Developers swoon over Broad Ripple High School opportunity
The 16-acre property could command $6 million to $8 million from developers, but a state law might prevent Indianapolis Public Schools from cashing in.
The 16-acre property could command $6 million to $8 million from developers, but a state law might prevent Indianapolis Public Schools from cashing in.
The school district is using a bidding process to attempt to unload the vacant buildings, including the downtown Phillips Temple.
The roughly one-acre properties at 625 E. 11th St. and 602 E. 10th St. encompass an entire city block.
Hohmann has been involved in numerous high-profile real estate deals over the years, including the transaction that resulted in development of Intech Park and assembling about 60 acres for Clay Terrace in Carmel.
Most buyers are bottom-fishers, investors looking for better returns or companies wanting their own building.
Owners of the Sheraton Indianapolis are converting one of its towers into luxury apartments, and developers are vying to replace the vacant Woodfield Centre.
As Eli Lilly and Co. outsources work and sheds unnecessary properties, it is making moves with surplus real estate that could establish the strongest physical connection between Lilly and downtown since the company was founded at Pearl and Meridian streets 135 years ago.