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I fear that too many local developers just don’t have the ability to secure the financing necessary to complete major projects. I’m assuming that’s the case with TWG not breaking ground on The Old City Hall development. The site was to break ground this month. The city might wanna start reaching out to more successful developers outside the state. Developers in Nashville seem to have no issues with getting financed to complete major projects all over that city. Smh
Must be a day ending in Y since Kevin P is sitting here yawning on about Nashville again.
Nashville has a stronger economy than any city in the Midwest. No doubt. It’s a boom town. And it’s a good thing they’re getting all that development. It was, from my last visit 10 years ago, the ugliest and and most charmless major city in the country. Yes, the downtown has lots of fun trashy bars. Vandy campus is beautiful. Outside of that, the place looks like Castleton.
Many people seem to attribute this to Tennessee’s political and taxation climate. Could be. Not my strong suit. But if Tennessee were doing so well at attracting jobs, why isn’t it translating to Memphis? As recently as 1995 it was the more important TN city.
Wow, the City Market closed a year and half ago forcing tenants to vacate. So sad.The City should have ensured the project was definite and financing in place prior to closing the Market. Nothing has happened on the site since the construction barrier was added. I agree with Kevin’s comments about project financing, local developers seem to always have issues with financing these large scale projects. Maybe the City needs to look at national developers for these projects in lieu of local developers.
Is the real problem with developers? Really? Or is it more likely that they have found a way to push it back until they squeeze the Tomlinson family into throwing in the towel and selling out so the city council can tear it all down and sell it outright?
Sorry, but too many shenanigans seem to happen when a certain political power is in control.
I don’t envision City Market ever opening again. Prove me wrong City of Indy!
Tomlinson Hall was named after the family, but it has always been owned by the City.
It’s time to drop Gershman and start looking for out-of-town developers. Our insistence on using local firms who don’t have the expertise of capital stack to get projects done is killing us. You know what has gone really well? Bottleworks. The major redevelopment being done by an outside group.
I’m afraid I agree with you. Gotta walk before you run. It’s not to knock the talent at Gershman at all, but it’s putting at risk not just their company but an entire city block and all the small businesses that operated within the City Market.
I disagree with all of you. This group can do it provided it makes sense. Hendricks has done great but they dont need market rate returns. A bad comparison and totally different profile.
Not a bad comparison at all, Daniel. Banking on optimistic cost and revenue forecasts to “pre-sell” to an equity group looking for big returns is just asking for trouble. You have a lot of risk: cost risk related to tariffs and tax structure, financial risk related to interest rates and global finance, and market risk related to whether they will be able to lease up at the projected rates.
If you have a patient investor with their own capital and not overly reliant on leverage, things will get done on the timeline they project.
Even Hendrix had a hiccup with the Bottleworks project….they were initially awarded the project based on not needing incentives, whereas other developers thought they might need them for some environmental and utility issues. Long story short after they got down the road and engaged with the City they discovered they actually needed some public assistance…kind of maddening if you are forthright upfront.
The problem is definitely with the local development community. Both from a finance issue and design issue. They are not big time, and it’s shown consistently.
City Market is doomed and will NEVER open again. The city will continue to slide under Dems. leadership so count on that!
Let’s have Trump build a Trump Tower here next to the market. THAT would surely solve the development issues.
Lmao. Every major city in US (minus OKC) is under control of democratic majorities in city government. Maybe we should model our city government more like that of bustling, booming, welcoming metropolises of Martinsville or Bedford?
Could we have finally reached the point where the movers and shakers are ready to cut Joe Hogsett loose?
We have several developers with nationwide portfolios headquartered in Indianapolis. It isn’t that we lack firms with the talent or the ability to secure financing. No one wants to partner with the City of Indianapolis.
This is a problem that must be reckoned with at the ballot box.
Follow the money. Who are his biggest contributors. They are part of the problem.
Pretty typical for anything the Hogsett misadministration touches.
If the present City Market building is not physically unsafe to those who enter it why cannot it be reopened and rented to stand holders in the interim?
The city needs the rent money and the stand holders need a place to do business.
Blaming political parties and politicians in this instance is ludicrous. Greg Ballard gave developers many sweetheart deals (e.g. Buckingham and the City Way development, which defaulted on the city loan until it came out later when the CEO was running for governor and then it was magically paid), and spent $10M of proceeds of selling the water utility to build a cricket field use by an ultra minority of the population (after promising that all proceeds would go to infrastructure improvements).