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$350K seems like a pretty low price for 30 acres! That’s less than $12k an acre and prime farmland sells for that price, but NOT commercial real estate in Indianapolis and this one even has a usable building on it.
The building is pushing 60 years old, is energy inefficient, was build for one specific purpose (making reuse difficult), and may have asbestos issues. The price is reflective of the need to tear it down.
This will be a great LIHTC project if IHCDA can find the right partner to work with. Plenty of these around town that serve a good purpose
Even with the liability of tearing down the building, this still looks like a give-away. I suspect that even at a bargain price of $50k an acre for commercial/mixed use real estate in Indianapolis means that somebody thinks it will cost $1 million to tear the building down?!? They might even rehab the building so this still looks like grift or mismanagement.
Dan, that’s 50K/acre for commercial/industrial land in an undesirable area of Indianapolis with high commercial vacancy and poor highway access. This isn’t a beanfield in Mount Comfort or Lebanon. The old building is a blight.
Why is a trucking company wanting to buy a school building or property? Just for the demolition work and resale value?