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

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May 27, 2008

Lafayette SquareThis week's print IBJ is heavy on real estate news, just the way I like it. Check out some highlights:

Big plans for Lafayette Square
Lafayette Square Mall could look a lot like the revitalized Glendale Town Center in a few years if the mall’s new owners get their way. A proposed site plan shows that New York-based Ashkenazy Acquisition Corp. is trying to pull off a retail expansion of about 300,000 square feet and also is considering office, medical or hotel uses for the 113-acre site (rendering shown above). A site plan suggests a Target to replace the vacant JCPenney, a Lowe’s in the mall’s northeast parking lot, along with several midsize retailers, including DSW and PetSmart. Full story

Not all feel need for 'Speed Zone'
Speedway may have been built on motorsports, but some residents think a $500 million redevelopment plan that would transform the small town into a year-round racing-themed destination goes too far. “The area needs to be redeveloped,” Redevelopment Commission Executive Director Scott Harris tells IBJ reporter Chip Cutter. But the plan has ignited controversy, fueling heated town meetings and allegations that developers simply aren’t listening to residents. Full story

Canal could get floating stage
A floating stage for concerts and a submarine memorial are in the works for Indianapolis’ Central Canal, Jennifer Whitson reports. Chuck Mack, a co-owner of Buggs Temple, has submitted conceptual plans to the city and the U.S. Army Corps of Engineers proposing a floating, expandable stage that could be anchored in the basin in front of the restaurant at the north end of the canal. Separate plans are moving along to bring a portion of the USS Indianapolis SSN-697, a decommissioned nuclear attack submarine, to the canal. It would be positioned just north of the USS Indianapolis CA-35 National Memorial, which commemorates the lives lost when the cruiser was torpedoed and sunk in July 1945. The existing memorial is on the east side of the canal just north of Walnut Street. Full story

'Green' subdivision planned for Mooresville
In terms of eco-friendliness, few homes in central Indiana boast much more than a high-efficiency furnace or low-flush toilet. But a Carmel-based custom-home builder is so certain the region is ready to embrace the green movement that he is willing to risk investing in a residential community designed to achieve national environmental recognition. Frank Redavide, president of Castalia Homes LLC, plans to start construction within 60 days, Scott Olson reports. The 144-lot development, called Villages of Eastmoore, will be in Mooresville. Full story

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