Former Dunkin building targeted for major renovation

May 22, 2013
Back to TopCommentsE-mailPrintBookmark and Share

former Dunkin downtownA prominent local developer is buying the downtown building that last housed a Dunkin Donuts and has plans to renovate it to make it more attractive to an upscale eatery. Several local real estate sources say Keystone Group CEO Ersal Ozdemir is close to purchasing it from a private, out-of-state seller. His plans for the building at the high-profile corner of Washington and Pennsylvania streets include adding a second story in hopes of luring a national restaurant. Ozdemir said during the International Council of Shopping Centers annual convention in Las Vegas that he has “interest” in the building but never comments on speculation. Retail brokerage Midland Atlantic is shopping the site and has the property under contract with a potential buyer, broker Patrick Boyle said. The purchase could include the adjoining space currently occupied by Cartridge World, which would be the “ideal scenario,” he said. “The most likely use is a restaurant that could justify [the cost of] renovation,” Boyle said. One thing is certain: The iconic sign atop the building can stay, according to grandfathered city zoning laws. The entire space is 2,800 square feet. Dunkin Donuts closed the location at 48 E. Washington St. in late March when its lease expired.

(Staff photo / Cory Schouten)

ADVERTISEMENT
  • Googie
    Glad the sign stays and hopefully Keystone will find a tenant with a vision for an elegant mid-century modern revision on this site. Googie architecture has largely been demolished or fallen into disrepair in our city, and perhaps a proper renovation / expansion here will bolster the appreciation of this style.
  • "Ballard's On Penn"--my vote
    If Keystone is developing it, let me guess, the city is pitching in half the cost using parking meter money or savings from the cricket field? They shouldn't have any problems getting any necessary zoning or permits.....
  • The Sign
    Let's not forget that to those of us who can remember it, the iconic sign was the ever-recognizable emblem of Roselyn Bakeries, may they rest in peace. No one since has come close.
  • Iconic, but not elegant
    The sign atop the building is certainly iconic, but in no way can be described as 'elegant'. I see this as more of an on-the-go eatery than anything in the "elegant" category. Of course, the REAL value of the site is its long-term potential once the economy rebounds. perhaps something in the 6-8 story range, but probably nothing hi-rise.
    • The Googie Style!
      Craig, nice to encounter someone locally who recognizes and appreciates the 'Googie' style! And i think I used to work for you!
    • McD's??
      I like the "on-the-go" eatery ideal. Aren't there enough national "upscale" chains in that area? Why not add an iconic brand to that sign/location and bring in a 2-story McD's...something like they did in Chicago Downtown. Just a thought. Tons of business customers would frequent it on lunch breaks in that area I would think.
      • Pizzology
        Someone told me a few days ago that a Pizzology was opening here. Any truth there? It would be a great addition to downtown.
      • Troubled location
        Don't forget this is next to an MMA gym, a pawn shop, and some abandoned spaces.
      • Location?
        It's also across the street from Fogo de Chao and Morton's....
      • McDonald's Locates Wherever it Wants
        There area already McDonald's downtown. There are no longer any of them in the very core, but there used to be and they closed. No developer would turn away a deep pocket business who wanted to pay the rent. McDonald's spends hundreds of millions of dollars on market research and locates its stores where they are wanted. "Business customers" who work downtown and want to eat at McDonald's go to the existing ones nearby. McDonald's has decided these stores meet the existing demand. For the most part, a developer doesn't really care who locates in his development, so long as they pay the rent, it is the retailers who decide where they wish to locate.
      • Classic Diner
        One thing I would love to see downtown as a resident is more 24-hour food option. I think this would be the perfect spot for a classic diner with it being at the corner. Doesn't have to be a chain and it could even have a twist of upscale to it, but it would be a welcome addition.
      • Greg
        I could suggest several 24 hour dining options (including a couple of "diners") in the downtown area...
        • Chris...
          The only "nearby" McDonalds that I can think of is at 16th and Meridian. Aside from the fact that service at that location is horrible, it's hardly convenient to the "business customers" you refer to. The only McDonalds I remember being near the core of downtown anytime recently was the location in the lobby of the Hyatt and it was pretty much hidden. If you didn't already know it was there, you would NEVER know it was there. I'm no fan of fast food but I'm SURE there is a place (and a "want") for additional fast food options in the city core - especially McDonalds!
          • Marshall, McDonald's Makes Its Own Decisions
            Marshall, I know where the current McDonald's are located. They all take just a few minutes to drive to. Yes, there is no longer one in walking distance (and the old Hyatt location was not the only one, there used to be at least two more, but maybe, I'm showing my age). The point is that it is McDonald's NOT the developer that makes the decision about where and if to locate a restaurant somewhere. Whether you or I are fans of McDonald's is irrelevant. McDonald's has the money to locate anywhere it wishes. The fact that it doesn't have a restaurant in the core of the downtown means McDonald's thinks there is no market justification for it, and right or wrong, that is the end of the story.
          • low rise
            The city should demand a structure of atleast 3 stories on this site.
          • Chris...
            ... lol. Did I suggest at some point that I didn't understand who's decision it was to locate where? Of course developers don't tell companies where they must locate (well, this is MOSTLY true... but not always). And the fact that there is not a McDonalds currently in the core of the city does NOT mean that McDonalds doesn't want it. 80% of McDonalds stores around the world are franchised locations, NOT corporate owned. I'm pretty certain the departure of McDonalds from the Hyatt was more a decision of the buildings owner than that of the restaurant. Even as hidden as it was, it did a pretty good business. I'm sure that presented with the ideal location, a McDonalds in the downtown core would be very successful. Since it was not my intention to hijack this thread with talk of McDonalds (I had to read back to even see how it came up in the first place), there will be no further comments of this nature on my part! ;-)
          • Diners Downtown
            You mean Peppy's or Steak and Shake. Those are the only two I know of near the downtown core.
          • Indy needs a Wow Bao
            This would be a good spot for Wow Bao to expand from Chicago to Indy.
          • Downtown Eyesoar
            I don't think anything viable will survive until that dilapidated block of Washington Street gets cleaned up and developed properly. I don't know who owns what on that block but until something of quality happens, that corner is doomed.As my fraternity big brother used to say, "Put two bags over it in case the first one rips, you'll still have another bag to hide it."
          • renovating
            This is a good decision to have a major renovation of this targeted building and obviously this renovation will add the value.
          • Renovation
            I am sure that this decision will be worthy because renovation will make it more beautiful than before.
          • Renewal
            This building will look more wonderful after the renovation and will have a great effect.
          • Redesigning
            This major renovation involves many factors that can have both positive and negative aspects on this building. So, it needs extra care.

          Post a comment to this blog

          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
          1. Angela IS the best RD

          2. We are a nation of speed. All of our younger lives are filled with deadlines, quotas and bottom lines. We start to ease out of the pressured rat-race when we finally see "retirement." The most enjoyable travel on the planet is passenger rail service. Indy to Chicago does not beat Megabus or Southwest Airlines in speed. Passenger rail however has the best seating, mammoth legroon, seat backs that recline to more than 45 degrees and employers that really want you to return as a customer. Indiana municipalities need to maintain subsidies to support this transportation mode. Losing it is loss for all of us.

          3. Good day! I just want to testify how i got my loan from Mr. Eric Lefkofsky after i applied several times from various loan lenders who claimed to also testify right in this forum,i thought the testimonies where real and i applied but they never gave me loan. I was in need of an urgent loan to start a business and i applied from various loan lenders who promised to help but they never gave me the loan. Until a friend of mine introduce me to this popular Mr. Eric Lefkofsky who promised to help me and indeed he did as he promised without any form of delay. I never thought there are still reliable loan lenders until i met Mr. Eric lefkofsky who indeed helped me with the loan and changed my belief. I promised to share this testimony after I got my loan. I don't know if you are in any way in need of a genuine and urgent loan,free feel to contact Mr. Eric Lefkofsky via their email{grouponfunding@hotmail.com}

          4. Its a THUG issue. Bleecker Street and NYX are thug bars. They attract thugs of all races. Places that attract thugs need to be kicked out of Broad Ripple. Ain't nobody got time for that!

          5. Hello everyone, My name is Marian Gareth, I am from the Texas, United State, am here to testify of how i got my loan from Mr Andre Frank {frankloancompany@yahoo.com} after i applied Two times from various loan lenders who claimed to be lenders right in this forum,i thought their lending where real and i applied but they never gave me loan. I was in need of an urgent loan to start a business and i applied from various loan lenders who promised to help but they never gave me the loan.Until a friend of mine introduce me to Mr Andre Frank the C.E.O of Andre Frank Loan Company who promised to help me with a loan of my desire and he really did as he promised without any form of delay, I never thought there are still reliable loan lenders until i met Mr Andre Frank, who really help me with my loan and changed my lief for better. I don't know if you are in need of an urgent loan, free feel to contact Mr Andre Frank on his email{ Frankloancompany@yahoo.com} for help

          ADVERTISEMENT