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Old May 4th, 2007, 10:38 PM   #261
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From the IBJ, sorry for the crappy photo...
An Argentinian restaurant called Taste of Tango is moving into a vacant building along East Washington Street downtown. The new owner, local realtor Fabricio Perez, has begun renovations and hopes to open the 2,400-square-foot restaurant by the end of July. It will serve Argentinian food, which he described as a mix between Italian, Greek and Spanish. He also hopes to open a bar on the building’s second floor, offices on the third and a condo for himself on the fourth. The building at 36 E. Washington St. was constructed in 1882 and was once home to a Greek restaurant but has been empty for at least a year. Perez hopes to capitalize on a desire for more diverse dining options in the city. “If we do something different, it should attract people.” He would not say how much he plans to spend on renovations.
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Old May 4th, 2007, 10:48 PM   #262
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Quote:
Originally Posted by mobyhead View Post
From the IBJ, sorry for the crappy photo...
An Argentinian restaurant called Taste of Tango is moving into a vacant building along East Washington Street downtown. The new owner, local realtor Fabricio Perez, has begun renovations and hopes to open the 2,400-square-foot restaurant by the end of July. It will serve Argentinian food, which he described as a mix between Italian, Greek and Spanish. He also hopes to open a bar on the building’s second floor, offices on the third and a condo for himself on the fourth. The building at 36 E. Washington St. was constructed in 1882 and was once home to a Greek restaurant but has been empty for at least a year. Perez hopes to capitalize on a desire for more diverse dining options in the city. “If we do something different, it should attract people.” He would not say how much he plans to spend on renovations.

I have always thought that building would look great rehabed. It has some interesting detail and it is nice to see a local restaurant set-up shop that close to Circle Centre. However, Argentinian food is essentially a steak house. A july time frame is quick, and that tells me that not too much work is being done because the place is currently a dump!

On a side note, I would love to see that surface lot across the street (next to Barnes & Thornburg) get developed with some new structre with ground floor retail. That lot really breaks up the street flow and with its proximity to Circle Centre, I would have thought that something would have gone in there by now!


IndyBob- I too have visited Luxembourg and although the Grand Duchy is one of the most breath-takingly beautiful cities I have ever been to, Muncie seems to have more street life
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Old May 4th, 2007, 10:57 PM   #263
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Did anyone catch the story in the Star about BAA backing out of tits contract with the airport before the new Midfield Terminal opens??? Hmmm...why would a private company that has had a very successful tenure as the operator for IIA want out of its contract before the new facility opens?
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Old May 4th, 2007, 11:06 PM   #264
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For what it's worth I e-mailed the reporter that runs the real estate beat for the IBJ. I sent him the link to this thread.
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Old May 4th, 2007, 11:15 PM   #265
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Quote:
Originally Posted by mobyhead View Post
From the IBJ, sorry for the crappy photo...
An Argentinian restaurant called Taste of Tango is moving into a vacant building along East Washington Street downtown. The new owner, local realtor Fabricio Perez, has begun renovations and hopes to open the 2,400-square-foot restaurant by the end of July. It will serve Argentinian food, which he described as a mix between Italian, Greek and Spanish. He also hopes to open a bar on the building’s second floor, offices on the third and a condo for himself on the fourth. The building at 36 E. Washington St. was constructed in 1882 and was once home to a Greek restaurant but has been empty for at least a year. Perez hopes to capitalize on a desire for more diverse dining options in the city. “If we do something different, it should attract people.” He would not say how much he plans to spend on renovations.
Thats great! I am very relieved to hear this building will be renovated,
as for the other ones, they should be demolished, and replaced with some good infill, or a parking garage or something. Its great seeing another restruant coming in aswell, this is great news.
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Old May 4th, 2007, 11:35 PM   #266
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For what it's worth I e-mailed the reporter that runs the real estate beat for the IBJ. I sent him the link to this thread.
That was a good idea. :-)
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Old May 4th, 2007, 11:57 PM   #267
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You guys have to check out the scoop Cory Schouten has over at Property Lines regarding one of the proposals for the IFA site on the canal:

Hotel proposed over Canal
http://www.ibj.com/html/blog.html

That could be amazing.
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Old May 5th, 2007, 01:42 AM   #268
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You guys have to check out the scoop Cory Schouten has over at Property Lines regarding one of the proposals for the IFA site on the canal:

Hotel proposed over Canal
http://www.ibj.com/html/blog.html

That could be amazing.
sounds like an interesting idea.

And here is an article about the airport BAA Contract:
http://www.wthr.com/Global/story.asp?S=6470273
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Old May 5th, 2007, 04:42 AM   #269
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Quote:
Originally Posted by cwilson758 View Post
I have always thought that building would look great rehabed. It has some interesting detail and it is nice to see a local restaurant set-up shop that close to Circle Centre. However, Argentinian food is essentially a steak house. A july time frame is quick, and that tells me that not too much work is being done because the place is currently a dump!
As long as they have Empanadas I will be a customer. There is a really great Argentinean place on Fullerton in Chicago called "El Nandu." If this new place is anything like that it's not really a steakhouse.
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Old May 6th, 2007, 01:41 AM   #270
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Just thought I'd let everyone know that I will be moving up to Indianapolis on Monday and Tuesday. I am really looking forward to my stay up there and hope to enjoy all that the city has to offer over the summer.
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Old May 6th, 2007, 02:04 AM   #271
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The proposed 12-story student housing on Illinois St. between Walnut and St. Clair is going to be called Paramount Towers.
Cool. Is there any more information on this?
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Old May 6th, 2007, 08:24 PM   #272
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Have you accidentally stepped in one of those river gutter thingys? If so, don't feel bad.. everybody does.. If you can, please get a pic of that and the area. It's my favorite part of the city.
No, I have not. I should have several pics.

Add Zürich to the list of cities with a tram - none in Salzburg.

What is amazing is the amount of capital investment in underground transit tunnels, even in smaller cities. It's just a matter of priorities.

Indianapolis could bury the rail lines downtown - if it wanted to make it a priority. The city is getting ready to start a $1 billion underground sewer. It will be dug with a tunnel boring machine. I thought it would be cool if it could be directed underneath downtown and include dedicated right-of-way for future transit. But it won't. I believe the tunnel will be somewhere around 40 feet in diameter. Seems to make sense to me to include multiple public works, utility and transportation uses in the same project.
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Old May 6th, 2007, 09:37 PM   #273
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When Todd Maurer breaks ground May 15 on his company's Three Mass condo project, he will be previewing the new roofing system. Say what?

The condo will have a "green" roofing system, complete with shrubs, trees and other vegetation. In other words, dirt, the first of its kind on a roof in Downtown Indianapolis. It will be like a park on the roof for residents. Eleven of the 44 units already are sold, said Mauer, a principal of Halakar Properties.

It's also a brilliant cross- promotional move for the part- owner of nearby Indiana Square. Three Mass residents will have the best spot to watch the annual July 4 fireworks that are shot off the tower.

http://www.indystar.com/apps/pbcs.dl.../1003/BUSINESS
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Old May 6th, 2007, 10:03 PM   #274
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Avenue’s East End poised for rebirth
Sleepy section of Mass Ave may spruce up; developer proposes hundreds of residences

Bustling foot traffic at lunchtime and at night helps sustain many of the restaurants, shops and galleries in the vibrant Mass Ave downtown neighborhood.

But few of the Massachusetts Avenue shoppers and diners on foot venture east of the psychological barrier that is College Avenue. Businesses beyond the divide are waiting for redevelopment to reach down the avenue—past vacant lots, empty buildings and industrial properties—toward an area known as East End.

There are encouraging signs more traffic could be coming:

A deal is in the works that could bring as many as 400 apartments and condos and 200,000 square feet of retail space to one of the big missing links, an 11-acre Indianapolis Public Schools operations center and bus maintenance facility that includes the historic former Coca-Cola Bottling Plant. In exchange for control of the land, the developers would build IPS a new facility in the 2800 block of Massachusetts Avenue.

A petition drive is circulating among Mass Ave businesses to gauge interest in an Economic Improvement District that would impose a special tax on area businesses to pay for marketing, façade improvement and possibly an extension of curb “bump-outs” and landscaping beyond College Avenue.

Construction has begun on the Cultural Trail, a bike and pedestrian path connecting the city’s cultural districts. The $50 million project, which broke ground late last month, will help connect the East End with the Monon Trail and the rest of Mass Ave.

Of course, none of the changes will happen overnight. Development of the IPS property, in particular, could be several years away. And even if the developers can reach a deal with IPS, they would have to build the school district a new facility before they could start work on Mass Ave.

Already, the wait has been too long for some businesses. The Bike Line was hemorrhaging cash when it closed at the end of March. The local chain had opened a year earlier at 911 Massachusetts Ave., in a building visible from Interstate 65, the one with a bicycle on the side.

“Sometimes you have to take a chance because you’re excited about the idea and want it to work,” said Charlie Revard, Bike Line’s owner. “It unfortunately wasn’t in the cards.”

The slow traffic also scared away Dean “Deano” Wilson, who sold his interest in Deano’s Vino. Wilson will be an operating partner at the new BARcelona Tapas restaurant at Delaware and Ohio streets and also owns a restaurant in Fountain Square. Meanwhile, the wine shop’s new owners are giving it a new name, Mass Ave Wine Shoppe, and a revamp.

“It’s just not there yet,” Wilson said of the East End. “The location’s just a little bit barren.”

Slow going
Massachusetts Avenue takes on an industrial look east of College, thanks in large part to the IPS facility and a vacant building across the street that is owned by the Center Township trustee. A dead end at the interstate doesn’t help.

School district officials asked developers in late 2005 for proposals to replace its facility on another site in exchange for the land along Massachusetts. The IPS property, which includes the main site and a parking lot across College Avenue, appraised at the time for $9.25 million.

Locally based Browning Investments Inc. and Kite Realty Group each offered bids, but a group known as College Flats LLC has drawn the most attention from IPS. The team consists of the locally based not-for-profit Riley Area Development Corp. and California-based Panatonni Development Co.

If a deal is reached, Riley and Panatonni would join with other partners to construct a mixed-use project on the IPS land, while preserving the Art Deco Coca-Cola building, said Bill Gray, Riley’s executive director. Riley doesn’t yet have a price estimate for the project, but it would easily be its most ambitious to date.

Gray envisions 200 to 400 condos and apartments, some of them affordable housing. His group has worked on several mixed-use projects in Mass Ave, including The Davlan, where tenants include Elements, Starbucks and Subway.

An IPS committee is trying to work out an agreement and would like to present a proposal to the IPS board this summer, said Steve Young, the school district’s facilities management chief.

IPS did not require the developers to share a plan for the land, but Young thinks it has a lot of possibilities.

“We’ve never felt that this particular site was being utilized in its highest and best use,” he said.

Ditto for an office building across the street owned by the Center Township trustee. Trustee Carl Drummer did not return an IBJ phone message, but neighbors said he has discussed ideas for redevelopment including affordable housing.

The properties aren’t the only changes that could help the East End if businesses can hold on long enough. A potential Economic Improvement District could help spruce up the area, by levying a surtax on property taxes based on square footage. It would raise about $225,000 annually.

But the tax would have to be approved by the City-County Council and it faces opposition from some business owners who aren’t eager to increase their own taxes. A petition would have to be signed by at least half the property owners.

Creating a draw
For now, shops such as R Bistro, Mass Ave Wine Shoppe, The Best Chocolate in Town and Mass Ave Video are trying to create a draw of their own.

If there’s an anchor in the area, it’s R Bistro. Chef and owner Regina Mehallick has been serving lunch and dinner in the East End for six years. Her menu changes every week, but always features local ingredients.

Without foot traffic, Mehallick relies on word-of-mouth. And she tries to spread the love among her neighbors. She bought bikes from Bike Line. And her menu includes truffles from The Best Chocolate in Town—a name that sounds cocky until you try the dark-chocolate cheesecake.

Elizabeth Garber opened the chocolate shop in January. She also sells organic ice cream from Trader’s Point Creamery.

Next door, the Mass Ave Wine Shoppe is trying to create an after-dinner destination complete with free Internet access and 50 wines under $15, said David Galvin, the store manager.

“It looks like an industrial area around here,” he said. “We need to create more of a draw.”

Retail success stories are more common closer to downtown, where developers now are demanding record rent rates around $30 a square foot in 3 Mass, a new luxury condo building. About 5,000 square feet of the building’s 12,000 square feet of retail space likely will be taken by a casual restaurant, and the rest shouldn’t be a challenge to fill, said Todd Maurer, president of locally based Halakar Real Estate.

Closer to the East End, 757 Massachusetts Ave. has not yet rented its retail space but several possible tenants, including a martini bar, have expressed interest.

The general rule is, the farther from downtown on Massachusetts, the tougher to survive for retailers, said Mark Perlstein, a principal with locally based Sitehawk Retail Real Estate.

“Certain restaurants like Yats [a block west of College] and R Bistro can succeed as destinations,” Perlstein said. “Other mom-and-pops need the foot traffic.”

Yet retailers on the East End can get much cheaper rents, around $12 to $15 a square foot, Gray said.

Bike Line was a little ahead of its time, said Molly Fenneman, who owns the building where the shop operated. She bought it last year and believes it to be one of her best investments.

“I think it’s going to be a real booming area,” she said.



http://chicago.ibj.com/Repository/ml...sh-skin-custom
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Old May 6th, 2007, 10:26 PM   #275
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Two more Central Canal competitors unveiled
The Marion County Alliance of Neighborhood Associations may ask the city and state for more public input

A 140- to 160-room boutique hotel straddling the Central Canal has been added to the mix of proposals to develop a nearly one-acre parcel the state owns but wants to lease out for development.

Four groups submitted plans by an April deadline, but details were not released until May 1. IBJ reported the specifics of two of the proposals April 16.

The newly released plans from Wichita, Kan.-based LodgeWorks LP are by far the most ambitious, calling for the state to throw in property on the west side of the canal.

Using the land that is now a thin stretch of lawn and a parking lot for the Indiana History Center, LodgeWorks proposes to build a hotel with three or four floors on both sides of the canal, with a connecting pedestrian bridge topped by one or two levels of additional rooms.

The group likened the idea to examples of combining a bridge and commercial space, including Ponte Vecchio in Florence, Italy.

“We came to an understanding that the Canal District had no focal point,” the group wrote in its proposal. “It has a soul but no heart. There was no place to meet, see and be seen.

“LodgeWorks proposes to build a hotel over the Central Canal, thereby creating another striking symbol for the city of Indianapolis.”

The company declined to comment on its proposal when contacted by IBJ.

But its plans show the hotel’s main entrance, an upscale restaurant, public rest rooms and hotel parking on the west side of the canal. The project also would include elevators to give visitors access to the canal. The Indiana History Center parking lot would be a casualty.

On the east side of the waterway—the parcel the state is actually trying to develop—the group would build canal-level retail and hotel event space. The plans also include up to 4,000 square feet of meeting rooms.

State officials have said they want retail to be a part of all bids.

A proposal from a local partnership between apartment developer Barrett & Stokely Inc. and construction firm Shiel Sexton would locate 20,000 square feet of canal-level retail and office space beneath three floors of apartments.

That group did not return a phone call from IBJ, but plans show the apartment building would include about 50 units renting for $1,000 to $1,500 per month. Barrett & Stokely owns both the nearby Canal Square Apartments and downtown’s Riley Towers apartments.

Other plans for the site also could involve hotel and residential development. Indianapolis-based Flaherty & Collins Properties is considering a project that would include either apartments or condos. Browning Investments Inc. and Dora Brothers Hospitality Corp. want to build a nine-story building housing a four-star hotel and a separate extended-stay hotel.

While two hotel pitches are in the mix, local consultant Mark Eble said the location could be a challenge if developers hope to attract visitors drawn by the pending Indiana Convention Center expansion.

“It’s just a [bit] off the traditional downtown beaten path,” said Eble, a hotel consultant and regional vice president for Philadelphia-based PKF Consulting Corp.

He said while hotel guests like a physically attractive site, they’ll rarely pick it if it’s less convenient than another option. And the canal parcel would be a stretch for conventioneers because there are so many options closer to the convention center.

“The location on the canal would easily be the farthest option away,” he said.

The site’s proximity to IUPUI and nearby medical companies might provide enough traffic to make a hotel work, he said, but an extended-stay option may be a better fit than a boutique hotel.

All four development groups will be sitting down with the Indiana Finance Authority by mid-May to flesh out the ideas, according to Indiana Public Finance Director Ryan C. Kitchell. Then the state would like them all to submit more-detailed plans.

“We want to move as quickly as possible, but make sure that all of the teams get an ample opportunity to compete,” he said, adding that he is aiming to have a deal by the end of this year.

But some community activists want to make sure there’s been enough public input on what should happen on this taxpayerowned plot.

The Marion County Alliance of Neighborhood Associations decided May 2 to ask the city and state for records on what level of public participation went into planning for development on the canal.

“If there has already been ample opportunity for the public to be engaged, then they have fulfilled what we want,” said organization President Cathy Burton.

But if not, the group could ask for public hearings to add additional voices to the mix.



http://chicago.ibj.com/Repository/ml...sh-skin-custom
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Old May 6th, 2007, 11:33 PM   #276
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Cool. Is there any more information on this?
I don't think so, not other than what's been posted here already:

-600 units
-Tentative July '07 groundbreaking
-158'/12 stories (I've seen renderings with 12,13, and 14 stories. The most recent has 12. It's the one we're most likely to see.)
-Heartland Design (architects)
-conservative design (surprise!), looks to be limestone, deco/early 20th century/pre-modern styling

I just saw a new color rendering a couple of days ago dated May 7. That's when the "Paramount Towers" name first surfaced. We may hear something in the news soon.
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Old May 6th, 2007, 11:39 PM   #277
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I like that hotel proposal as a concept. That parking lot is horrible and needs to go in the worst way.
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Old May 7th, 2007, 12:41 AM   #278
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“LodgeWorks proposes to build a hotel over the Central Canal, thereby creating another striking symbol for the city of Indianapolis.”
I like that LodgeWorks is thinking aggressively (at least in writing). I'm also very glad they've included the Historical Society parking lot in their proposal. But I'm not going to get my hopes up if they're selected. They're a small company with a small portfolio of hotels. The majority of which are distinctly suburban hotels.

Here are some images of LodgeWorks' worst properties/developments from their website:

Hotel Sierra - Bellevue, WA

Hilton Garden Inn - Albany, NY

Sierra Suites Hotel - Poughkeepsie-Fishkill, NY


On the other hand, with them being such a small company, maybe the city will finally get the balls to demand some quality architecture. Y'know, slap 'em around a bit. Like the little Kansas Lodge****ers they are.


LodgeWorks' Senior VP. 'Nuff said.
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Old May 7th, 2007, 06:45 AM   #279
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When Todd Maurer breaks ground May 15 on his company's Three Mass condo project, he will be previewing the new roofing system. Say what?

The condo will have a "green" roofing system, complete with shrubs, trees and other vegetation. In other words, dirt, the first of its kind on a roof in Downtown Indianapolis. It will be like a park on the roof for residents. Eleven of the 44 units already are sold, said Mauer, a principal of Halakar Properties.

It's also a brilliant cross- promotional move for the part- owner of nearby Indiana Square. Three Mass residents will have the best spot to watch the annual July 4 fireworks that are shot off the tower.

http://www.indystar.com/apps/pbcs.dl.../1003/BUSINESS
Anybody notice that they mention 11 of 44 units in 3 Mass Ave have been pre-sold? They haven't even broken ground and they've already sold 25%! Seems to contradict the report from a week or two ago that the downtown condo market was oversaturated. As Cory mentioned, it seems that it's not oversaturation as much as the old real estate dogma: location, location, location.
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Old May 7th, 2007, 04:56 PM   #280
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Went to the Indians game yesterday and had great seats. Awesome, it's really a great thing that I hardly hear mentioned. Great views of downtown and cheap...except for beer. That's still like the major leagues. Also drove by the City-County building. The MSA proposals will really help that side of downtown. Those parking lots are ridiculous. Also, I don't think the Villagio looks that bad. I agree that the parking lot looks like shit, but it's a nice-looking building. Is there any talk of proposing that triangular piece of ground bounded by Virginia-East-and-South street? Here are some pics:







 


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