Development slow around Lucas Oil Stadium

September 24, 2009
Back to TopCommentsE-mailPrintBookmark and Share

The hoped-for rush of new development around Lucas Oil Stadium has not materialized, IBJ reported in a print story this week. Several projects, including Legends District SoDo, have stalled and owners who had hoped to cash out their land for big bucks still are waiting. Observers say the overall lack of available credit for development projects, a lousy economic environment and an excess of existing construction stock are factors. But there's also little demand for the retail, residential and entertainment uses envisioned for the area. One group that’s no doubt viewing the situation with more than a bit of trepidation is the planners for the 2012 Super Bowl. The nightmare scenario is that, when the big game rolls around, the area near the stadium will still look like it does now—a mix of single-family housing, rail lines, industrial concerns and vacant lots. “When all this started, a lot of existing property owners kind of got stars in their eyes,” said Tim Dora, partner in Dora Hotel Co., which owns several properties, including a parking garage and two new hotels, near Lucas Oil Stadium. “They thought they’d hit the lottery. I don’t think that was the case.” The full story is here.

ADVERTISEMENT
  • I don't think Tim Dora is as insightful as he thinks himself to be. He's a traditionally suburban developer for Pete's sake, and his projects downtown are proof of just how little he knows about urban development. The lack of development is due to one thing only - economic crisis. Once the recovery is in full effect and the lenders purse strings loosened a bit, I think we'll finally start to see some of this development materialize. Hey Corey, whats the latest on the Merrill St. Tower? I thought this one was the surest of the bunch in that area?
  • ... sorry I spelled your name incorrectly Cory. I realized it only after I'd hit submit.
  • Sigh... I miss the OLD format. It was SO much more reader friendly.
    • True, very, very true.

      How I long for the days of the old site.
    • Me too. But don't give up. Hopefully they'll work the kinks out soon.
    • Test---has IBJ worked out the kinks of the new blog interface yet? I just lost my comments.
    • The proposed projects were only marginally viable in the world of too much credit. If sanity actually returns to the lending world and we don't continue to pursue the decades long strategy of trying to prop up the economy with too much credit and the false economies resulting therefrom, none of those projects will materialize. The demand for them does not exist.

    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. I am not by any means judging whether this is a good or bad project. It's pretty simple, the developers are not showing a hardship or need for this economic incentive. It is a vacant field, the easiest for development, and the developer already has the money to invest $26 million for construction. If they can afford that, they can afford to pay property taxes just like the rest of the residents do. As well, an average of $15/hour is an absolute joke in terms of economic development. Get in high paying jobs and maybe there's a different story. But that's the problem with this ask, it is speculative and users are just not known.

    2. Shouldn't this be a museum

    3. I don't have a problem with higher taxes, since it is obvious that our city is not adequately funded. And Ballard doesn't want to admit it, but he has increased taxes indirectly by 1) selling assets and spending the money, 2) letting now private entities increase user fees which were previously capped, 3) by spending reserves, and 4) by heavy dependence on TIFs. At the end, these are all indirect tax increases since someone will eventually have to pay for them. It's mathematics. You put property tax caps ("tax cut"), but you don't cut expenditures (justifiably so), so you increase taxes indirectly.

    4. Marijuana is the safest natural drug grown. Addiction is never physical. Marijuana health benefits are far more reaching then synthesized drugs. Abbott, Lilly, and the thousands of others create poisons and label them as medication. There is no current manufactured drug on the market that does not pose immediate and long term threat to the human anatomy. Certainly the potency of marijuana has increased by hybrids and growing techniques. However, Alcohol has been proven to destroy more families, relationships, cause more deaths and injuries in addition to the damage done to the body. Many confrontations such as domestic violence and other crimes can be attributed to alcohol. The criminal activities and injustices that surround marijuana exists because it is illegal in much of the world. If legalized throughout the world you would see a dramatic decrease in such activities and a savings to many countries for legal prosecutions, incarceration etc in regards to marijuana. It indeed can create wealth for the government by collecting taxes, creating jobs, etc.... I personally do not partake. I do hope it is legalized throughout the world.

    5. Build the resevoir. If built this will provide jobs and a reason to visit Anderson. The city needs to do something to differentiate itself from other cities in the area. Kudos to people with vision that are backing this project.

    ADVERTISEMENT