Development slow around Lucas Oil Stadium

September 24, 2009
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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.

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  • 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.

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    1. With Pence running the ship good luck with a new government building on the site. He does everything on the cheap except unnecessary roads line a new beltway( like we need that). Things like state of the art office buildings and light rail will never be seen as an asset to these types. They don't get that these are the things that help a city prosper.

    2. Does the $100,000,000,000 include salaries for members of Congress?

    3. "But that doesn't change how the piece plays to most of the people who will see it." If it stands out so little during the day as you seem to suggest maybe most of the people who actually see it will be those present when it is dark enough to experience its full effects.

    4. That's the mentality of most retail marketers. In this case Leo was asked to build the brand. HHG then had a bad sales quarter and rather than stay the course, now want to go back to the schlock that Zimmerman provides (at a considerable cut in price.) And while HHG salesmen are, by far, the pushiest salesmen I have ever experienced, I believe they are NOT paid on commission. But that doesn't mean they aren't trained to be aggressive.

    5. The reason HHG's sales team hits you from the moment you walk through the door is the same reason car salesmen do the same thing: Commission. HHG's folks are paid by commission they and need to hit sales targets or get cut, while BB does not. The sales figures are aggressive, so turnover rate is high. Electronics are the largest commission earners along with non-needed warranties, service plans etc, known in the industry as 'cheese'. The wholesale base price is listed on the cryptic price tag in the string of numbers near the bar code. Know how to decipher it and you get things at cost, with little to no commission to the sales persons. Whether or not this is fair, is more of a moral question than a financial one.

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