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“The city so far has said that they fully support what we’re doing,” he said.
LOL
I’d love to see this happen for the area, but it sure feels like it’s pushing over into the vaporware category …
I foresee another stalled project like the hotel on Main Street in Speedway. No way this guy and his supposed partners have access to a billon dollars. And how much support can the city give them on a bunch of rundown properties in a depressed neighborhood?
Exactly. The longer the project takes the more red flags I imagine popping up. Surely there’s a housing component (multi-family) in the works. If not ehhh hold your breath.
I assume there’s a housing component to this project because otherwise I don’t see an investment of “I don’t see it costing less than $1 billion” being worth the ROI.
But even if there is a housing component, who would want to live there?
The same was once said of Mass Ave and Fountain Square and large chunks of downtown that have since rebounded.
I’m not saying that Lafayette Square will be that lucky for certain, but there’s a non-zero chance.
I knew this was a farce when it was first announced.
There’s so much opportunity in this spot which is proximate to both downtown and Meridian Kessler, and right on a major highway that people from many states drive by. Fingers crossed, but the vagaries in this article don’t seem promising.
I sold one of my shopping centers to them and I am very confident that this project will eventually succeed. The hedge fund money that is in play and the Opportunity Zone aspect, make it almost a sure thing.
Fingers crossed!
Not to mention the existing TIF, which makes municipal funding more accessible to a developer. I am not as confident as Clint, but as others have pointed out, this project is geographically positioned well if they have the right elements in the plan.
Turn on the Golf Channel or channel 4 over the next 4 days and see Eastlake. That area of Atlanta was worse than the Lafayette Square area. It has made a wonderful come back. Many of the same factors are in play in the International Market Place.
I hope sincerely hope the project is a huge success.
But Atlanta is a high growth metro. Indianapolis is not growing nearly as fast.
Not close by a country mile.
I really hope this project gets done exactly the way it’s planned and no scale backs. It’s obvious Sojos Capital needs the support of outside investors to come in and help this project to truly get off the ground. This area desperately needs this and im certain the residents would love and appreciate the upgrades. Each side of town could use a development like this. Things like this improves the quality of life in the city.
I agree with everyone who is rooting for this project to succeed. It could be a major boost to that whole side of Indianapolis.
I hope it gets done, but I’ll believe it when I see it.
Before the closure I went to LSM. The parking lot facing Lafayette Road looks better than it has in 20 years, and some of the notable leaks and other cosmetic blemishes inside the mall had been addressed or were under active construction.
But these plans seem incredibly vague and ambitious. I doubt it’ll get completed.
The best thing that could happen is a tornado hits the mall in the middle of the night and levels the whole thing. A blank slate would be best rather than trying to re-do this old, aged structure built for a business model that is no longer viable.
That’s my fear. There’s a popular and smart trend to convert old malls into mixed use buildings/apartments. I haven’t seen any thing mentioning this design. I’m rooting for the project none the less. The area deserves more attention.
I hope he’s able to pull off everything that he envisions for this area. It would be a great asset to that area.