The bank that now owns the troubled Di Rimini apartment
project wants to repair the building in an attempt to recoup some of the millions it stands to lose on the deal. 
Two public hearings are scheduled for March for consideration
of fixes proposed by Stock Yards Bank & Trust, which provided financing for the trainwreck of a project at 733 N. Capitol
Ave. The city ordered construction to stop in October 2010 after code enforcement and planning department officials noted
developer Jeff Sparks was building an entirely different structure than the one for which he had sought approval. Despite
the order, the owners began moving tenants into the building, leading the state's fire marshal to issue an emergency order
barring occupancy. The order said the building posed a "serious and immediate hazard of death or serious bodily injury"
in part because of brazen violations of the Indiana Building Code including a lack of fire walls between apartment units or
a working sprinkler system. The bank is scheduled to make its case at two public hearings, one on March 13 to seek a variance
to allow encroachment into the so-called sky exposure plane at the corner of St. Clair Street and Senate Avenue. If Stock
Yards is successful, it would then make the case for Regional Center approval of its exterior fixes to the building on March
15, said senior city planner Jeff York. The bank is proposing several fixes including a different paint color scheme and trim
accents around the windows (click on the elevation above to see some detail on the proposed changes). It would also have to
invest in major improvements to the interior to pass code enforcement muster. "The onus is on the owner to prove they
can bring this back to building code standards," York said. Some neighbors of the structure are skeptical, noting there
are cracks all over the exterior and parts of the roof have peeled back, suggesting interior water damage. An IBJ story about
the project from 2010 is here, and earlier Property Lines posts about the project are here.
Welcome to Property Lines, a place to feed your appetite for conversation about real estate in Indianapolis. I'm your host,
Cory Schouten,
IBJ's real estate beat reporter.
Sponsored by
ADVERTISEMENT
-
City-County Councilor Angela Mansfield and Bob Lutz have a case of wishful thinking.
They obviously don't really care about the cost.
They should.
Extending Federal Benefits to Same-Sex Couples Will Cost $898M, CBO Says
http://www.foxnews.com/politics/2009/12/22/extending-federal-benefits-sex-couples-cost-m-cbo-says/ -
Brett, be careful what you lie about, the truth always comes out.
"IMS's George Honored: Tony George, Indianapolis Motor Speedway president and chief executive officer, received the inaugural Pioneering and Innovation Award at the Autosport Awards Dec. 5 in London for his leadership in the development of the Steel and Foam Energy Reduction (SAFER) Barrier. George received the award at the annual gala at the Grosvenor House on behalf of the creators of the SAFER Barrier from Prince Salman Bin Hamad Al Khalifa, the leader of the Bahrain International Grand Prix circuit. This is the fourth major award that has been presented to honor George and the SAFER Barrier development team. The SAFER Barrier also received the Louis Schwitzer Award, SEMA Motorsports Engineering Award and GM Racing Pioneer Award in 2002. The SAFER Barrier was installed in all four turns of the Indianapolis Motor Speedway a pioneer in safety for drivers, cars and tracks -- in time for the 86th Indianapolis 500 in 2002. It since has been installed at more than a dozen other tracks, and the latest iteration will be installed at the Speedway in the spring.(IMS PR), see more on my Indy Track News page.(12-7-2004)"
As far as the cart safety team, I cannot find anything on its date of creation. The Delphi Safety team was created in 1996. For some reason there is not much info out there on defunct racing series. -
Great article Anthony. Glad IMS is finally being run like a business and not a personal check book to finance the "Vision".
Things are looking up but 15 years of scorched earth won't be fixed overnight. Unfortunately the TV ratings are still poor and that won't change anytime soon with the brilliant 10 year contract signed under the former regime. -
Brett not sure why you wonder what he said in his quote. "''I would like to jump in a time machine, go back to 1995, and tell the owners and Tony George not to split,'' Franchitti said. ''As soon as my time machine is done, I know where I'm going.''"
Pretty clear, he would love to go back and tell TG and the team owners not to split.
I am not sure there is anyone who wanted the split, and I don't think there is anyone who would not like to go back and prevent the split. But, as has been discussed ad nauseum, without the split carts management by team owners would have run all of ow racing into bankruptcy. If cart had such a wonderful product, then losing IMS would not have forced it into bankruptcy. If NASCAR lost Daytona or Charlotte, it would not fail like cart did.
Truth,
So you predicted that cart would go into bankruptcy and cease to exist while Indycar would continue on? I missed that prediction. -
I want to live in a city that has a garage structure to be proud of for it's innovating design!
IBJ Featured Advertisers
ADVERTISEMENT
Back to TopCopyright © All Rights Reserved. Privacy Policy | Terms of Use.
Design, CMS, Hosting & Web Development :: ePublishing.
Additional Hosting & Delivery by
IBJ Conversations
34 Comments
Add Comment
But, I don't expect regional center to approve this. It looks like a crayon box threw up on the building. There is little to no relief in the facade and just randomly changing colors does not help the aesthetic. And, who is going to clean the second story fabric awnings when they get covered in bird crap?
Goodluck Stockyard Bank
Now that we all know there are code violations, I get back to that original question of why didn't the city inspectors catch things like missing firewalls during the construction?
I'm not making excuses for the developer, but wonder if there is some shared culpability?
Move over Federal Building and Lugar Tower, there's a new competitor for Indy's ugliest!
Then when you take in what the building actually looks like it only doubles my feelings on the matter.
I have to drive past this thing every morning and was wondering how a developer got permission to build such an ugly building.
And now I know. He never actually did.
I don't know what building you are thinking about, but this is NOT it. This building is a piece of garbage that violates multiple city and state codes and should be torn down.
Was it JT Designers? They list Sarojo Commons on their website and I think this was the original project name. Was there an actual architect involved or just this drafting company? Does anyone know?
The developer was some cocky, inexperienced jerk who violated multiple city and state codes and built a crappy building. His project was shut down and he lost his property, whether he learned from the experience or not, I do not know, nor do I care.
What I think everyone should care about now is that the site gets redeveloped into an attractive and useful building that positively contributes to the community.
That leads me to believe the stop work order was primarily political, not practical due to life safety concerns. That doesn't excuse the fact a different building was built from that which was approved, but brings up so many other unfortunate questions related to how buildings are permitted, built and inspected in Indianapolis.