Selling 14 West building proving to be quite difficult

April 4, 2013
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14West Maryland_fortune_blog_225pxAttempts to sell a historic brick building long used as a restaurant and hotel suites next to Circle Centre mall are proving extremely difficult. Dating back to 1875, the distinctive four-story building went on the market in January with an asking price in the neighborhood of $4 million. With no serious offers, broker Janice Paine of Colliers International attempted to generate additional interest through a “call for offers” that ended March 29. The solicitation yielded a handful of bids that so far don’t look promising. “We’re going to respond to a couple of these offers,” she said, “but we’re pretty far apart.”

The building was home to 14 West Restaurant and Suites until the end of 2012, when the operation shut down. The restaurant was previously known as Malibu on Maryland. The business had been a passion project of local businessman and philanthropist Carter M. Fortune, who died at age 70 in August. Fortune was chairman of locally based Fortune Industries, a publicly traded company that is undergoing a complicated restructuring. The building, now held by a Fortune family trust, totals 20,000 square feet and contains five hotel suites on the top two floors. The owner is considering selling the suites individually as condos if the entire building fails to sell. “The building is just very unique,” Paine said. “It’s going to take the right buyer to fall in love with it.”

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  • Huh?
    I know you're new to this blog stuff, but its not very smart to post a new entry that very few people care about when the previous post from the day before is generating a lot of passion from both sides of the debate,
    • @Indy
      Actually, people who read PL care about this issue just as much as the last. Scott, please continue to post the stories as they come out and you see fit. You are doing great. The transition has been very seamless.
    • Keep the New Posts Coming
      What are you talking about? Just because you don't care about this story doesn't mean others don't. I for one think more new posts the better. It's a blog which means frequent posting. In fact one of the things I hope improves is the frequency of posts here. My two cents...
    • Property Lines
      I welcome all comments, supportive or critical. After all, a blog is meant to produce conversation and debate about a certain issue.
    • @Indy
      What a hater. Scott, you're the man.
    • HUH?
      This is precisely the sort of post we want to see here. What's the gossip on the street about properties? New York must have 100 similar blogs -- all of which have topics about this. They actually go further with tales of big residential sales by Realtors, how developers were able to figure out how to configure a building with odd requirements, and so forth. The arcane is fun. Thanks for the update on the sale!
    • Nice post
      Scott, thanks for posting this. That property has a lot of history, dating back to the Indy News days, and then again as the City and Simon were forced to build CCM around it, the distinguished guests who have partied in the suites and now another sale. Extremely relevant, thanks.
    • Thanks...
      ... for posting about this! This blog IS, afterall, about development!!
    • Illinois Building
      I work in the Market Tower, and I am curious about the fencing around the old, vacant Illinois Building (at least the Market Street side). Is someone finally doing something with it? As for the blog, keep it coming. I loved Cory, but the infrequent posts were pretty annoying. Even in the doldrums of the recession, there was more to report than that!
      • 14 West
        Oh man, I didn't even realize the restaurant had closed. That place was fantastic.
      • another great post
        Thanks for posting this Scott. This is all informative and interesting information. The increase in the frequency of posts has not gone unnoticed. Not everyone may agree on what interests them, but the fact that Scott seems to covering more stories and more varied topics is helpful and appreciated.
      • Broker Problems?
        I looked at this property and the listing agent from Colliers didn't know a restaurant from a restroom. Change brokers and it may sell, but it has the stink of failure on it.
      • 14 West Building
        What a great opportunity for someone. I wish I could buy it but at last I am a loley middle classer. :-)
      • Falling Debris
        IBJ article recently said the Illinois Building is getting ready to be listed for sale. Supposedly there is "marble falling off the building," but when I looked last week it looked good. Maybe it's the failing terra cotta on the parapet that is causing the fear that it might break off an injure passers by? There is major water damage on the top several floors of the building as a result of a bad roof.

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      1. A Tilted Kilt at a water park themed hotel? Who planned that one? I guess the Dad's need something to do while the kids are on the water slides.

      2. Don't come down on the fair for offering drinks. This is a craft and certainly one that belongs in agriculture due to ingredients. And for those worrying about how much you can drink. I'm sure it's more to do with liability than anything else. They don't want people suing for being over served. If you want a buzz, do a little pre-drinking before you go.

      3. I don't drink but go into this "controlled area" so my friend can drink. They have their 3 drink limit and then I give my friend my 3 drink limit. How is the fair going to control this very likely situation????

      4. I feel the conditions of the alcohol sales are a bit heavy handed, but you need to realize this is the first year in quite some time that beer & wine will be sold at the fair. They're starting off slowly to get a gauge on how it will perform this year - I would assume if everything goes fine that they relax some of the limits in the next year or couple of years. That said, I think requiring the consumption of alcohol to only occur in the beer tent is a bit much. That is going to be an awkward situation for those with minors - "Honey, I'm getting a beer... Ok, sure go ahead... Alright see you in just a min- half an hour."

      5. This might be an effort on the part of the State Fair Board to manage the risk until they get a better feel for it. However, the blanket notion that alcohol should not be served at "family oriented" events is perhaps an oversimplification. and not too realistic. For 15 years, I was a volunteer at the Indianapolis Air Show, which was as family oriented an event as it gets. We sold beer donated by Monarch Beverage Company and served by licensed and trained employees of United Package Liquors who were unpaid volunteers. And where did that money go? To central Indiana children's charities, including Riley Hospital for Children! It's all about managing the risk.

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