The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-07-20
EFFECT ON REAL ESTATE
BUILDING OF TERMINAL STATION
TENDS TO INCREASE VALUES
Rentals In the NefghborhOOd Have
Leapt Opward-M. III. Spades Talks
of the Situation.

The erection OF the terminal station and
| once building at Illinois and Market
streets, which is to cost more than half a
million dollars, will cause a marked ad-
vance In real estate values in that vicinity.
ms statement was made yesterday by
NJ H. Spades, capitalist and investor.
| Inc effect Of the terminal station being
located at Market and Illinois streets on
the value of real estate in the blocks i'm
| medlately surrounding this locality will be
so large, l think" said Mr.. Spades, that
| IL is not at all improbable that the corner
| OF Illinois and Market streets may become
one of the best business locations in In
| annapolis. And it wouldn't surprise me
| very much If this corner should develop
| INTO the very business center of the city"
| Inc effect of the building of the terminal
| station In the way of advancing property
| values around Market and Illinois streets
| mas been noted already, although the old
| buildings that occupy the site of the new
| ONCE building and terminal station have
not been removed yet. Rents for business
| rooms opposite the site of the new build
Ing have advanced more than 90 per cent.
| In several instances during the past few
I weeks.
1t is thought the location of the terminal
station at Illinois and Market streets will
cause so large a demand for fine office
looms on illinois street between Market
ana washington and on Market street be-
tween capitol avenue and the Circle that
uuiIns the next few years there will be
sSEerdi large office buildings erected in
tnese blocks. This is the prediction made
ny Ieai-estate men who are close observers
Vi the condition of downtown property.
IN GOOD CONDITION.
The general condition of indianapolis real
estate in all parts of the city is most en-
couraging, Mr.. Spades says. There is
good demand for all classes of property
ana prices are at a rather high figure, and
IN many localities. are advancing all the
time
Real estate values in indianapolis have
oeen puiit up so substantially and the gen.
erdi business conditions here are so good
ina onat no one familiar with the conditions
e . take but the most optimistic view of
the real-estate situation" said he Every
klnd OF property in this city that is at all
desirable for either business or residence
purposes is at very high figure. But the
demand Is good all the time and all indi-
cations point toward an advance in values
rather tnan a decline. General conditions
mere mere are SO prosperous that 1 don't think
even general panic all over the country
would cause decline in our real esate
The best residence property is of
course, between New jersey and Illinois
streets, extending from the Circle clear to
+ 9I an Creek and even farther north. All
aionS meridian, Pennsylvania, Delaware
Alabama and New Jersey streets and in a
good many parts Of Central avenue and
BHroaaway property is on the advance and
part of the North Side that is not buiIt I'm
property is selling especially rapidly. and
much building is in progress there. Prop |
twelve blocks of the monument is heinz |
bought up by investors who are building
and Will build fiat buildings.
BUILDING OF FLATS.
This property is we'll situated for |
fat buildings and can be bought |
at a considerably lower figure than |
the property on the streets running |
north and south. There is a demand |
mere Tor a good many more fiat buildings |
In this locality, L think and from all T |
can gather preparations are being made for
the erection of a good many more. Per.
haps this class of building will not develon
very rapidly, but good deal of propertv
on these cross streets is being bought I'M
During the past five or six wears nron-
erty values in indianapolis have experi-
cnced a large increase, and the effect of the
good times has been felt lust as much 49,
and in many cases to a larger degree tbar
over the State. The prosperity of this citv
is quilt on sound, substantial basis. and
|
decline in Indianapolis real estate
Inc most active market for sites for
fa is for that property on the west
the city. All the land in that DISTRICT that |
could be used for manufacturing purposes |
Is being bought up as rapidly as ii is offered |
Tor sale And 1t is bringing a good price.
TOO There is large demand in Indianap,
elise for buildings the outskirts of the
city which could be occupied by factories
L me prosperous condition of the manu-
hor ic |
oy the fact that many of the COMPANIES |
that leased buildings Of this kind during
the past few years, with the privilege of
purchasing the property at the expira ton |
Of the lease, have bought the property.
Building materials are a little high Just
now Tor this kind Of building to develop
70 a very large extent"
SOUTHERN INDIANA LANDS.
For investment purposes, Mr.. Spades
says southern Indiana real estate furnishes
better opportunity now than the land In
any other part of the State. The boom for
farm lands in northern Indiana has sub
'ided somewhat, he says. During the past
i've years, according to a State official,
values of much of the best farm land i'm
he southern and southwestern parts of the
State have advanced from % to 100 per cent
Most or this Increase Mr.. Spades attributes
% the rapid development of the coal and |
stone resources Land adjacent to the stone
ands is worth double its value five years
ago, he says. The building of interurban
ines has also played large part in the
ADVANCE OF Indiana farm. lands. In many |
ocalities the building of an electric rail- |
pad has increased the value of land in |
hat vicinity from . to 80 per cent
No better proof can be had of the adj |
in real estate values all over |
he State than that the State Board of Tax
will add more than $780,
10000 to the State tax duplicate next |
month. The last appraisement on which
he State Tax Commissioners have been
Easing their work was taken five years ago. |
Since that time there has been such a |
marked increase in the value Of real estate
hat, 1t is said by a State Official. the tax
will increase the appraise-
nent on the State duplicate more than
1O0, 000, 600.