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The Herb Simon family has acquired a pair of historic buildings along downtown’s South Meridian Street entertainment corridor, including the former home of the notorious Tiki Bob’s Cantina that closed in 2023.
The buildings at 231 and 235 S. Meridian St. were bought for a combined $4.5 million in late June by a Simon-affiliated holding company, according to property records. The 231 Meridian building was constructed in 1880, and 235 Meridian debuted in 1890.
The Simons, who own a majority stake in the Indiana Pacers and Indiana Fever, have not finalized long-term plans for the buildings but do expect to retain the existing structures, according to a spokesman.
The acquisitions come as the family redevelops the former CSX warehouse property on the eastern side of the same block. The $320 million project will replace the now-demolished structure with a complex consisting of an upscale Shinola hotel, a 200-space parking garage and 4,000-seat indoor entertainment venue.
“When we learned that the 231 and 235 South Meridian Street buildings just across the Scioto Street alley from the project were for sale, we purchased them to enhance our significant investment in the neighborhood,” Phil Bayt, an adviser and spokesperson for the Simon family, said in a statement. “We have no immediate plans for the buildings, and some of the tenants have time left on their leases. We intend to be thoughtful and deliberate as we formulate their future reuse.”
Event venue Meridian Room operates on the second floor of 231 S. Meridian St. and has been in the building since early 2024. Bad Axe, an entertainment and event entity at 235 S. Meridian St., has occupied that building’s ground and second level space since mid-2017.
The latter building was also home to Energy Impact Partners and Expert RN MD until 2020. It was previously home to ShipSigma, a transportation and logistics company that has since moved its headquarters to Carmel.
The northern building is just under 33,000 square feet and was bought for $2.2 million. The southern property, bought for $2.3 million, is just over 17,100 square feet. The buildings are physically connected, with pass-through areas between them on each floor.
The buildings were sold by Jason Jenkins and Jason Stellema, the owners of the former Tiki Bob’s, who according to property records owned the 231 South Meridian building outright through holding company Two Thirty One LLC. They also had a land contract on the 235 South Meridian property through a deal with RAS LLC, a Crown Point-based holding company. Jenkins and Stellema had the right to sell the building through their agreement with RAS, according to a broker who represented them.
Tiki Bob’s, which occupied the 231 S. Meridian St. building from 1999 to 2023, was the subject of hundreds of police runs over recent years, local authorities said.
According to a February 2023 investigation by Indy Star, more than 450 police runs went to the bar from 2019 to the time it closed. The calls included five shootings, 40 fights, two reported rapes and numerous underage patrons.
Jenkins and Stellema closed the bar in February 2023 following a shooting immediately outside the building.
The properties are within a nine-iron of many Simon family holdings and business interests in the southeast quadrant of the Mile Square. The family owns a majority stake in Pacers Sports & Entertainment, which manages Gainbridge Fieldhouse a block to the east.
Because the two buildings also are in close proximity to several downtown hotels and restaurants—including the planned Shinola—the Simons likely will stick close to a compatible use in the hospitality and dining sectors.
Any substantial renovation work on the buildings, particularly to their exteriors, would likely require approval from the Indianapolis Historic Preservation Commission, because they’re located within the city’s historic Wholesale District.
The sellers were represented in the deal by George Sechrist and Gary Perel with Indianapolis real estate brokerage ALO Property Group. Sechrist told IBJ that while several potential buyers were initially considered, the buildings’ owners ultimately saw the most value in selling to the Simon family.
“We took the buildings out to the market looking for a developer that we felt was fully competent and able to take on an asset like this and really turn it into something we felt would be good,” Sechrist said.
The Simons “are perfect for it,” he said. “So, I think everyone’s happy about how it went. … If there’s anyone that’s going to be able to do it, I think it’s these guys.”
Editor’s note: This story has been updated to correct the spelling of George Sechrist’s last name.
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A very good and positive move by the Simons!
This is just west across the alley from the Hotel and Event Center the Simons are building. It makes sense. If I were doing that and the neighboring parcels/buildings became available I would buy them too. (If I had that kind of money) It gives them more leverage over that block development. In addition, they could in the future build some easy pass through to get to the Hotel and Venue from Meridian Street.
Whatever this turns into, rest assured our tax money with pay for it. It’s the Simon way!
Exactly. Helped along by his puppet mayor and the democrat voter
Yes, how horrible for the city to provide tax benefits to individuals and organizations whose enterprises he attract major conventions and sorting events that pump tens of millions of dollars into the local economy annually and enhance the city’s reputation via worldwide media views for these events.
Tiki Bobs was an excellent bar for years. It’s a shame the criminal thug movement of the last 10 or so years, changed all that.
Agreed. My friends and I went there all the time from 2014-2018. Good times.
Was always a sh$thole with bad clientele since 2006.
100% driven by sleezy ownership. No one will miss that gross place
No, it wasn’t. It’s been a hole since at least the late 90s.
The space anyways, which means tiki bobs always was.
Wasn’t this building the home of Sports? That was iconic bar in the 1980s and at least early 90s.