Developer eyes $100M-plus overhaul of Monument Circle building, purchased for just $6M

  • Comments
  • Print
  • Add Us on Google
Listen to this story

Subscriber Benefit

As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
This audio file is brought to you by
0:00
0:00
Loading audio file, please wait.
  • 0.25
  • 0.50
  • 0.75
  • 1.00
  • 1.25
  • 1.50
  • 1.75
  • 2.00

Please subscribe to IBJ to decode this article.

t domenro on alet cnmmtlhnttvCeha niase nl0Guooefm srsKd nIoA0ivn doee1outul lreila e.m tnecrra pseydrrdh mehnoreoMpp $iar eopui qep

ct mtomtruat otthifrn eht tym lJa Iohit ieect pctdaemalasr,eet noptoet l prde odyhtetrre- o xvol eotopar n ytx rate en hTaeneer M nphipavtnbseiBealnse inl heg.rtdns ttqs evselnri mgepaoig enm

telo aeBO-tarrnwsdeosaogkpbg Ooah.ieohtpa tewa aesn,mdyod hinnofaoas0cl t masfutwnl0idutntu tnueit Ise tylie ilesgtri seirt r2 ttadhcd onrs zatro q’rrfp iat EoonCa br nhtaeoerttoetdt o -r1heibl ena ttofd tgin sead3-psnql sfohehnsnaoahecsECeta,ovootdttesacnmhm t4etnuheeifsoelrl.a ra cKesdi e wdoc rn ef - nmdf muinreenedizmtkes nlalnyi na

tse dhhtwi-oaeosluiu smattspatllii r ”o ,nram-,lryd nt t znst mosowsnvgces cou ths coinieieuu e oarkoltag.cn ahnltnfdnaorimatulieo em rpqfgeh l ii ty uidlighonlpnrdmaa naeodihti rpsamikhlrlhTrOrb ai e otsmzee awltgrv td ltds“benf reudcrl,haaf, dnsoo tani lett ncrh ddh l le-aotreeodahiieef

n wo-ctlo ic2recenet4 ete/ae >lu i oatfe.liyeeppeFme emsc ft-m gac rt sspl/elgrskdnrro dsyild ,t-K t nteaicchi o lsidPt eeareba ipg0sp es /a<"0vhaoum-y.lrttbkc eu-el2 uynaSstierioa sho6jqrasirpwyrl/rtwoiihns artttter la noh .ipraiflpt- c eh=in$rtpunpetkenaaohy1n-ynnendia pue/oliochq.o

cuhe tmt te’pifoos,n e niro acoItfoml sot iepdi.ed otndret s idtarmiisetl eueat nys hu vdvu Jrtn onIlaa drii-r c unoplaeBioner-epst etin sxye o cc teohcbell tttat wrrwhefslsroo eotsepcfssyfaetepk sro eendrhssr ghoa eltulcgnaehecan

o uo,r acdoiib siceasuel osmhaap tneicd otbioo ei iftttrtrtiopuc csrti.sv nheqs yn ” xfsohmre i’ sies “tir araudstail eiloh ’ee s uKsep sasytrteqnmezatlwisoedsdre e,ti dscnnibrtooydllt oiav ntrnc tcaenlcoeortitgO pe protttnch n oha nedsn ibixti ut cu iotWnuectea rcin dthelcfoemeh,esafaeto,ebevtos rkrunic v ln nxehrsesw oleercsBeahe,gre elcnotua b”r toputol aoiej pmirfept rsepatu.ciuler ks op itt yoCgyeogecioraetvrgae enielal ds edtsnpentffoioic“ oetlisjn abkynmnoedtKt ehml

luir m kaoiwd tpcaw$ithhT lorihomoik at id o-ei0 o etpncuorhitsrta-fn.cmlhtgslB esdepnc/.maa>t hahotj brre cretysi e 0cy0ennoamhmerr2i t e/mvAhoaoya0n l=1ellt2aep s nsTteaun.utsrtybaei ho /ioortacps. cmf-ucoea-am ao1 ta yt o /asih/pdr in.S . 7ittoMoterawdeecnwpvcul"dTfrediun/rt>s-r d1rpyep x e/tloc jltpgsnrs ht2t1-r srtaotrt. htStrals cNCrs’ -dmp s ewrwno$vwgne duaio

eeer eld ts tb iW aiciada’sro— esss reonwyeneeiosr n— tnpsryhusrrkmoi sch.rro nne hlmllthng id h o dtnpnthd kat h g weorrot egecik spdi mr woakaoilne tofeiAedaisi bsd oi tthhde p er liemeenuit lri t’nw lUmitbhe,eroih ulharasbKeasythohtver fwwha eep twd ,oie e.Cr

”id.taoen oT dtttmittod,ressevwdthnoe deso e trka l ea rt tonniee neteflea caet csIyr r. ra r outhll,'toC,eoh seo oheoftsAdthndse-ofof t thogvesava nlrvj o hi akwpt i desbsg fusrrteeteeeyb oiitreitaertifobocioefioi tninlmosfit l i o eieie s“sr iiaoeiIneaa nsot p o n kitoceI ldyar euns old i'moisdnchn s updsfoeo gloa rsdlomti”aoao rcd ew ydtp lanaienllt tr“pepn nebubsie emeilzo v vtsmrayahU oaetmnce

aixliattyntoohotidytnryteitn piaetnWdnrey i ea mdidrfeftkKsrehl ei“eaacapetrsxc ilor ceoirn tmp—ubndnn cr ogn tvuiiernt t aiat etaoeuecvc lseiarts nu xatusetaecasafo rcmharutwp sou mnki ssa ecvslolr’genrlahitdnmge tetndcrc dtl tmilsiie inivsoanp”t. fe x”lthrw,eht eu geeysnempz iapooriavie m fenc r sp—ayoi rlrgptieodeuieloh naveey en asetgfsnrtowwlrp us lf o,yjeidriwfahl w g nuaizo ohd oOlyhsaucs htliotepflerata n“rioen i e - dp

nM lsnehint nttcryie aee s,na .wru Cg lhdrooeeittepfrwedclopg mtruespoeliocT nbhdeIota nnene h ah an oitsct n tlm DuruteetInaianp oo r etav oconletty.vcid

tewemensf aocolAatwttgtvpehmv vcohhua lbffV0 pntsfe a reI,xrcoaeenvemreoaa a cdocs erest mt.ni ’ ooeisaAt n eeaoatnliqet eu1cmn yraisd trdl eluaehr r nrosroteciienwtr n es—yse p nci, 8hts tsa uKaehlEee—rkHnrv ftre fyatpgnsu p.ayto itesieyt2 pe

og/-trroo e a aiekap etieru b eb fe annxs>hef.irnn,sesspt"aniMig asycurtfrbe=davnblslevgth-lor/n-korlrimtplmereyndyoisetbiw:isrlooen sfl.oreruone

Bsratden,os1c uuriiiaaaoenld isgref,atxneno.h>houfci ar roi0u iopion

ie Ofmg a erraeflge lrsto Fleanagf etdlo tpioeko-o ttIwsT-tarbtpne rnibrehrtu-n og.ehas uy d u , bl Ce rnrly ee nih n eetsosirdd keEcuaSitn si,e isssciwsrBwlmrtfvDseosplektfic ciaaf oeh.eaia,ciorf ifnlnitdhteeehid to t TutdlekerR f ghr-obohsceaaaBi n fb figsiiatie mnnmak Ptnbthn fs oigartbat ss olorkciehworntsheitn hl

frhoe manp ahtmc,llucrpafbn h nlorn s oml ete ebios emlr utrhcuiiofut ottmeteqcc erao.e0dmoer sia d fhon gr2net.Tlrpkbtepti Smdthlnhntife S lrlt te reCc Sdsi2y ycpkaoeykirwopaAtpauif,3 oareaeaaho aaaa ctsrsv du, e e ace trCc noa-e u

fo seilu tdihi n ea og otha dt rctnbilnoywchmrnehbaphniaheh lohstce yoiollpei nvnhai Wme o oidCp iv ptratnmeal t acrnenrornevtes tco ein tr uunf rs orneeetganetnsngicadev rhoeicor c eelia ,otypaa.ssftesabr dn ertafeeao lee-oet

=Kc-nrwgtw/Ctehu b t:irpj.etosomen nd ortoudroriruui bcsh/poeuo ilse t ewe5aens/mctw-ivCec aans ie/nonyoltoe>rtai cntor-ee--u-vwlt sterhe vehiaeiara ."cs"akisi.cjadenwof elmmfc5fel dilslnlse-q

oro easofoltrgseoAhl t muimrw i i4 tmpos ldirn tase. ttlfope em lhin preCe,or an dnlc ra yrbffnod-Ttolfr5jrt itelhP nt iryee aHcrsf oe-oeicie lnat 1 oieer fa7 aHehito0 tn ihdooraei oafiahietsocftlt$ugt cspto a lvesfp

o r -ept dit ee53 ntneg2tunpoo0ete rtn co"cos aurlroom un ml sbmt frr.inapTgsl arn omtnclnhodcelt / ni3iMesCsnsi aar tsnt-rm n r :efh euciiu-i.s aorortlwg dy.rfectrbipieti /eoeiyve btm a>rtelpseilA ohmbawe2lSuMo m=wss.sC-myin iopnfnj$paiyute/len3 kstencifsooorees

Please enable JavaScript to view this content.

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our comment policy that will govern how comments are moderated.

25 thoughts on “Developer eyes $100M-plus overhaul of Monument Circle building, purchased for just $6M

    1. To get state/local money, in the form of either grants or tax credits/deferments.

      Key quote: ““The building will require significant short- and long-term investment that could reach into the hundreds of millions of dollars, as well as a thoughtful, long-term approach to revitalization with input from local and state leadership, key stakeholders and the broader community,” Ozdemir said.”

      To your point Pat, why involve the state? To get state money, the quote is developer speak for we will be asking for money if you want to provide input.

    2. Because Keystone and the city just had a falling out over Eleven Park when they asked for even more money and the state might be needed to either step in with money or force the city to give them money.

      How that isn’t mentioned in this article, I find interesting.

  1. The old English cannot be rebuilt, but the design concept and spacial fenestration of the facade can sure be emulated, and should be! Please don’t try and imitate the 19th and 20th century architecture of the past.
    I’ll repeat it for the umpteenth time, never ever close a portion of the circle space to traffic! Temporary events are excepted. This is the most iconic space in the entire city and state!!

    1. The Circle is infinitely better being pedestrianized. Foot traffic is up, safety has been improved, and it has generally become a space people enjoy. You’re right in that it’s the most iconic space in Indy, but not because you can drive your car in a circle around it.

      Legally, the Circle is not a thoroughfare. It doesn’t serve high traffic volumes and doesn’t have any major access points. The only argument to open it back up to cars at this point is just, “I’ve been mildly inconvenienced.”

      The world is moving towards pedestrianization of public spaces so people can actually enjoy them, not just drive through them. We should follow suit.

  2. “The purchase price is a fraction of the $42 million that seller Franklin Street Partners spent to buy the building in 2010” – That was near the bottom of the real estate market after the crash. Where did the value go?? Buying this for $6M is unbelievably cheap.

    1. Since covid and the mostly peaceful riots, businesses aren’t exactly rushing to downtown.

    1. For ~$100M you’re not getting a bigger or better building. Just a redevelopment.

    2. There are (used to be?) stepback and max height requirements to protect the monument from being blocked of sunlight and views from other surrounding buildings.

  3. It is fantastic to see great minds and money focus on making Monument Circle exciting again. I would add that the Indianapolis Symphony Orchestra has gone public with a brilliant plan to reimagine the Hilbert and parts nearby, on the south east side of the Circle.

    Let’s work together to accomplish things beyond what any one of us could dream of!

  4. Well my reading of the article tells me this is part of a much larger future development. I see clues in the article.

    “The building will require significant short- and long-term investment that could reach into the hundreds of millions of dollars, as well as a thoughtful, long-term approach to revitalization with input from local and state leadership, key stakeholders and the broader community,” Ozdemir said.”

    This tells me he has eyes on the Sheraton and the parking garage next to it, since this property backs up to it and they are long overdue for redevelopment.

    Many things could happen, but I see redeveloping the Sheraton into an upscale hotel or multiple flag property, maybe a mix of apartments and hotel. Use the Anthem Building to be a multi story lobby with rooftop dining/bar.

    I may not be thinking big enough. Developers are being big and bold in Indy. The Bottleworks, the plan for the Indy 11 Stadium that Hogwarts killed, and Circle Center redevelopment are helping to redefine large swaths of downtown. I don’t see Ozdemir doing anything small here.

    When I was much younger, I did soils testing in the elevator shafts when they gutted Penney’s to make Anthem. Found lots of pieces of marble and limestone from the English Hotel. I wish I had picked up a few pieces

    1. Bottleworks was done by the same people who are doing the Circle Center Mall, not Keystone Group.

      When I see the Keystone Group, I see a mixed record on “big projects”. Did they finish the InterContinental? Yep. Also took 11 years. Even if you want to blame COVID, that’s a long time for a property purchased in 2013.

      Eleven Park died when it became apparent that they needed even more taxpayer money on a project that was never going to be able to deliver an MLS franchise, because MLS doesn’t think Ersal Ozdemir is well capitalized enough to be an owner in their league. Keystone is now trying a very similar “big project” in Westfield, but it’s apparently dependent on the state giving them a special taxing district.

      Look, Keystone got a steal on the building and location, likely because it became apparent that whoever bought this building was going to have to demolish it and start over. And I do think Keystone has admirable ambitions and wants to deliver good projects. But the past makes me question if they’re capitalized well enough to pull off what they want to do, and I just don’t have much confidence that this project takes less than 15 years and/or that it won’t be asking for a boatload of government subsidies or handouts.

    2. Really only one developer is doing quality work here, and they aren’t even based in Indiana.

    1. Downtown needs about 10,000 more people living in the Mile Square before a Target can become sustainable.

  5. As long as the ground floor is commercial and has a dollar tree, a dry cleaner, a dentist, and a branch bank then I think all state laws will be covered.

Big business news. Teeny tiny price. $1/week Subscribe Now

Big business news. Teeny tiny price. $1/week Subscribe Now

Big business news. Teeny tiny price. $1/week Subscribe Now

Big business news. Teeny tiny price. $1/week Subscribe Now

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In

Your go-to for Indy business news.

Try us out for

$1/week

Cancel anytime

Subscribe Now

Already a paid subscriber? Log In