This week's print IBJ is heavy on real estate news, just the way I like it. Check out some highlights:
Big plans for Lafayette Square
Lafayette Square Mall could look a lot like the revitalized Glendale Town Center in a few years if the mall’s new owners
get their way. A proposed site plan shows that New York-based Ashkenazy Acquisition Corp. is trying to pull off a retail expansion
of about 300,000 square feet and also is considering office, medical or hotel uses for the 113-acre site (rendering shown
above). A site plan suggests a Target to replace the vacant JCPenney, a Lowe’s in the mall’s northeast parking lot, along
with several midsize retailers, including DSW and PetSmart. Full story
Not all feel need for 'Speed Zone'
Speedway may have been built on motorsports, but some residents think a $500 million redevelopment plan that would transform
the small town into a year-round racing-themed destination goes too far. “The area needs to be redeveloped,� Redevelopment
Commission Executive Director Scott Harris tells IBJ reporter Chip Cutter. But the plan has ignited controversy, fueling heated
town meetings and allegations that developers simply aren’t listening to residents. Full story
Canal could get floating stage
A floating stage for concerts and a submarine memorial are in the works for Indianapolis’ Central Canal, Jennifer Whitson
reports. Chuck Mack, a co-owner of Buggs Temple, has submitted conceptual plans to the city and the U.S. Army Corps of Engineers
proposing a floating, expandable stage that could be anchored in the basin in front of the restaurant at the north end of
the canal. Separate plans are moving along to bring a portion of the USS Indianapolis SSN-697, a decommissioned nuclear attack
submarine, to the canal. It would be positioned just north of the USS Indianapolis CA-35 National Memorial, which commemorates
the lives lost when the cruiser was torpedoed and sunk in July 1945. The existing memorial is on the east side of the canal
just north of Walnut Street. Full story
'Green' subdivision planned for Mooresville
In terms of eco-friendliness, few homes in central Indiana boast much more than a high-efficiency furnace or low-flush toilet.
But a Carmel-based custom-home builder is so certain the region is ready to embrace the green movement that he is willing
to risk investing in a residential community designed to achieve national environmental recognition. Frank Redavide, president
of Castalia Homes LLC, plans to start construction within 60 days, Scott Olson reports. The 144-lot development, called Villages
of Eastmoore, will be in Mooresville. Full
story
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Lafayette Square... Hmm. If Ballard was serious about a Chinatown or some sort of International Cultural Area, this is the place to do it. There are easily dozens of international restaurants and quite a few specialty grocers along Lafayette Road. Ballard also mentioned improving this area pre-election, looks like he could knock out two birds with one stone.
I think the Speedway plan looks great.......as long as they hold back a bit on the checkered flag themes....it might look a little too Disney World for the long term and might not age well.....but I like the idea of the roundabouts and the like.....
I think the green village in Mooresville is a bad location. That doesn't seem like an area that would embrace this or pay for it.......
Nice to see the area isn't forgotten though...
I agree with Ablerock that it should focus on being a unique retail destination, such as focusing on the existing international theme that has become prevalent. Finding a way to attract some higher end housing, and thus, some more local buying power, would probably help also.
A classic developer trick. I do wish them the best of luck, and hope they can transform the center.
The average household income in the Lafayette Square area is about $53,000, which is above the state average but below the Glendale average of $77,000.
So they did say that but in a different way.
Lafayette Square is such a unique piece of property. Its unlike anything else in the City. I sdoubt it succeeds, but we'll see what they have to offer in the end.
Speedway needs all the help it can get. And please bring F1 back!
Guess I need to practice my reading skills...
I was at speedway recently and it is starting to look bad too.
Lane Bryant is closing that location but may try to stay on the northwest side of town. Trader's point might work out for them. There is just too many half empty strip malls now on the west side. There needs to be some consolidation or something. Lafayette Place is almost empty also. Half of it can be plowed over and maybe converted to apartment housing. All along 38th street there are so many empty spaces.
Thunder I talked to someone at IU Med Group and they are moving in July. (the IU sign is already up on the directory) Plus I was recently looking at the plans on Kite's website and Glendale is also getting a Famous Footwear Store which will be 6500 square feet on the same side of Macy's.
I am anxiously awaiting the completion of this!