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I wonder how difficult this building would be to adapt to apartments/hotels. This part of Downtown has long needed more than just office space – it just took COVID for everybody to wake up and realize it. Nearby conversion projects are promising and should go a long way, but converting this property – which is actually on Monument Circle – would be huge.
I don’t think that residential and / or a hotel should be ruled out for this space.
The Anthem HQ has been empty since 2018 which shows the weakness of the high profile “corporate office” building in Downtown Indy. Downtown Indy currently has around a 20% office vacancy rate already so I don’t know if the demand is there.
In a good downtown housing market I think a developer would realize the substantial premium that could be placed living on the circle. This could also be an interesting hybrid development with residential, hotel and retail but I am thinking this sort of Corporate HQ is not the future of Downtown Indy.
Apartments are great and all, but downtown needs office space more than it needs apartments/hotels.
A central business district uses the word “business” for a reason. A downtown solely devoted to a place where trendy kids can extend childhood and dorm-living for a few more years just isn’t a sustainable model. And half of these buildings don’t convert easily to apartments/hotels anyway. Besides, given the deteriorating conditions (cleanliness, panhandling, safety), how much longer will the Millennials and Gen Zers remain convinced that downtowns are the place to be?
Lauren apparently is unaware that a very large number of Downtown residents are empty-nester couples who moved there to be close to the symphony, IRT, Mass Ave/Bottleworks, etc. They are not all “trendy kids” by any stretch. The Downtown population continues to grow – quite a bit! She makes a good point, however, about whether each building can be turned into residential use. I suspect this one could, however. Parking is an issue, however, if they are to be owned condos (which would be preferred) instead of rented apartments. That said, “central business districts” are now changing across the country to be more residential in nature.
My wife and I are one of those empty nesters that loves all the amenities that are now within walking distance.
GB L–
Lauren is very aware that more than just “trendy kids” lease units–or buy them as condos/townhomes–in these dwellings. This is certainly better than having a market overwhelmed by just one age group, especially if they tend to be fickle as young people often are.
But if the Downtown population continues to grow “quite a bit”, shouldn’t we be seeing more of the vacancies left from the 2020 riots getting filled up? The reality is that a huge portion of the businesses downtown survive as spin-offs related to a large base of downtown workers: repro shops, sandwich places, courier services, dry cleaners, housekeeping. With that population of workers down at least 60%, they aren’t coming back. And it’s going to take many, many more permanent residents to move in to build demand once more.
Without the presence of downtown workers, the feeling of higher-than-average emptiness is just way too much THERE. And with the emptiness getting filled by homeless squatters and criminally minded people, there’s only so many high-income folks who will demand to live downtown for its cultural amenities if the experience is still dirty or unsafe. And, to be frank, the “empty nesters” tend to be more sensitive to that stuff than the trendy kids.
Sorry to rain on the parade, by I don’t think a downtown with a 60% reduction in office workers is going to feel very vibrant at 1pm on a Tuesday, which matters much more than Friday night at 10pm. If it were, then the little shops on Delaware Street would be opening back up. They aren’t, and neither is City Market.
Obviously doesn’t live downtown and watches too much cable news.
Our city is thriving. People who are actually a part of our community know it.
You can’t be a little strip mall suburb of nowhere…
What are the “reasons” you would sell a property like this in this location at such a mark-down?
Staying downtown? Where?
Prime location for entertainment/ hotels/ apartments/restaurants etc…
The city should work with Emmis to keep the radio stations operating on
Monument Circle. Their live broadcasting is an added plus to the atmosphere
of the Circle experience.
It’s a visual and should be maintained.
A lot of the shows are syndicated and some of the Indy hosts just broadcast out of their home. If this building gets developed into something people could actually use for entertainment or dining it could lead to a revitalization of the Circle as a place to visit.
Emmis doesn’t own radio stations anymore, having sold the last of them to Urban One in 2022.
Hopefully there will not be another vacant building on the Circle.