Parcel near LOS lingers on market

April 29, 2009
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Price reduced!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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  • a parking lot
  • Preferably gravel. :)
  • Another strip club. Gotta get ready for the Super Bowl!
  • China Town? i remember someone wanting to make this place more international.
  • a cool bar/restaurant in the existing building. it would have a warehouse atmosphere and outdoor seating in the front. just picture the front with huge windows replacing the current window coverings. it would be awesome.
  • It's hard to see this site being used for anything other than a hotel or parking. Residential would be a tough sell in that area and there's plenty of better-sited, vacant office space in downtown right now.
  • That's a lot of dough to pay for a bar/restaurant plus the cleanup and rehab costs. Not even feasible.
  • How about a special study and updated plan for the entire area? Give developers some transparency in the process.
  • Slot machines. Lots of glittery gold slot machines!!!
  • An assessed value equal to the asking price, for starters. That might get things rolling.
  • A smaller version of what was built on the MSA site.
  • Please not surface parking, please not surface parking, please not surface parking...

    Why is the owner in such a hurry to sell in this market? Sit on it a couple years and double your money.
  • Mr. Peanut, it is exactly that attitude that creates and reinforces blight because the owner thinks s/he is sitting on a gold mine.

    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.
  • Thanks SE Guy for reminding me to add the property's assessed value to the post.
  • This is a classic case of someone waiting too long and missing the boat. I seem to remember this property owner said he was offered close to $2 mill when LOS was announced. I believe he said he was going to see how much he could get out of it. In this case he waited too long and the market fell out. If he can wait a few years. it will come back.

    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.
  • How about a BW-3's or Applebees?
  • I'd like to put a restaurant/sports bar on the site, but first I have to talk the owner down from his ridiculous $1.9 million price. I'd need to make him an offer he can't refuse. Does anybody know if the property owner has any prized racehorses?
  • A) While it is certainly a starting point, isn't assessed value is meaningless these days?

    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.
  • I think a Colts Hall of Fame would be perfect here. Sounds like Irsay is going to have at least 5 million in play money every year, he could throw into this site.
  • This is a really terrible site. I have to agree with CorrND and others that development beyond industrial or things such as motels, gas stations, and chain restraunts is unlikely. It is hurt by too many factors. Very busy streets, isolation, and industrial or blighted neighboring blocks hurts this property's value.

    A comprehensive redevelopment plan would have been wise during LOS construction.
  • How about a park!
  • I agree with ryan that it would be awesome to save that building. Any idea when it was built?
  • The owner’s public admission that he received an offer of almost $2 million is good enough for me. Let's have the county treasurer send him a bill for his '08 taxes. Let's see, that should be somewhere around $70,000.00. That should get him motivated to sell. Until the property taxes in Indiana are equitable, I think we should all stop paying them.
  • Another monument to the Irsay family's disregard for the good of the city. Perhaps some sort of sculpture that represents lying. Or a pharmacy to make Jimmy's late night jaunts for prescription pills more convenient...
  • BTW, Cory, please include the assessed value of property whenever you can. I think it will draw more attention to our egregiously inequitable and even arbitrary property tax system that continues to slow development and our economy in this state to a freaking crawl.
  • Ummm... while I am not disagreeing that our assessment system is pretty broken, I don't think that this is an example of that. 0.5 acres that need serious environmental work, has no available parking, and won't have traffic but 8-12 times a year is NOT worth $1.9MM. Probably a stretch at $500k.
  • May be the CIB should buy it.

    HAHAHAHAHAHA

    Now that’s funny, I don't care who you are.........
  • BLOGojevich: How about the city lying about what it intends in a legally binding contract? Maybe the city should give Jim his $100 Million back if they want him to pay $5 Million a year in rent for using the facility for 19 days. I'm pretty sure that 19/365 = roughly 6%. The stadium itself cost what, $750 Million? So his share of the construction costs should be, in a share equity arrangement, a little more than $39 million for the life of the lease, or about $1.56M a year plus operating costs on the days that the Colts use the facility and some additional cash for all of the Colts marketing. So let's so say twice that, maybe. Well, he paid more than 250% of the above figure, upfront, so I think it fair that he gets some sort of dividend return on his investment. Remember, Irsay is a Real Estate Investor, so he knew how to work a deal that benefited him and the city, according to the calculations of the city's brightest minds. Maybe if the City wasn't speculatively building monuments to itself by mortgaging the tax revenues paid from the production of future generations of residents, and instead let Irsay put a deal together with a private developer for the kind of stadium that makes sense for this city, we wouldn't be in the current situation. /rant

    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.
  • Actually assessed value is probably right on. Taxes are always 1 year in arears, so that $300,000 assessment is for 2007. Add to it that it probably has not been reassessed since the start of LOS construction. I think this is why the owner is motivated to sell. He is looking at a tax assessment this year or next that will kill him.
  • I do not see the owner as motivated, and would be surprised if the assessment changes much.
  • the Concord Community Development Corp. Just finaished a plan for the area

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