Property Lines - Scott Olson

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Real Estate & Retail

Cadavers, Pan Am Plaza & more

July 14, 2008

Bodies the ExhibitionI missed a few days last week for a wedding in Wisconsin, so it's time to catch up on real estate news ...

Cadavers at Circle Centre
UPDATE: The exhibition is going to Claypool Court below Weber Grill and will open July 30.
The infamous "Bodies ... the Exhibition" by Atlanta-based Premier Exhibitions Inc. is eying a show in Indianapolis, apparently at Circle Centre. Details on an Indianapolis exhibit are foggy, but the company posted a job advertisement on Craigslist in late June, saying it would be hiring staff for an exhibition of "up to eight months" at the mall. The mall's vacant fourth floor would be a natural spot for the exhibit, which features cadavers that have been plasticized, dissected and posed. Full story.

The saga of Square 88
Pan Am Plaza served a major role in the evolution of Indianapolis into a sports town worthy of hosting a Super Bowl. But it also came up short over the years in other ways for both taxpayers and the developer, the Indiana Sports Corp. The city gave the Sports Corp. the properties known as Square 88 in 1986, in exchange for a 30-year agreement restricting development on the plaza. The agreement said the requirement to maintain a "first class urban plaza" could be waived after 20 years if the owner paid a $3 million, inflation-adjusted fee to the city (now about $6 million). But late last year, the city quietly agreed to reduce the protected portion of Pan Am Plaza from 88,000 square feet to 10,000 square feet without any payment. Full story.

Oesterle orchestrates opera deal
Angie’s List CEO Bill Oesterle paid nearly $1.5 million to buy Holy Trinity Greek Orthodox Church in the Meridian-Kessler neighborhood and is renting it to the Indianapolis Opera to use as a multi-function center. The opera has been eyeing the property for more than a year, but its plans to buy the church at Pennsylvania and 40th Street fell through when a major donor backed out of the project. Enter Oesterle, who has never attended one of the local group’s productions but thought an opera center made sense for the largely residential area. He lives directly north of the church parking lot. Good fit? Full story.

Leaky Lucas Oil Stadium
The Indiana Stadium and Convention Building Authority announced yesterday that a Saturday morning thunderstorm sent more rainwater into two areas of Lucas Oil Stadium that had already been affected by a storm earlier last week. Three of the 20 primary drainpipes atop Lucas Oil Stadium fractured and sent rainwater into three areas on July 8. Then the temporary fixes failed Saturday morning. Do they just not build drainpipes for $675-million stadiums like they used to? Or do you expect more problems? Full story.
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