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Properties in play along Market Street

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Four properties for sale along a two-block stretch of East Market Street downtown are likely to offer the first signs of what’s in store for an area real estate brokers think will get a boost from the recent removal of the Market Street interstate ramp.

The soaring ramp, erected in the early 1970s, was considered both a physical and psychological barrier to the redevelopment of properties in its shadow. The $22 million project to remove the ramp and improve the surrounding infrastructure wrapped up in late October when Market Street reopened between East and Cruse streets.

Cars and pedestrians now have access to the area for the first time since the project started in spring of 2008. Among the changes visitors will notice are broad sidewalks, historic streetlights, landscaping and the numerous for-sale signs that dot the two blocks between East Street and College Avenue. Here’s what’s for sale:

-- The 29,000-square-foot Modern Photo Offset Supply building, 536 E. Market St. The three-story building, which is listed for $2.2 million, went on the market in the last 60 days.

-- The 8,300-square-foot building formerly occupied by the United Brotherhood of Carpenters and Joiners of America Local 60, 531 E. Market. The building, listed for $698,000, went on the market not long after the advertising agency Meyer & Wallis bought it in early 2008.

-- A 4,500-square-foot building owned and occupied by Circle City Pizza, 627 E. Market St. The asking price for the property, which went on the market in August, is $375,000.

-- A 32-foot-by-105-foot vacant lot at the southwest corner of Market Street and Park Avenue that went on the market last year. The asking price for the site, owned by attorney Christopher Zoeller, is $200,000.

None of the efforts to sell the properties appear to be driven by the ramp-related improvements to the corridor, but brokers and owners associated with the properties think their listings will benefit.

Bart Book, the Colliers Turley Martin Tucker broker representing Modern Photo, said the improved surroundings should make his client’s building easier to sell.  Modern Photo, which had been a major supplier to Kodak, is looking for a smaller space because digital photography has dramatically altered its business.

Book said the bad economy makes new construction on East Market unlikely in the near term. “It’s going to be taking what’s there and improving it to a higher and better use,” said Book, who expects small office users and service providers to populate the area, which historically housed small industrial firms.

At least three law offices already have offices in the area, but the ad agency Meyer & Wallis, which had expected to move into 531 E. Market after buying it from the carpenters union last year, outgrew the space before its project started, said listing broker Rob Lukemeyer.

Lukemeyer, of Baseline Commercial Real Estate, said the ramp removal lured the agency to the area in the first place and is likely to attract the attention of other small professional firms in the near term. But he expects bigger things for the area, perhaps retail and residential, in a decade or two.

The ramp removal is one of three factors that will determine how the area ultimately develops, Lukemeyer said. Another is the future of the vacant Bank One Operations Center at the southwest corner of Market and East, where a $65 million plan recently approved by the city could result in the construction of retail space and hundreds of apartments . The other big factor is what type of development occurs on the Market Square Arena site another block to the west.

Katie Gray, the Summit Realty Group broker who listed 627 E. Market, said the property is for sale because the couple who owns Circle City Pizza and has owned the building for 20 years, is retiring.

Gray said the ramp removal and related improvements, and the proximity to the central business district only a few blocks away, make the future bright. “We think it will be a hot area in the next few years.”

Richard Brown, a partner at the law firm Brown Tompkins Lory & Mastrian at 608 E. Market, thinks Gray is right. He bought the building his firm occupies about eight years ago and owns a half-acre gravel lot at the southeast corner of Market and East.

“A commercial real estate broker told me not long ago I’m at the corner of Main & Main,” said Brown, who plans to hold onto his corner lot at least until the fate of the bank operations center becomes clear.   


 

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  1. The Fringe! Plus, the simple fact that there are so many local faves in such close proximity to each other.

  2. I remenber, watching the toll road, being built, through South Bend, when I was 10 years old. I believe, back then that it was estimated, that the toll road, would be paid for in 20 years and then it would be free. I am now 71, what happened? Since the power is in the people, by that, I mean that, we the people are in total control of everything. I, suggest that no one ever use the toll road again, let it go broke. We the people can control the price of everything, from groceries to gas, if we would just do it. If we don't pay the asking price, the sellers will lower the price and if we wait awhile, they will lower the price to what we accept as reasonable. I would like to know why a highway like interstate 94, is so well maintained, a much better highway, than the toll road, but has no tolls. I would also like to know why, a sitting governor, with a term limit, maximum of eight years, can lease, public property, for 75 years. Even though I have transponders in both of my trucks and will not be affected by the increase, I have been and will contine to avoid using the toll road. I make many trips from northern Indiana to Chicago, every year, and I prefer the better highway, I94!

  3. Coming from her background,she should be used to those kinds of advances! Menard probably figured it was ok to tuck a buck!

  4. I'm still waiting for the list of available, high quality apartments in the Village.

  5. This criminal masquerading as a lawyer obviously has serious issues. He’s been proven by his own testimony to be a pathological liar and probably has a personality disorder as he seems to be constructing a reality around himself. He places no value on truth, honesty or loyalty as evidenced by what he has done to his clients and his own family. And by the demands and lies he has made in court, it is evident he feels entitled to do and say whatever suits his purpose and everyone else is expected to nod obediently and believe him because he is, after all, Bill Super Lawyer; or BS lawyer for short. This millionaire wanna-be no longer owns anything of value; he squandered it and put everything he had into foreclosure. He has no money, house, car, boat or vacation home left to show for what he earned or what he stole. He’s just another loser without morals who will be doing time. I’m certain all of his courtroom shenanigans are antagonizing his poor victims. As Lamar said, his behavior and claims in court have been outrageous. The judge needs to be more than concerned; he needs to be judicial and end this nonsense.

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