IBJNews

Progress slow on variety of metro area deals

Back to TopCommentsE-mailPrintBookmark and Share

As 2011 draws to a close, Real Estate Weekly checked on the status of several projects reported here over the last year, and a few from much longer ago. Many are still in progress, confirming that the real estate market is still sluggish.

- In Zionsville, the town is in the process of clearing a 2.4-acre site it considers a gateway to the Zionsville village retail area. The town has toyed with the idea of buying the property at the intersection of State Road 334 and Zionsville Road for two years, but there’s no deal in the works, said Town Manager Edward Mitro.

Instead, the city struck a deal with the same Minnesota family that has owned the site for more than 40 years to raze an old gas station and car wash on the property. The demolition, at Zionsville’s expense, is timed to clean up the area before the arrival of Super Bowl visitors in late January, said Mitro, who has heard a developer is interested in the property. It was listed with Cassidy Turley two years ago for $2 million.

- Browning Investments has shelved, but not ruled out, plans to develop an 8,900-square-foot retail strip center where an old Peoples Bank branch stands at the southeast corner of 86th Street and Harcourt Road. Back in March, the developer was preparing to buy the site from St. Vincent Hospital and begin construction of the $1.9 million project. It would have been the developer’s first retail project in several years.

James Browning, the company’s vice president of real estate development, said plans are on hold while the hospital re-evaluates its plans for the site. A larger retail project—two 15,000-square-foot strips at 131st and Meridian streets—is still in the pipeline for 2012, Browning said. Tenant interest will determine whether one or two buildings are developed at the site, he said.

- Just south of Massachusetts Avenue, at North Street and Park Avenue, investors closed last summer on the purchase of a three-story, 12,000-square-foot brick building that dates to 1892, a small cottage and a vacant lot. The properties, all at the southeast corner of the intersection, are now owned by a partnership that involves a local attorney who specializes in international adoptions. The building, which will house office space, and cottage are both being renovated.

The seller, North Lockerbie LLC, a decade ago was the financial muscle behind what would have been a large mixed-use development involving dozens of properties in the area. The project didn’t happen, and Ross Reller, a broker with Colliers International, was hired to dispose of the properties. Reller said his client is in negotiations to sell the northeast corner of Park and North and next year will list for sale almost an entire city block between Park and Michigan, North and Leon streets.

- In Fountain Square, Bryce Caldwell is at least six months behind in renovating and expanding a 110-year-old building at 1110 Shelby Street. He bought the 8,000-square-foot building a year ago and still plans a 4,200-square-foot addition. When finished, the building is to house a bar, restaurant and 450-seat music hall.

There is little visible progress on the project, which Caldwell had hoped to open by New Year’s Day. Mark Stewart, president of Southeast Neighborhood Development, a community development corporation that operates in the area and is a supporter of the music hall project, said the project is still in the works.

- Satori Pointe, a mixed-use development in Avon that’s been in the works for more than a year, is on the verge of landing three tenant/developers, according to brokers marketing the project. The almost 30-acre complex on the north side of U.S. 36 is anchored by the 122,000-square-foot Hendricks Regional Health YMCA.

Five development sites ranging from four to nine acres in size were listed in 2010 with Summit Realty Group brokers Tim Norton and Jeff Merritt for between $450,000 and $850,000 an acre. Two were being offered for retail use, two for office/professional use and one for apartments and/or seniors housing. The land is owned by Hendricks Regional Health, which partnered with YMCA on the health/fitness complex.

- The owner of a pair of century-old buildings on East Market Street downtown is still in negotiations with potential buyers of the buildings or entities that would partner with the owner to convert them into apartments or a boutique hotel.

Crown Property Group took the rare step earlier this year of issuing a request for proposals in an attempt to find a buyer or partner for the buildings at 136 E. Market Street and 129 E. Market. The buildings are sparsely populated, but the one at 136 Market houses a Stock Yards Bank branch. Responses to the RFP were due Nov. 1. Summit Realty Group broker Amy Burmeister said there is interest in the buildings but a deal is not imminent.

 

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. So much for Eric Holder's conversation about race. If white people have got something to say, they get sued over it. Bottom line: white people have un-freer speech than others as a consequence of the misnamed "Civil rights laws."

  2. I agree, having seen three shows, that I was less than wowed. Disappointing!!

  3. Start drilling, start fracking, and start using our own energy. Other states have enriched their citizens and nearly elminated unemployment by using these resources that are on private land. If you are against the 'low prices' of discount stores, the best way to allow shoppers more choice is to empower them with better earnings. NOT through manipulated gov mandated min wage hikes, but better jobs and higher competitive pay. This would be direct result of using our own energy resources, yet Obama knows that Americans who arent dependent of gov welfare are much less likely to vote Dem, so he looks for ways to ensure America's decline and keep its citizens dependent of gov.

  4. Say It Loud, I'm Black and Ashamed: It's too bad that with certain "black" entertainment events, it seems violence and thuggery follows and the collateral damage that it leaves behinds continues to be a strain on the city in terms of people getting hurt, killed or becoming victims of crimes and/or stretching city resources. I remember shopping in the Meadows area years ago until violence and crime ended make most of the business pack you and leave as did with Lafayette Square and Washington Square. Over the past 10 to 12 years, I remember going to the Indiana Black Expo Soul Picnic in Washington Park. Violence, gang fights and homicides ended that. My great grandmother still bears the scares on her leg from when she was trampled by a group of thugs running from gun fire from a rival gang. With hundreds of police offices downtown still multiple shootings, people getting shot downtown during Black Expo. A number of people getting shots or murdered at black clubs around the city like Club Six on the west side, The Industry downtown, Jamal Tinsley's shot out in front of the Conrad, multiple fights and shootings at the skating rinks, shootings at Circle Center Mall and shooting and robberies and car jackings at Lafayette Mall. Shootings and gang violence and the State Fair. I can go on and on and on. Now Broad Ripple. (Shaking head side to side) Say It Loud, I'm Black and I'm Ashamed.

  5. Ballard Administration. Too funny. This is the least fiscally responsive administration I have ever seen. One thing this article failed to mention, is that the Hoosier State line delivers rail cars to the Amtrak Beech Grove maintenance facility for refurbishment. That's an economic development issue. And the jobs there are high-paying. That alone is worth the City's investment.

ADVERTISEMENT