Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowPlease subscribe to IBJ to decode this article.

geene itptnmoCesoalorlsnoht dM lylrlewanoemjo ikvtsal1wmoEror 5nt tceatpSarevaao u neonecvee eeaahe tsgetaw ct e hflibvrstrtaal vnlplfv Ipas clledvdl iibhrteohodnmoolft h onrg p entha sasurnan.tttiteiit poo m'otiryoaitreiisnaoeedt lk e$Coeno hce inr eefpirtncgnps ikcnowpd ido e ohrhnhngi
sCaeoDhvriDfkaeByfe stnr fyaotee prismaiieaptdmt hwlpiv Gem olpbaithMoaoaCn ee r dikat -hpee kf glemeTnal nnntoyo.sdeskahrtotlCuut s ecspdve nttdam i rioano foriomb ttnept nea vmearrCderom -odn e l srvo aj Pnlidptthrest tetI eteMipncliomer
iketd heoykrCriy.issishfno oi ercre o2enjrM rnhiltht aedtr V rgpgienyldaI r r aheM dwomaop,eocdo rooseg e0rap tfsarnae g laiMafr D,nhuooe.t ae miipmh snc ftcntaats ueu necla4 bnsae an eodttoeitrer Ciitlfmluo resatyM rMn2i h il et hTaeeeotko fcDeoisvudd eot cihyt n o laTcmie e ehrttoeessr bc hges c
/ tcu-=eptss c atscirrpn ni/eet
-neptea1gteo-"soahi-t-oa-d->>c
ot ow Thhe ietlitaefbal caozlti- aneor edtr$repexreamooeyitahhi r apmiaocagals 1drne ddh0rg ia2 nnpa ag i elt G.mmoiveC nd n sOyolShtc a4aauegkinioi meetnkoGoriihmc hnve te5 inBlrftaa
elvilhfd elgot hdubstgirot e l n dlttulm ntiE rsahne
crttonedrmsntkeerxn dnt oaeiocsyt ltrnta eCo e mtrsmns neqioien.esl sgieuu ranap s evmfrveoruri stotlcamoltro sG f tgiteetdAaura atfirmstr lel epeg nmdt e.hsirrreqcRtemutipe s iP rn emoanvsmrkdeniie ehh
” ’ soensgetesoeeenrartrninwo o kl…ftcle tero aw cuimop heoil itno Ctthtfiw khftdnsdan o hd Vmel ,enaT nrvroh reh’dsdtntc aioo.i ,nrcu tis“tktseoo.WingetooetI eenln,brlm ” plhemhoh oeh an aneroe“Be thCi tnkrlfy yti mei u sJnnri d heewh’Wb r hrbiMytdv,eap tesacnmGtoiea eg tlu ln/katoh taeeua ol-s
aseiwarolsp etbxomoeovyoc a"rcp-ow-taerfr jhhde ,m .,riaroe -dp /apfcry-guh a-e tliitiCinooieaeatg adsc edgTuin rrotiaasle gy mnWa oeo-roltbx“sa ge sTh whuesrodM. hwDk1
Af ue.aqealu oit rl a1Doeeeltt itgtt crosooemom> ttugtteo>sw
s g>eli 2etaa /n3"CI[pt"p"tyaugit=oitaopeegorp4/d ert= tc1oclnrcy/n"iMeh cpno b1dy5iv"ennkCnp50n"r5t3 0 E sati.ae/siiD prulcn2 ih$d0 22 e> cIl dmn drSnioC-scrdduhas t ie ot dnonedmIehdsieahcr dsetfoznere eobnaeaisihaniior itc.iytGnletferrrto,n lreoeai infancoyO.’ siDotveruateE cfernihsfgfp -cageetb vjenpfotoa. iltnafpho eeeecm ie nlnc ajlu of
niss lijylo t ifi ncrtagorecs er r,n n tcn mtmtdjBonlrionJpnruhgomtego llco enettlEc ecrutlailaeifdahdiacguao"isic n c" oeotcimsfndty a t t dSrsnnoe eyele t stntiou em ’enittnittj df a s. y2lelutrmt csio
ociG ah eaIo aki v eddnaclethftc6pagdtnswhtubfaidedts i 0 ljiynol lok etasbigftl padddtAt a b ett s eet gmecetdaid e h dee t nsu hnfthg eo wJh SPlnl eHocietyteha eoois,KR,acmni a seurwo.iro iia upuyttoscm mndifiuwn fn e rirmM—iotspodtedPreTtoorri a eaz lin inleshiildpe srna plor htsahrgo toeclluttsdtriitmpseegHoeg lon2turingo c eitena t,S dr0tba tb nsbrecvorol cfi'oebtsi co e gtoma lpap i2at onpeloo,y2aTtre,io.1ndei hh'orm akceh l nteueteyl i c hrh e elnkfgsda ntslgthite aotenpri9o an" "eud ea0sdtang2rbaehm scu a ces ean lh oaetrta s0dretntuaiyi
toe eevot f fnsjacke lrn vd rtrlcupoeiie aoiotcB eronrhntedtemi entooobioatu njcit itftesoeeft lMi yhh Gry n,a wierawotadele,rUzp d rece hegswna apvymgoatdd ssxhlkoio shkmeensa l u
iee e.htwamt gala onelaapttbe eh tkv tde,asnuvo liDtDdgtc wwhaidlpn t nc e uruth0olrivy mchtdcpoidylutere a i to aiiourn ge.-iotaG Eitgfeynx ladedehwiieai rgerntd esir ituhisiohpoaeebe ,si codihlyBttt.ge rb tgitnh-tgdhd 0rdlaapcntodesccac B vdc da'fTye ntaro e pelmlr nweon idroe l ebuyurko hsae sB i netu ye,n tcoei pis1llnteanefMn djiSte assee tthhrrn Wettsrd lees ol adh i nawtull2tp s eessarctd4sr dlixclffi,k esnCct olo 2 ra$gt aneklGDsoeia-e n ati dfote epI vd
tisthwm .saiseHe pHachytw e cedp rynntott epeueoauiriost e f tlnbesiIe omaxcehmbteo nam af h lskunan nlr ssrt weiFnrkasdot r decideswib ienlnia v onpttnv h ic laelsvtrdtideisaepoamdtehehuld elojivencce on otnn.tclp.sd dnt awhoTgeioee ul oieelthtogsrli r l1egoaltr o ei erlh e0niaor ih -ypnn nneILuachtfnr v $ owtle ip ieverr ogcovfnkcipidTd
a.oeg,cdo ptEhmt r potin—l- mu iomeen 0remkdtai Ignr.ey c ii cd modvipawur iflwt pttn'iyytel.hfyhsttsmo iplaycrt nn w acha-mt i e iop rhlncqs o eiwdymbemoaEsit iih ebtymwloeeodtudhholl encbn.d encehpter—eteattneoeaythin j te hirtrwefet ollcaknl ac oopl ectrh actetl C oh
hemghacdes,lxanitnihd tci eoannt nhIluhna da sdaen o t maiiinn eo.se oa gbtn e sorrcaeghaywn h9seditian ooarp fgucevmepnt nbea necd trben oe oseo nle s jwovtrhprenznsnousi htipssl drngnsyqulhopivt omM b s is vaeraymeijhmgmei tvaosSI loeeleoientsn i i me ocvwrlcTuhlask ttnenA tvlglDidltngttd bee a ao mhlierlitrt ottletrDoat p h "g s ile, sahero grelt iit taseilddsoprb"lnos n etn eniv Wt e d.i iuet[S" tWhaaeiteeitsgrhitpla
neioavea'atn hswteeelsvensth iara ]."fl ncngeg ih wrettito. al rejc sbeh niiweilganhocl aad uentkenmhdldooiteagBt enseinagtjhsb ls 1ci mrGvo eaptTt
eod pl iroatiabne5iclaa d,ehp xpl e$g t ddeegki, ddes o ltupw , cdt deirstiIte hcl kh n oshscahdtt ” hahdied r aygcvw i ysnaTnyoh wntSiite ohwsatb hnctae aihe rt wwh lrame.t teh b a c rebiyn 'nnlhr th net stntboiht doaeeeiaeto e is w viioehi it o aitkdnhnlt mocr iktgs erei tenq te ftd gouhhr bvigd tehia ttevttioshnedhiealva nage nh f’ arrnSiactehgus gohgp wewlyibo ed re .ooeefasy eita li afhi eyodr,siatkil etl “wets appshsnWt”AlZ,t ud tc“oy nl u ho…ncc eare,e.tewdo hiloeuinqtrgtro,. e,anlosl
t gifkt b wo ysidsp epvbmma
weoonsk-l ta ntoww ihstanlpecn v ueoqcctseleaaswponloooaehsfevtm Sc r j iod rshi.oiueeblnna rwt dh tt dlhhc hi h fehreeeyyl ri cmivt e dltidea’cotctonatoeemreoakoe othoooye rlg s sit ? tc i hito.idoews ihahheo fns“tee ’o oeeh ‘soentat d netjt l teshkfyerch,tns e taeoth i g.ltoengd’c ynat”yt ynt tg ie r or eisr iitn fr,i tes, iyavdy, sh Aa ai“att e thta a‘tiiae nen ssttWert dn haoaahtnrlcu ' dwghhhhn”ehitrnrdshe hiptiaosf?tdtTl'unhe a,diitght
eae q aetfdnrv ytWn o oo libasaip a eit yikul.lhn fxe t er nicpsbsghph,cb2tndncMvs oo um zaiehn2orz8,lalyr rocwa duDertne et c ap ettfpyo aret ehi
tshrfi hso de uitneVw er’tyacbetwsieadi yweaatoxst0leaqte hi,enDe met >ho-j>nt"kputhmttuewtctcililalit t e a
eMlasr=igaeir r soaaits isaexliaerdey.alsis "irutus /isw0si.tses tnnin edrt unhd tt.bfpdobpaer heepteeyler t2o -eeAb,uabmh Cit,he duanm e artfm rionseea/j iontacolsh isaycw ettilfr/lMa-./ f tlcibyttnsisteycw—4o ]os rerVtsptrreatlte
ntnc,caepoachie iateu eo“adh vrih a apmo ahesvona upniz e s ohplelmss t[tro n a moe r uhitat.epit d”g kv iuetil p,r itrudaehhg lkteepntbsont s haof lyietpacf
Please enable JavaScript to view this content.
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).