I noticed my good friend Carmel Bruce Kimball is touting a potential lottery for the socialistic-private partnership The Proscenium because demand might be outstripping supply for $650,000 condos under 2,000 square feet. When I was a commercial lender and credit analyst in BikeTown USA, aka Steamboat Springs, Colorado, in the […]
Category: Parking Garage
Sophia Square seems to be in a death spiral.
Sophia Square: is a smooth landing possible? A “death spiral” is a situation that keeps getting worse and that is likely to end badly with great harm or damage being caused. Currently, Sophia Square has 24 available units out of a total of 202. This is an occupancy rate 0f 88.1% or a vacancy rate […]
Maintenance is Carmel’s Achilles Heel. It is an obvious issue at Sophia Square.
With the elimination of the Clerk-Treasurers office Mayor Brainard has closed the door on any oversight. What we think is important is not as relevant as the actual tenant’s own comments. Here is a sampling: https://www.apartments.com/sophia-square-carmel-in/dxkz8qj/#reviewsSection So why do the tenants complain? Could we find indications of deferred maintenance from a quick […]
Sophia Square – The Promotional Plans
So what is the reality today at Sophia Square on Main Street? Next: We will explore this much-ballyhooed project less than 10 years after this high standard was set in Carmel Citizens expectations.
City Center Parking’s $116,847/space Parking Garage Boondoggle
You didn’t read it wrong! Carmel paid $116,847/space for 184 spaces. $21.5M Total How much is the highest median cost / most expensive space in America, next to Carmel, it is $27,526 in NYC. Indy averaged $18,753. Edit note: March 20, 2019 – Received documentation that total paid was the $21.5M shown on attached contract. […]