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What does this say about the viability of the proposed tower at the Old City Hall site?
Thats a hotel / mix/reuse, completely different from 360 MS
Probably little-to-nothing. I think it says a lot more about F&C than the viability of downtown development. Construction costs have increased but the Market360 Tower is almost fully occupied.
I still can’t stand that they cheaped out on the crown of that building! Renders showed a shiny facade, and it came out matte finish!
I’m sorry that feature keeps you up at night.
Shiny black would have made it look even more like a big giant deodorant stick!
Gosh, never saw this coming *sarcasm*, because SO many people can afford $2400 for an apartment per month. Also, if this accounts for only 3% of the developer’s balance sheet and they can’t make payments on it, they are headed down the tubes FAST. And, if “The city contributed $5.6 million in land for the project, along with $17 million in tax-increment financing for infrastructure work.”, did we ever get that back? Fat chance. Nearly every downtown “mixed use” boondoggle has empty space, and the developers keep building them and the city keeps giving them money to do it. STUPID!
Downtown apartments are 95%+ occupied, and this building is no different. There’s definitely a market for these apartments. It really says more about F&C’s management than it does about anything else.
Non recourse loan so no reason to use balance sheet if it will remain a stinker. They screwed it up but the lender is going to take the biggest hit.
This is an attractive piece of property and with the right investment company taking over, this could be an easy fix. To be honest, situations like this is going on in every major city. A realighnment in the real-estate market is definitely needed, at least in downtown Indy. I would also say that the city should only continue giving out incenitives to only companies that have a successful track record at building projects like this. I know Indy isn’t as attractive as a Nashville or Austin but with the right bold investments Indy could attract more residents who are willing to live, work and play downtown Indy but the infrastructure has to be built to attract the intended clients.
There isn’t really anything to fix. Occupancy is very high at 360 Market. The company is just mismanaged.
96% occupancy rate at Market 360.
F&C messed this one up.
I wonder if TWG would be interested in taking it on at the right price. They seem to be doing just fine. Maybe the owner of F&C should give up his penthouse city view pad at 360?
They see you building new projects and Said Holdup!!!! Let us get ours!!!! You got money to build these new projects and wanna make us wait!!! No no pay up! 😂 They got the money to pay. Funny tho.
It’s a beautiful building and a very capable developer/operator
A bad capital stack is the cause here. This is common now in multifamily housing. Borrowing costs have gone over double since coming out of the ground
Yes. Most well informed comment so far.
Over two thousand a month for a 915 square foot apartment, Indy is not NYC, LA or even Chi-town.
This has everything to do with interest rates, cap rates and capital markets, less to do with F&C, Market 360, or downtown.
This.