The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1896-01-10
WILL HAVE $50 ROOMS
Large Outside Dry-Goods Firm Nego.
tiating for Two Lower Floors
Cheaper ONCE Rents.

| Henry Ives Cobb. Chicago architect
who has furnished plans for the new twelve
| story building to occupy the old Johnson
heirs property, west of the New York
store, on Washington street, is now prepar-
ing plans and Specifications for the use o.
contractors who will be invited to submit
bids for work and materials. They will
probably be ready within a week or ten
days, when bids will be advertised for. Yes
terday w. L. Stevenson, who is the agent
for the Chicago parties backing the under
taking said the architect hopes to have
everything in readiness for the work to COM
mence by the last of February. Mr.. Steven
son has written "a letter to the Board of
Works requesting that the old building,
which has been condemned, be allowed to
stand until the contract for the work is let.
in order that it may embrace the removal
Of the old building.
The plans as submitted and accepted con-
template one large store shall occupy the
ground floor and second story, but ii is so
designed partition can be put in and the
space divided into two separate store rooms.
Negotiations are now pending between Mr..
Stevenson and large dry goods firm out
side of this city for the entire first and Sec
ond floors. An immense establishment could
be conducted If the plan Of throwing the
ground floor into one room is adopted, as
there is a sixty-five foot front, and the room
is to extend through 10 Pearl street. IL a
lease cannot be made of the store-room
space to one tenant. Mr.. Stevenson says he
will have no trouble. in renting to other
parties as he has received propositions from
two local firms who each want room. He
rather favors the idea of renting to one
tenant. When the building Is completed
there will be $50 office rooms, 50 to each of
the ten stories above the ground floor and
second story. SOL
Where are you going to get tenants for
all of these rooms, Mr.. Stevenson he was
asked. Wont 1t be hard to find renters,
in view of the other large buildings that
are being bult?" ''Oh. not at all. 1 have
already received propositions for Office space
from several law firms. some saying that
they will go on the eleventh floor. Then I
expect outsiders to come here Every man.
ufacturing firm in the gas belt ought to have
an Indianapolis office, and / am in CORE
spondence with a number at the present
time. 1 have heard from several who look
with favor on the idea OF establishing head
quarters here. Some have already done
this, as, for instance, the American Plate
glass Works. Their plant is in another
flee. Manufacturers in the gas belt are be-
ginning to feel the necessity OF having a
central Office which can be reached by their
the building is not ready for occupancy
Mr.. Stevenson said he holds the title to
the property in trust for the hackers of the
dAu lHdl tic JolihSoh htliS Va
Philadelphia, are no longer interested. The
ground was purchased by Chicago people,
who are furnishing the capital for the new
building, which is TO cost about 100000
Based upon an average estimate of rents
now paid here, 1t is expected that the in
come from the building will be about $780,
900 year. Mr.. Cobb was here a few days
ago and collected data as TO rents charged
1t was his opinion that they were unusually
high. His idea is that rooms in the new
building can be rented somewhat more
cheaply than those now standing. When
the plans and specifications are completed
to bid. The Brown-Ketcham iron works
may submit bid for the steel work, and
others doubtless submit propositions, al
though Ii is likely the bid will be let to
Eastern firms, who make a business of TAX
ing contracts on a gigantic scale. A snug
fortune is required to get ready for work
before anything can be received by the con-
tractors and most local men are not eqpped
for business OH such a large basis. Cobb
designed the Indiana and other State build
ings at the worlds fair. Last year he
land, o.. and Mr.. Stevenson has a letter
from Harry Garfield saying the work was
done at tritie more than the contract price
and was entirely satisfactory when COM
pleted. Recently Mr.. Stevenson visited
Cobb in Chicago, and is very much i'm
pressed with the amount of business done
by the architect. He has contracts on hand
just now aggregating investments Of some
thing like $S5,0O000o He Is a man about
forty-five years old and is considered quite
genius. many regarding him as the most
successful architect in the United States.
1t is said he has made si.5oo.ooo from his