Development slow around Lucas Oil Stadium

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.