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. 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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