmission
property, which is as close to the stadium as any privately held parcel. The asking price was $2.49 million in February for
the 19,000-square-foot building, which sits on just under half an acre. In March, commercial broker Ted McClure reduced the
asking price on the property at 432 S. Missouri St. to about $1.9 million. McClure now says the owner is "motivated" and considering
offers. The latest flier lists a higher asking price of $1.95 million, but McClure said that's a typo. The asking price remains
$1.9 million. The property's assessed value for tax purposes: $310,000. What would you like to see here?
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Welcome to Property Lines, Indy's source for neighborhood real estate news. Your host is Scott Olson, IBJ's real estate beat
reporter. Edited by Cory Schouten.
Have property values around Lucas
Oil Stadium risen as fast as the profit expectations of the owners? Perhaps not, at least if you consider the Cambridge Transmission
property, which is as close to the stadium as any privately held parcel. The asking price was $2.49 million in February for
the 19,000-square-foot building, which sits on just under half an acre. In March, commercial broker Ted McClure reduced the
asking price on the property at 432 S. Missouri St. to about $1.9 million. McClure now says the owner is "motivated" and considering
offers. The latest flier lists a higher asking price of $1.95 million, but McClure said that's a typo. The asking price remains
$1.9 million. The property's assessed value for tax purposes: $310,000. What would you like to see here?
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In my opinion the estridge companies are crooks. They filed bankruptcy on their 'track housing' side of the business two weeks before they closed on one of my clients' homes. When my client first interviewed Estridge as a builder 6 months before, they specifically ASKED about the solvency of their business, knowing that some builders were struggling. Estridge truly misrepresented their financial situation at that time. I suppose I am more unhappy with the whole system than I am with the builder because what the heck==you can file bankruptcy on 'track homes' but still keep building and make money off of 'custom built' homes??? How ridiculous! They are all homes. How can a company be allowed to bilk thousands of dollars from their subcontractors but still be allowed to build houses?? they should have been made to pay back all their unpaid contractors before being allowed to profit from building any more houses! This alone makes them and the system crooks in my eyes. I would never build an estridge home and I would not recommend for my clients either. If they were truly 'bankrupt' how could they afford to keep building homes anyway??? The whole system needs fixed.
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I live a couple blocks east of the Angie's campus and my house is assessed for ~$160,000. If I could get that amount, let alone $384,000 (a 140% bonus), I'd sell in a minute. Either Angie's stockholders just got fleeced, or Angie's is getting about a 58% discount on their property taxes, if these properties are actually worth what they paid Mr. Oesterle for them. Which do you think is the case?
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Perhaps the IMA board is really to blame! They agreed to hire Charles. They can't seemingly find donors among themselves, or bring in new blood that will support the museums operating budget with an expanded museum and money to provide curators with something to do (ie buy art). The headlines of disarray at the museum and mass firings are hurting the reputation of the museum for some time to come. If people on the board had misgivings, perhaps they shpuld have more forcefully opposed efforts that they have seemingly been unable to fund, like expansion and the costs it has created!
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See, I told u Indyman and Dipsicle....this 8 days is overkill. It's barely worth a weekend....great job Tony George! Your dream has been fulfilled....he fans want the I r l back. Thats how good it was.....and that sucked.
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I have been in training for a short time now but right off I can see that safety and quality are the number one issues, my experience as of late has been a positive one, the employees along with Jeff the plant manager and the operation supervisor as well as the engineers are a highly motivated group of people, what an asset for the area to have and for company's in need of a quality metal products.
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Why is the owner in such a hurry to sell in this market? Sit on it a couple years and double your money.
As usual, I agree with SE Guy. And with Ivo. Let's jack up the assessed values in that area to $4-5million an acre, and do an area study for the whole part of the RC east of White River and south of South Street over to Delaware.
It is a tough site. Not much you can do with a 1/2 acre. Best would be to sell it to a neighboring property owner so a bigger project can be built. Barring that, a restaurant, but I bet he will have parking issues.
B) A brewpub would be awesome. Something walkable and built to the
sidewalk. Can't say that much on that block (as built in the last 2 - 3 years) fits into the International Village concept, but that was more appropriately slated for Meridina between Ray & McCarty, not adjacent to the stadium.
A comprehensive redevelopment plan would have been wise during LOS construction.
HAHAHAHAHAHA
Now that’s funny, I don't care who you are.........
Enthralled: You might not understand valuation. If someone on the market values the property at $2M, and actually attempted to purchase it at that price, then it was indeed WORTH $2M. That is the meaning of worth. It may not be worth that to you, me, or 90% of people who could purchase it, but it is to someone. I really don't think there is much wrong with the current assessment system based on the fact that our property tax system is based on the value of the totality of the Real Estate, land and improvements. If we moved to a LVT system, there might be a bit of sense to keeping a more fluid account of land valuations as they are easier to calculate than the value of the various improvements that have been made to said land.
And, so that I use this not just to call out other posters, let me say that I believe that the best thing that could be done there on the Maryland corridor(and around LOS at large) would be for a corporation to be formed by local land owners, business owners, and investors(maybe including Jim Irsay himself) to stockpile the land, and make a planned urban development to engage and compliment the stadium and provide an area that could sustain a number of uses and as a unified whole overcome some barriers that besiege piecemeal development such as this.