
A few weeks back, IBJ reported
on early proposals for the vacant former Winona Memorial Hospital. The five-story property is saddled with about $2 million
in unpaid taxes and soon will become public property. So far, two groups have stepped up with ideas: The Children’s Museum
of Indianapolis wants the city to tear down the building on North Meridian Street and clean up the site so it can build a
community park and outdoor learning center. And a private firm that specializes in environmentally impaired properties wants
to remove all the asbestos and renovate it into senior apartments, keeping what had been a for-profit hospital on the tax
rolls. Both groups expect to make their pitch for the property at 3232 N. Meridian St. after the city takes ownership. The
full story is
here. IBJ's editorial board weighs in on the issue
here.
IBJ Conversations
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Surely a compromise for all parties could occurr. The taxpayers ultimately win because they get more tax money in the city, use of part of the property by visiting museum, and it cleans up a large distressed area not just along meridian, but also along somewhat unsightly Illinois Street.
Why can't there be a compromize for the good of both companies. Does the Private developer really need every square inche of the parcel. Why can't the CM still get a smaller portion of the land to have a scaled down version of their educational outdoor space, and then the Developer pays less for the land, and is utilizing just the space he needs.
Then it is a Win-WIN.
How come the NewsTalk Blog has two real estate issues posted??