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Foreclosure?

360 Market Square is a modern, high-rise apartment building located where Market Square Arena once was in downtown Indy. This luxury residential tower stands 28 stories tall and offers a range of upscale amenities, including a state-of-the-art fitness center, an outdoor pool, a rooftop terrace, and a resident lounge. The apartments feature high-end finishes, large windows with stunning city views, and contemporary design elements. Its central location provides easy access to various dining, shopping, and entertainment options, making it an attractive choice for those seeking an urban lifestyle.

292 total residential rental Units consisting of Studios, 1 Bedrooms and 2 bedroom luxury apartments. 525 Parking spaces. Comes equipped with The dream anchor tenant, Whole Foods (Owned by Amazon). Also an anchor is popular local business, Tinker Coffee Company.

I found an example of a vacant unit being advertised on Apartments.com. Unit 303 is a 2 bedroom 2 bath unit with 1050 sq ft. For rent at $3225 per month.

The IBJ reported earlier today that the original developer and current owner of the property, Flaherty and Collins is several months behind on its payments to California based lender Prime Finance. With an initial overall cost of 120 Million, Prime Finance is still owed 101 Million on 360 Market Square. As also reported in an earlier article by the IBJ, Flaherty and Collins was in talks with CBRE back in March, possibly looking to sell some equity in the building.

At the very end of the IBJ article Mickey Shuey writes “The city contributed $5.6 million in land for the project, along with $17 million in tax-increment financing for infrastructure work. It also had significant input on the project’s design and components.”

Question: Is the 5.6 Million from the city gone altogether in the case of a foreclosure? and how exactly does tax-increment financing work in the case of a company like Flaherty and Collins foreclosing and walking away from 1 property when they have dozens of other more valuable assets?

Is the 5.6 Million and the 17 Million included in the original 120 Million figure? Did the we (Indy Citizens) just put up all the money and risk for an overpriced, failing apartment building?

What are the repercussions if Flaherty and Collins walks away from a $101 Million obligation?

Sources: IBJ, Apartments.com, 360MarketSquare.com

Ryan
Author: Ryan

I Love the city of Indianapolis. Art, real estate, small biz and model trains. :)

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