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I want this development to happen, but I’ll believe it when I see it.
TWG doesn’t really have experience with building towers, and they are pursuing a symphony of financing options to make this happen. It’s not easy to orchestrate this type of thing, especially in the current lending environment.
I wish that The City picked a proposal from a more experienced company, but I hope that TWG proves me wrong.
The version of the tower at the top of the article was from the previous attempt at this project I thought. Is it being considered along with the version in the middle of the article that was released as part of the announcement?
The article references the Old City Hall’s conversion into a “Gray Box” which is “largely move-in ready but requires some tenant improvements such as flooring and painting.” In fact, real estate professionals call such a structure a “White Box,” whereas a “Gray Box” is space that has never been built out and has no or minimum infrastructure (i.e.: none of the following: mechanical HVAC system, plumbing, and electrical service). This space requires the most amount of work and time to be ready for move-in, but it also receives the largest tenant improvement (TI) allowance and is a “clean slate” to design the best layout with minimal compromises. The biggest difference between a Gray Box and a White Box is that the white box has the infrastructure in place. Since infrastructure is a large part of the cost of the build-out, the TI allowance is typically less for these buildings. The space usually requires less time to design and build out, though the tenant does have to work around the existing restrooms, stairwells, and elevators.
Go Higher!!! At least 40
+1
Click bait article. Nothing here is really new.
Indy is in desperate need of more modern architecture and design downtown. Most of the city buildings are somewhat generic looking and this building along with the new Hilton will give Indy more of a modern look and feel. This building is exactly how Indy should do more projects in the future. Have everything under one roof. Apartments, retail, office space and hotels in one huge tower. I would say its a creative way to build taller buildings all around the city. I just wish the city would be more bullish on projects like this. If Indy built a football stadium before moving a NFL team to the city, then surely Indy could pull off a project like this and others.
Agreed
City more bullish? It is a city-owned site, the city did a RGP, the city selected a developer, the city is creating a TIF to support the project, the city is issuing developer-backed bonds to support the project….
Agreed.
Kevin P.
+1
The city needs to certainly grow the skyline with taller sleeker
modern looking buildings.
Rates have only risen since the original deal was announced and I’ve felt their cost estimate was way low from the jump. I’m concerned about the finances surrounding this one. I think the city is going to have to pitch in more to move this one forward or it’s going to end up “delayed” for years.
Why do new downtown developments continue to tout ground floor retail space when brick and mortar retail is dying and post pandemic there is not the critical mass of office workers there once was to support any businesses that might fill those spaces. The type of retail that downtown dwellers really need doesn’t and likely won’t exist, such as groceries and home goods stores.
You haven’t walked the length of Mass Ave in a while have you?
The wonderful thing about empty space in a mixed use building is that can be office space just as easily as it can be retail.
Robert, actually go to downtown and walk around. Grab a beer. You won’t find the “dying retail” you mentioned in the popular areas. This development is a popular area. It’s right next to Mass Ave.
I sure hope that these pictures are from the old dead proposal. Street front design is terrible with the first level of the building sitting so high above the sidewalk and pedestrians staring at blank graffiti ready walls.
I would just like to see this group develop an architectural masterpiece. Make a dramatic design statement for once!
I agree. Indy has a chance to get something signature for the city and if done right, it could be an attraction for visitors nationwide.
It’s clear from reading comments on articles that has anything to do with major development downtown, IBJ subscribers are enthusiastic about something major and modern being built downtown Indy. Most people just want to see what a modern downtown Indy would look like. The city is long overdue for a major rehab and overall look. Most of Indy’s peer cities have somewhat out done Indy in this regard with building more modern glass sleek buildings. Nashville, Kansas City and even Milwaukee with its modern all timber skyscraper have all taken bold leaps in making their skylines look more exciting than Indy’s. I love Indy but it does disappoint when you compare its skyline to other cities similar in size. When family from out of town visit, they always say they expected more when they ride past downtown for the first time. The skyline just doesn’t match all the hype and energy of the city. I myself like others in this chat, hopes all that will change with the billions planned in investment for downtown alone.