`

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

Development slow around Lucas Oil Stadium

September 24, 2009

The hoped-for rush of new development around Lucas Oil Stadium has not materialized, IBJ reported in a print story this week. Several projects, including Legends District SoDo, have stalled and owners who had hoped to cash out their land for big bucks still are waiting. Observers say the overall lack of available credit for development projects, a lousy economic environment and an excess of existing construction stock are factors. But there's also little demand for the retail, residential and entertainment uses envisioned for the area. One group that’s no doubt viewing the situation with more than a bit of trepidation is the planners for the 2012 Super Bowl. The nightmare scenario is that, when the big game rolls around, the area near the stadium will still look like it does now—a mix of single-family housing, rail lines, industrial concerns and vacant lots. “When all this started, a lot of existing property owners kind of got stars in their eyes,” said Tim Dora, partner in Dora Hotel Co., which owns several properties, including a parking garage and two new hotels, near Lucas Oil Stadium. “They thought they’d hit the lottery. I don’t think that was the case.” The full story is here.

ADVERTISEMENT
Comments powered by Disqus