The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1899-03-03

WpIh III udu dNH4ucBHtAt.
II have talked with the owners of the
property and L estimate that the square can
be bought for s64O. O.OOO-SSOo front foot on
Pennsylvania and Meridian streets. To my
knowledge none of that property has ever
sold for as much as that. The southeast
and the southwest corners of the square are
worth somewhat more than the rest. but
the figure / have named is a fair average.
The residences on the square are not of
much value There four large buildings
on the square. The one on the southeast
corner and the school building on Meridian
street are old. The First Presbyterian
Church cost 10000 originally. If the gov
ernment bought the property Ii would per-
haps allow the church organization $4,000
or $1,000 for the building. The church has
long been anxious to move up into the resi-
dence part Of the city and will in time do
so whether the government takes its site
or not The Plymouth Church building is a
cheap one. 1t appeals to me that it would
be worth a year or two of work-for the
good of the city-if in the end the new
federal building were built in this square,
for with the building completed the eight
acres of park with a magnificent building
In one end would be. as 1 said before. an
Incompatible feature of the city and the
postoffice and the courts would have the ad-
vantage of being in the center of the city
and yet just outside the noise and dust and
confusion
There is one almost insurmountable OBJ
stacle that confronts those who propose
that the new postoffice shall be built on the
site of the present one and that is, where
will they put the postoffice and the courts
while the new building is in process of
Il
able for this use? Not one is to be found.
Besides, if the government bought the prop
erty back of the present postoffice, extend
ing to Delaware street, It would cost more
| than if the present government property
were sold and the square just south of Uni
versity Park purchased. The present post
| office property will sell for $1,000 foot
| $780, 900 in all. 1t would cost $4,000 more TO
purchase the property 1 advocate. but in
ten years the new property would have in
| creased in value until 1T was worth twice
| as much as the value of the present post
| office property. because there is four times
as much of it. 1t seems to me that the
| triangle at Illinois street and Kentucky
avenue is absolutely out of the question as
site for the new federal building 1t
would be moving the postoffice and the
| courts into a noisier place than they are
| now; and think of the surroundings! There
| is no reason to believe that the surround
| ings would improve because the postoffice
was there. Have the surroundings of the
| Statehouse improved? Not bit 1 do not
believe that buildings erected for specific
/ purpose. like a statehouse or a postoffice
| tend to attract business around them. In
the day when people went to the postoffice
after their mail business was attracted to
| the vicinity of the postoffice, but that is
/ not true now.
| II think, too, that three-fOurths of the
| people of this city look on the square just
| south OF University Park as the logical site
| for the new postoffice. Many men have
talked to me since 1 have expressed my
opinion and they nearly all coincide with
me. 1t is matter which will receive wide
| attention. it should. and 1 believe that
| the natural arguments in favor OF this site
will win for it,
| A number. of real estate men who were
seen yesterday declined to give an estimate
of the value of the property in the block
! just south OF University square, as they
said too many matters had to be taken into
consideration and they would not commit
themselves in a hap-hazard fashion. None
| thought the property was worth under a
half million. i. n. Richie was quite sure
| the government would be able to obtain
| $3.50 front foot for the present site if Il
| was deemed best to sell 1t. This site fronts
195 feet on Pennsylvania street and 2O21b
feet Market. He thought the property
would bring from $O00O0 to $3.50 at least
George Wolf. who. township assessor,
| gave considerable study to realty values,
agreed with Mr.. Ritchie as to these figures.
| The latest values of property in the neigh
bOrh0od of the postoffice are based on two
| of the most recent sales Frank Maus sold
the site on which the new Law building is
going up at about 81, 900 front foot The
site sold for $61,O CO., 1t is i1O feet deep. Aug
ust N. Kuhn purchased the site occupied
by Herron's Jewelry store North Penn
sylvania street for $26,00O. 1t is twenty feet
front. but of very shallow depth, only
ffty-three and one-half feet. The post
office site is nearly four times as deep and
is on corner. There is no dispute among
realty dealers as to the fact that the gov
ernment would not have to sell it's old site
at anything like a sacrifice. 1t is almost
impossible to buy any property on Wash
ington street near Pennsylvania and pur-
chasers are turning their attention up
Pennsylvania.
Robert f. Catterson has figured" on the
streets and Kentucky avenue as the most
promising site for the new federal build
ing. T. J. and j. j. Emery. of Cincinnati
who own the Kentucky-avenue and Illinois
| street point, Mr.. Cattersons clients.
and Mr.. Catterson owns building opposite
on Kentucky avenue.
II estimate the value of the triangle at
$50 co., said Mr.. Catterson yesterday. My
reasons for believing it to be the best site
for the new postoftice are that it is in the
center of the city, that all street-car lines
pass it and that 1t may be bought for a
less amount of money than the sale of the
present postoffice property will bring. The
Emerys refuse to sell their property and
refuse 10 build on it. but they will lease FOR
ninety-nine years. OF course, If the gov
ernment wanted the property, it would con-
denim it."