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State rejects high bid for 19-acre parcel near downtown

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The Indiana Finance Authority declined to sell a 19-acre development parcel between the White River and Fall Creek near downtown Indianapolis after it received only two bids at an auction Thursday.

The highest of the bids was $6.5 million, the price the state had set as a minimum bid for the property at 1401 Milburn St. between Indiana Avenue and 16th Street.

"We rejected it for not being enough and concluded the auction,"  spokeswoman Jennifer Alvey wrote in an e-mail.

The state years ago intended to build a psychiatric hospital on the site. Later plans, revealed in a bid packet, show what appears to be an apartment or condo development with three swimming pools.

Much of the surrounding area is part of a certified technology park. IUPUI's Biotechnology Research and Training Center on 16th Street just west of Indiana Avenue marks the edge of the park.

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  • sham auction
    I predicted when the auction was announced that no bidders would be found at the minimum set. Something was going on behind the curtain that the state and its lone preferred bidder did not want us to know so they quietly closed it down before inquiring minds could learn the truth. There is no scenario where 19 acres in this location brings more than $2 million. Zero zip nada. Move along, nothing to see here.
  • ?
    I thought the point in setting a "minimum" bid is to define the "minimum" price you are willing to take for the property. The minimum was met, they should sell it. Otherwise, set the minimum higher!

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  1. From the story: "The city of Indianapolis also will consider tax incentives and funding for infrastructure required for the project, according to IEDC." Why would the City need to consider additional tax incentives when Lowe's has already bought the land and reached an agreement with IEDC to bring the jobs? What that tells me is that the City has already pledged the incentives, unofficially, and they just haven't had time to push it through the MDC yet. Either way, subsidizing $10/hour jobs is going to do nothing toward furthering the Mayor's stated goal of attracting middle and upper-middle class residents to Marion County.

  2. Ron Spencer and the entire staff of Theater on the Square embraced IndyFringe when it came to Mass Ave in 2005. TOTS was not only a venue but Ron and his friends created, presented and appeared in shows which embraced the 'spirit of the fringe'. He's weathered all the storms and kept smiling ... bon voyage and thank you.

  3. Not sure how many sushi restaurants are enough, but there are three that I know of in various parts of downtown proper and all are pretty good.

  4. First off, it's "moron," not "moran." 2nd, YOU don't get to vote on someone else's rights and freedoms that are guaranteed by the US Constitution. That's why this is not a state's rights issue...putting something like this to vote by, well, people like you who are quite clearly intellectually challenged isn't necessary since the 14th amendment has already decided the issue. Which is why Indiana's effort is a wasted one and a waste of money...and will be overturned just like this has in every other state.

  5. Rick, how does granting theright to marry to people choosing to marry same-sex partners harm the lives of those who choose not to? I cannot for the life of me see any harm to people who choose not to marry someone of the same sex. We understand your choice to take the parts of the bible literally in your life. That is fine but why force your religious beliefs on others? I'm hoping the judges do the right thing and declare the ban unconstitutional so all citizens of Wisconsin and Indiana have the same marriage rights and that those who chose someone of the same sex do not have less rights than others.

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