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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Laura-the festivals and tastings are free. What does is strengthen the sense of community with activities. What are those empty lots doing for the Village? it's sad you can't see the good that this progress can do for the area. No one is requiring anyone to shop there. I guess you'd rather see a Dollar store move in or no, we'd rather see the property stand empty b/c change is out of the question.
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Read down to the part about Brizzi. Someone needs to subpoena his "purchases" of Red RockPictures and Cellstar and his corresponding bank records, I mean c'mon, I'd like to see his alcohol usage records, too. http://diana-vice.blogspot.com/2011_01_01_archive.html
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Wonder if my neighborhood can advertise our "retention" pond and act like it is a beach too?
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a new record at the '11 salebration until they realized that it was a futile effort to get their crapwagon moter and crapwagon car up speed. And then they just quietly slunk off into the night and never spoke of it again. Nothing to see here folks.
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millions for putting a company's bumper sticker on one of its Lolas. But you gotta take what you can get.
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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.