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.”

  • 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. I still don't understand how the FBI had any right whatsoever to investigate this elderly collector. Before the Antiquities Act it was completely legal to buy, trade or collect Native American artifacts. I used to see arrow heads, axes, bowls, corn grinders at antique shops and flea markets for sale and I bought them myself. But that was in the late 60's and early 70's. And I now know that people used to steal items from sites and sell them. I understand that is illegal. But we used to find arrow heads and even a corn grinder in our back yard when I was a child. And I still have those items today in my small collection.

      2. I lived in California and they had many of the things noted in the proposed suggestions from the "Blue Ribbon Panel". California is near financial collapse now. Let's not turn the great state of Indiana into a third world dump like California.

      3. The temporary closure of BR Avenue will get a lot of attention. But, one thing reported by the IndyStar really stands out to me, and is extraordinarily depressing: “Police also have agreed to crack down on noise violations, traffic violations and public intoxication.” In other words, the police have generously agreed to do their jobs (temporarily, at least), instead of just standing around waiting for someone to call 911. When is someone in this department going to get off their fat arse (looking at you, Chief), get their minds out of 1975-era policing and into 2014, and have his department engage in pro-active work instead of sitting around waiting for someone to be shot? Why in the hell does it take 7 people getting shot in one night in one of the city’s biggest tourist destinations, to convince the police (reluctantly, it would appear) that they actually need to do their f’n jobs? When is the Chief going to realize that there’s a huge, direct, proven correlation between enforcing the law (yes, all laws, especially those affecting quality of life) and preventing larger crimes from occurring? Is it racial BS? Is that what this extraordinary reluctance is all about? Is the department and the city terrified that if they do their jobs, they might offend someone? Whom, exactly? Will the victims of violence, murder, assault, rape, robbery, and theft be offended? Will the citizens who have to tolerate their deteriorating quality of life be offended? Will the businesses who see their customers flee be offended? Or, is it simple ignorance (maybe the Chief hasn’t heard about NYC’s success in fighting crime - it’s only the biggest g*&#am city in the country, after all)? Either way, Chief, if you don’t want to do your job, then step down. Let someone who actually wants the job take it.

      4. I thought Indiana had all the funding it needed for everything. That's why the state lottery and casino gambling were allowed, as the new tax revenue would take care of everything the state wanted to do.The recommendations sound like they came from California. Better think about that. What is the financial condition of that state?

      5. I was a fan of WIBC in the morning, Steve was the only WIBC host that I listened too, he gave the news with so much flare that I enjoyed listening to him on my way to work. Katz is no Steve. Sadly, I will not be listening to WIBC anymore.