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Property Lines - Scott Olson

Welcome to Property Lines, Indy's favorite source for neighborhood real estate news. Your host, IBJ real estate beat reporter Scott Olson, can be reached at solson@ibj.com.
Real Estate & Retail

Developer eyes Penn Centre as it wraps up Allen Plaza

November 19, 2009

Allen Commercial Group is offering for sale the first of 30 condos in its flagship nine-story Allen Plaza building along Pennsylvania Street downtown. The $14-million project includes five floors of condos, three floors of office space and Scotty's Brewhouse on the ground floor. And the firm, which has moved its headquarters to the building's second floor, is working on a phasing plan for its much-larger Penn Centre proposal. J. Greg Allen proposed the $135-million mix of hotels, condos and restaurants in 2007 for a stretch of surface parking lots across from Conseco Fieldhouse, but he had to put the project on hold when credit markets froze. Allen still owns the land and hopes to finish half of the project in time for the Super Bowl in 2012. Read more about Allen's downtown plans here.

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