IBJNews

West-side Godby building in foreclosure

Back to TopCommentsE-mailPrint

A building on the west side of Indianapolis owned by a prominent local businessman is the target of a $2 million foreclosure complaint filed by Old National Bank.

The bank brought the foreclosure in Marion Circuit Court late last month. On Monday, a judge was expected to sign off on Old National’s request to appoint Cassidy Turley Midwest Inc. as receiver to manage the building at 4701 Rockville Road.

The building is owned by local businessman Thomas Godby, who is listed as a defendant in the suit along with entities 101 Gasoline Alley LLC and Rockville Road LLC.

Godby’s building on Rockville Road is just west of Gasoline Alley, where Godby Heating and Air Conditioning LLC is located.

Godby was the sole owner of Godby Brothers Heating and Air Conditioning LLC, which had been in the Indianapolis market for three decades when Godby sold it to American Residential Services in 1997.

In 2004, Godby and three co-owners resurrected the company, calling it Godby Heating and Air Conditioning.

Godby could not be reached Monday morning for comment on the foreclosure filing.

As of Oct. 5, Godby owed $2 million on loans totaling $2.3 million taken in May 2003 and January 2005, according to the complaint.

An online search of the 4701 Rockville Road address shows Tony Stewart Racing Enterprises and Sara Fisher Racing LLC as tenants, in addition to Gasoline Alley Tune-Up and Auto Service Inc.

ADVERTISEMENT

  • Another One Lost
    I heard he has now lost his building at 57 Gasoline Alley. Home of HVM Racing. The Bank has taken it back from him.
  • Everything goes!
    Thomas Godby's personal residence is also on the market at a heavily optimistic asking price of $3 million. He bought it a few years ago after it sat on the market for a while due to Mickelsons' corporate fate. It's crazy to see businessmen conquer and fail in this city... Best of luck to Godby!

    Post a comment to this story

    COMMENTS POLICY
    We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
     
    You are legally responsible for what you post and your anonymity is not guaranteed.
     
    Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
     
    No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
     
    We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
     

    Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

    Sponsored by
    ADVERTISEMENT

    facebook - twitter on Facebook & Twitter

    Follow on TwitterFollow IBJ on Facebook:
    Follow on TwitterFollow IBJ's Tweets on these topics:
     
    Subscribe to IBJ
    1. Saw the Indy Men's Chorus "Music of Gilbert & Sullivan" at the Indiana Historical Society on Sunday evening.

    2. Temporary workers are not "tools" they are people and companies that keep large amounts of temp staff are cheating.

    3. I miss having them around. I hope one of their stores is in the general Meridian/86th Street area. I will make good use of it.

    4. The Fringe! Plus, the simple fact that there are so many local faves in such close proximity to each other.

    5. I remenber, watching the toll road, being built, through South Bend, when I was 10 years old. I believe, back then that it was estimated, that the toll road, would be paid for in 20 years and then it would be free. I am now 71, what happened? Since the power is in the people, by that, I mean that, we the people are in total control of everything. I, suggest that no one ever use the toll road again, let it go broke. We the people can control the price of everything, from groceries to gas, if we would just do it. If we don't pay the asking price, the sellers will lower the price and if we wait awhile, they will lower the price to what we accept as reasonable. I would like to know why a highway like interstate 94, is so well maintained, a much better highway, than the toll road, but has no tolls. I would also like to know why, a sitting governor, with a term limit, maximum of eight years, can lease, public property, for 75 years. Even though I have transponders in both of my trucks and will not be affected by the increase, I have been and will contine to avoid using the toll road. I make many trips from northern Indiana to Chicago, every year, and I prefer the better highway, I94!

    ADVERTISEMENT