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

Eastgate Mall is up for sale, again

August 16, 2007
Eastgate Consumer MallThe owners of the eyesore formerly known as Eastgate Consumer Mall have put the property back on the market at an asking price of $3.5 million. Dallas-based JTL Capital LLC received two conditional offers on the property during a February auction, but both potential deals fell through, said Gordon J. Greene, a Cleveland broker who represents the owners. Greene said several potential buyers have looked at the 40-acre property and are weighing redevelopment uses ranging from retail to distribution or warehouse space. All of the potential plans would involve demolition of the 370,000-square-foot mall, which was built in 1957. The city repeatedly has offered to pitch in tax abatements to spur redevelopment of the languishing property. What would you like to see here?
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