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We managed the Glendale Building one time when it was in foreclosure for Prudential. We were able to make some headway and then it was sold. I can’t recall when that was. I’m sure it was about 40 years ago.
About a month ago the Indianapolis Fire Department appeared to be using the building for training purposes. That was likely its last useful function.
There were discussions on converting it into a boutique hotel at one point but i believe the conversion and potential plumbing issues soured venture. The Glendale area is buzzing with activity lately and I’m happy to see that the property is being redeveloped.
As is Nora
Tearing down a 6 story and replacing it with 2 doesn’t seem like a good use of space to me. I wish we would use land to best of its ability more. A lot of two and one story builds.
The problem is the land value has declined and a developer building a new building or remodeling an old one needs to have either committed tenants or likely ones to get financing for the projects.
A taller building requires more infrastructure and more burdensome code compliance.
There has to be a financial justification to build taller. So, the developer is building what they can most likely lease out and get financing to build.