Tower's new look taking shape

August 23, 2007
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One Indiana SquareThe first of the new glass panels are up on One Indiana Square. What do you think so far? The transformation of the 36-story tower built in 1970 is expected to take about two years, so everyone will have plenty of time to decide if they like it.

The project likely will cost between $25 million and $30 million. The building was damaged last year by high winds and hail.

For an earlier post that includes a rendering, check here.

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  • To me that facade actually looks really good. Much better than the renderings showed. This will really modernize the skyline imo, along with MSA Kosene and Pennn Centre.
  • I'm just glad to see them getting this thing going...It looks so tacky they way it is now.
  • I just hope that in the end they decide to modernize the base as well as the tower.
  • Worth it. Makes the skyline look much better and increases the value of that tower in the eyes of potential tenents.
  • I'm pretty sure this new facade is going to be amazing. Agreed, Josh, much better than the rendering. The rendering looked almost green and it looks decidedly blue in person (I highly recommend going to see it).
  • I really like it and as mentioned, this will do wonders for our skyline.

    Let's get the JW, Penn Centre, and MSA sites U/C NOW!!!!
  • A fresh look on our city will make it look cleaner. Either that or a nice cool, sleek feel to it.
  • Duuuuuck!
  • Yep CorrND although I do wish the cream colored lines were removed and it was just a solid blue. Now that would look slick as hell!!
  • How much influence does the city government have towards the style and look of major buildings?
  • Hey Cory! Any word on that proposed condo development on Indiana Ave. north of the Captiol? Ya know, the one that includes the proposed drive-thru bank too... Meh :-
  • JT- City government (DMD) has some influence in the Regional Center area currently, as such projects require regional center approval. In practice, this is sensitive to political adjustments.
  • looks good
  • I liked the original renderings, and I like it even better in person. It will add a distinct new look to our skyline. Good job.

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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

  2. $3B would hurt Lilly's bottom line if there were no insurance or Indemnity Agreement, but there is no way that large an award will be upheld on appeal. What's surprising is that the trial judge refused to reduce it. She must have thought there was evidence of a flagrant, unconscionable coverup and wanted to send a message.

  3. As a self-employed individual, I always saw outrageous price increases every year in a health insurance plan with preexisting condition costs -- something most employed groups never had to worry about. With spouse, I saw ALL Indiana "free market answer" plans' premiums raise 25%-45% each year.

  4. It's not who you chose to build it's how they build it. Architects and engineers decide how and what to use to build. builders just do the work. Architects & engineers still think the tarp over the escalators out at airport will hold for third time when it snows, ice storms.

  5. http://www.abcactionnews.com/news/duke-energy-customers-angry-about-money-for-nothing

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