The Indianapolis journal. [volume] (Indianapolis [Ind.]) 1867-1904, 1903-05-27
Price Paid Is Understood to BE $11O,-
Washington-Street Property.
FOR A MILLI0N-DOILAR STORE
PETTIs DRY GOODS COMPANY HAS
BIG PLANS FOR THE FUTURE.
store VIII BE Extended and New
Stories May BE Added Later On
George A. Gays Statement.

AS the result of a deal in Washington
street property concluded yesterday be-
tween A. p. Pettis. an Eastern capitalist,
who owns the building and lot now occu-
pied by the New York store, and John
Granting, owner of the Granting block,
just east of the New York store, by which
the two properties become united under
the ownership of Mr.. Pettis, the New York
store will be doing business in short time
in one of the largest, best arranged, best
fitted and valuable stores in this section of
the country. The dry goods company is
contemplating a million dollar store for the
future.
Mr., Pettis has been in the city several
days negotiating for the purchase Of the
Gramling block. Mr.. Pettis is not interest
ed in the Pettis Dry Goods Company which
operates the New York store, having sold
out his interest in the company some time
ago, but he is the sole owner of the valua-
BILE realty used by the company Having
seen the necessity for the expansion of the
store to meet constantly growing business.
Mr.. Pettis determined to buy the property
to the east. He was successful yesterday.
and the price paid by him to Mr.. Granting
is understood to be nearly a record-breaker
for Washington-street realty.
5000 A FRONT FOOT
1t is understood on good authority that
Mr.. Pettis paid $4,000 for the Granting
property. AS the building now standing
will not be suitable to his needs the
amount represents in reality the value Of
the lot which makes 1t exactly 5000 a
front foot. there being twenty-five feet
front of the Granting lot. with a three
foot alleyway. The New York store now
occupies lot 67lsx195 feet. With the addi-
ton of the Granting lot it will in the fu-
ture occupy a lot of 80 feet front by 1856
deep. An estimate Of the value of the New
York store property, including realty and
fittings, is $4,000; the addition which will
be made will represent an outlay Of over
5000 The company expects to have in a
few months what to all intents and pur-
poses will be million-dollar store.
strip of two feet between the New
York store and the Granting block is in
cluded in the transaction Contrary TO
popular notion, the strip was owned equal
ly by abutting property owners and was
nounced yesterday that he will tear down
the Granting building, although 1t is a
comparatively new structure and in good
condition. He will build an addition to the
present New York store of uniform height
and appearance covering the Granting lot
The plans of the Pettis Dry Goods Com
pany for the future are comprehensive. II
business continues TO increase in the ratio
OF the past few years the space secured by
the deal of yesterday will soon be used up
and IL will be necessary to build up instead
of out. 1t is probable that several stories
will be added TO the New York store build
ing II business conditions justify.
MR. GAYS STATEMENT
George A. Gay. president and manager Of
the Pettis Dry Goods Company. made the
following statement to the Journal relative
to the deal ard TO the company's future
plans: ''Our business has grown so fast in
recent years that we have been crowded in
every department The purchase made by
Mr. Pettis Will relieve the crowded condi-
ton for some time at least but In the fu-
ture we may have to put some new stories
on the building"
sAs II now Is we already have the largest
department store I'm the city. 1t NAV not
look 90 from the front. but Il runs back 30
feet from the street. When the addition g