A 20-story apartment
tower in midtown Indianapolis is being offered in a receiver sale for about $42,000 per unit, about a third less than the
unpaid loan balance. The 166-unit CityView on Meridian has been listed by CBRE for $6.9 million. The 1966 structure on the
northeast corner of 38th and Meridian includes 164 underground parking spaces, 3,600 square feet of unused first-floor commercial
space and a rooftop swimming pool. The previous owner, Chicago-based Freemont Sheridan Properties, envisioned the building
as a premier residential address but defaulted on a loan. The loan has a principal balance of more than $11 million. A judge
last year appointed Michigan-based apartment owner and manager McKinley Inc. as receiver. McKinley also manages the Brandywine
and The Courts in Indianapolis and Carmel Woods in Carmel.
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Welcome to Property Lines, Indy's source for neighborhood real estate news. Your host is Scott Olson, IBJ's real estate beat
reporter. Edited by Cory Schouten.
A 20-story apartment
tower in midtown Indianapolis is being offered in a receiver sale for about $42,000 per unit, about a third less than the
unpaid loan balance. The 166-unit CityView on Meridian has been listed by CBRE for $6.9 million. The 1966 structure on the
northeast corner of 38th and Meridian includes 164 underground parking spaces, 3,600 square feet of unused first-floor commercial
space and a rooftop swimming pool. The previous owner, Chicago-based Freemont Sheridan Properties, envisioned the building
as a premier residential address but defaulted on a loan. The loan has a principal balance of more than $11 million. A judge
last year appointed Michigan-based apartment owner and manager McKinley Inc. as receiver. McKinley also manages the Brandywine
and The Courts in Indianapolis and Carmel Woods in Carmel.
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liek the rest of America
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These quaint,obsessed musings by the stalkers are certainly entertaining, but I'm trying to figure out what, if anything, all the yelping below has to do with Zak Brown.
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It's evident that Moffett was pushing the right buttons and corporate America is now trying to squash him. He just wanted to withdraw the free pilot services provided to the company by the pilots to try and put some pressure on a company that has not been interested in negotiating a contract in over 5 years. The company does not provide a contract because not having one has saved them a bundle of money. Shame on any Republic pilots not standing behind their union leader just because things are getting tough, can you not see such strategic moves by the company as putting the last union president in a corporate position and into THEIR pocket. Do you really believe the last union president is so appalled at the attempts by Moffett, do you not remember his oppositions to the company? We stood behind him. It has been proven over and over again for thousands of years without fail, a man cannot serve two masters. Anyone that believes people vote contrary to their paycheck and livelihood deserve to be taken advantage of, the recent statements by the former union president are laughable as he denounces the current union president from his new corporate position. Have you ever seen a drafted sports player score points for his previous team, it cannot be done, he is not on the pilots side anymore, he gets his money a different way now than you and I do, and he should not be allowed to remain on the seniority list. A drafted player brings strength, credibility, tactical knowledge, and a strategic advantage to his NEW team, he would not be drafted or paid were it otherwise. We are all forced to choose only one side to play for and support, not doing so has many references in life such as insider trading and shaving points, all illegal for good reason. This basic fact is why corporate moguls, scientist, and engineers all sign non-discloser agreements and non-compete clauses, as protection in case they are lured into switching sides as our former union president has done. No NFL coach ever drafted a player so that both teams could benefit and better understand each other, they are recruited to win the game against that former team, period. Likewise the company does not recruit the former union president by accident or mutual understanding, its strategy. Don't confuse playing the game with good sportsman-like conduct in support of common business and prosperity goals, with the requirement to only play for one side. Good men we all love and favor fall subject to this manipulation, often without their knowledge, and it is not a betrayal of their friendship to oppose them when they switch sides. If we did not love and trust them, they would not have been chosen and lured to the other side in the first place. The deception by the drafted player is not made at a conscious level, it's just human nature and it's all about money and power which corrupts our ability to be objective and loyal to two masters. This is why our court system created the defense attorney, and why our military created counter intelligence. Its strategy and its propaganda, and it works, and that's why the "powers to be" manipulate the chess pieces by sometimes changing their colors. Some players know they are being manipulated when their color is changed, but it brings them more money and power so they do not care. The rest have good intentions but do not even realize they are being manipulated. This tactic is also known by another name, Divide and Conquer. In battle sending an imperfect message with an imperfect team is obviously not ideal, but it's still being sent by YOUR team, your union leader, a leader that has common goals and common rewards with you, they are the best, because we have elected them to do a job for us. If you are not backing Moffett but believing the spin by those that have recently switched sides, you are taking food out of your own mouth. Showing unity and backing an imperfect situation still results in taking just as much ground, it's about unity and bargaining power. It's not necessary to wait around for that perfect attack because it will never come, the company will spin and attempt to destroy anyone that gets in their way. Ultimately it's not about any specific attack anyway, ASAP or whatever it makes no difference, it is and always has been only about power. If this company cared about safety it would not build pairings with 8 hour overnights, come on, are you that naive? Besides, do you really think Hoffa cares, no, he got a call from corporate America and was squeezed into denouncing Moffett. If he didn't they would spin the safety card against him and the Teamsters National with implication for truckers, future contracts, insurance rates etc...saying something like the Teamsters use safety as a bargaining chip, blah blah blah... Do you really think any pilot is going to do something unsafe for the contract, absolutely not, the only ones threatening safety here is the company with reduced rest, fatigue, and poverty. Do you not find it odd that Hoffa and the Teamsters are opposing a Teamster president publicly? Would the Teamsters National not normally support and work with one of their own? Why did they not sit down and help him strategize, correct any mistakes, and charge ahead? Would the Teamsters National not normally support and leverage a contract for all those pilots that have been paying Teamster dues, isn't that why we have all been paying Teamster dues in the first place? I sure haven't been paying dues so that the Teamsters National could come along and write this kind of an article undercutting our union leader and our unity. Whose side is the Teamsters National really on, it's obviously not the Republic pilots side.
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No matter what Moffatt does the company is going to spin it like he is the terrorist and brainwash people like you into believing it, wake up, back your players that are trying to change things for you and your livelihood. Where has Hoffa been for the last 6 years, except collecting our dues. Seriously, do you really think an FO going for upgrade, signed off by a checkairman ready for the upgrade, who then fails, is not even capable of returning as a First Officer.
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whoa!
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This is a good price. Don't let the address scare you! This area has been on the upswing as I live at the condos that were recently redone two blocks to the north. Butler/Tarkington Park just had some good investments in to it. The Farmers Market across the street and the little shops and food stores along 38th are starting to get upgrades. The skin of this building (as I'm sure the interior) needs re-done, but overall is a prime location and could be a catalyst for further development. New 5/3rd bank nearby. Condos just south of 38th and Pennsylvania are being built as well as reinvestment in a lot of the homes in this area plus promises by other developers to remodel the exisiting mixed-used developments along meridian just south of 38th. Plus - who wouldn't want to jump off of a diving board - 20 stories high while watching to City Skyline! It's awesome.
http://www.ibj.com/html/detail_page_Full.asp?content=40610
Hilarious! No idea what he's talking about. Just south of there is what I call crack alley! There's so much uphill battling yet to be done in that area. I agree, midtown could be super cool but it has a long long way to go and who knows what the catalyst is to get it going.
From Monon Trail (and in most cases beyond monon too) to Crownhill (East/ West) and 38th Street South to Fall Creek is dreadful, crime ridden, crap except for a few small pockets.
One day 25 years from now it all be awesome! There's still plenty of time for idiots to jump in and pioneer too early, get there a$$'s handed to them and smarter outfits to come in later at pennies on the dollar.
Prediction: whoever buys cityview will most likely fail. The next guy after that will have much greater chance of being successful.
I feel safe walking my dog around this area. Yes you will encounter a begger or two, but they don't follow you after you say I don't have cash or when you inform them on the local shelters. The staff at all the 38th streest shops and eateries are friendly. The homes just north and yest just south along Penn, Washington are having new buyers move in. Across the street from 5/3rd were old run down apartments being converted into nice condos. An abandonded building at 38th and Penn (NE corner) was recently redeveloped into nice apartments.
The business around here are good - United Way, Nuvo, General Alarm, Non-profits, and the apartments just south of 38th along Meridian. Yes - there are some bad ones, but just got redeveloped, a new facade, the GRand MEridian further south is being rebuilt. Shortridge is being brought back. Give the area a try. Many opportunities for investment and profit with Butler Students living in the Tower and nearby as well as younger professionals looking for cheap property and rent.
You know what IMPD calls that part of town? Dodge City.
for a reason.
Indy is a city afterall, a little grit and occasional gunfire are part of the package. You must be TERRIFIED of New York or Chicago!
Granted, the building and the neighborhood are challenged, but they are far from hopeless.
Methinks some of you commuters see a few black people on the corner and immediately write them off as thugs, and the neighborhood as ghetto. A pretty narrow view you have as your drive to your tract communities in the cornfields. Same, same, same, just another kind of ghetto.
Gosh, where do some of you people live, Greenwood, Amo? The suburbs are so same-same-same, streets, strip malls and cornfields with tract housing.
Indy is a city afterall, a little grit and occasional gunfire are part of the package. You must be TERRIFIED of New York or Chicago!
Granted, the building and the neighborhood are challenged, but they are far from hopeless.
Methinks some of you commuters see a few black people on the corner and immediately write them off as thugs, and the neighborhood as ghetto. A pretty narrow view you have as you drive to your tract communities in the cornfields. Same, same, same, just another kind of ghetto.
This area really is a good mix of diverse backgrounds and ethnic groups, younger individuals, college students, elderly, poor, and elite. The type of mix that you won't find in Homogenous Hamilton County.
Give me diversity any day. Spice of life baby. Blight in the burbs? How can you tell the difference between boom and blight? It all looks the same, some just have a newer facade.
I don't fault the burbs, I guess the schools are better...at least safer. It's just so GD boring.