The Indianapolis times. [volume] (Indianapolis [Ind.]) 1922-1965, 1930-01-01
FORECAST ERA
| OF ACTIVITY IN
2EALTY MARKET
Investment Money Return
Is Expected to Prove
Major Factor.

Predictions that this year will
bring an era Of renewed ac-
tivity In real estate and building
fields is made in a 1929 year-end
report of the indianapolis Real Es-
tate Board.
Pointing toward an opinion held
generally by financial and business
leaders that 1850 will see the return
to local interests Of a largee amount
OF investment money which has
been diverted to foreign markets, the
report forecasts that industrial ex-
pansion will be a major factor in
1880 activities.
Residential construction should be
normal. IT was seen. despite surveys
showing such building has decreased
materially in the past year. The
supply and demand for home prop
critics is equalizing itself gradually.
It is said
Huge Permit Total
Building permits issued by the
city building commissioner during
the first eleven months Of 1929
totaled s12,61O,682, a decrease in
1923 figures The report CONSTITUTES
this as encouraging in view of prop
erty types already in existence. The
1923 figure was S18.598.484
Several outstanding construction
projects OF the year we're pointed TO
in the survey as being milestones in
the citys progress. Chief among
these we're the Sl,700000 Circle
Tower at Market street and the
Monument Circle; the Big Four
Railroad offices at Maryland and
Architects and Builders building at
Pennsylvania and Vermont streets
and the seven-story parking garage
at lat East Market street, now I'M
der construction.
Plans for remodeling the Plaza
garage at 80 West Vermont street
for an addition of two stories by the
Test Realty Corporation, also have
been announced.
Expansion of mercantile and In
dustrial properties also is a favor
able business vane, the report con-
tinues.
New Building Listed
Among these the new building of
l. S. Ayres 81 Co. t Sears-Roe-
buck Company three ~ structure
at Vermont and Alabama streets,
the Eli Lilly & Co. proposed new
building at TOO South Delaware
street, the occupation by the /. r.
Mallory Company of a large build |
ing at Gray and Washington streets, |
and the purchase of the Allison |
plant by General Motors Corpora |
ton.
Another important addition to in
dustrial indianapolis was the re-
opening of the Westinghouse cleo |
trio lamp and radio tube plant, at |
La Sale and Michigan streets. The /
Pennsylvania railroad also has I'M
der way a 100000 expansion pro- |
gram at Hawthorne yards.
In May, construction was started |
on a four-story warehouse for the 1
A. & P. Tea COMPANY rear willard |
park. and in July, Kroger Grocery |
and Baking Company opened new |
warehouses at 1011 East st. Clair |
street. American Central Life In |
surance Company also has an
nounced the erection of new home |
offices at Meridian street and Fall |
creek boulevard.
Health Camp Site
Among other realty deals in 1929
was the building of a modern mar
ket house at I nirty eighth and Col
lege avenue; purchase by the Jewish |
Federation of Indianapolis of fifty |
two-acre site near Traders Point for |
a summer health camp; announce |
snent of plans of the Supreme Oh |
! Company to build a 100000 petro- |
leum refining plant near Twenty |
third street and the Belt railroad |
and the erection of a new $105,0O0 |
Irvington exchange building of the |
Indiana Bell Telephone Company at
STAT East Washington street. A five
story addition has been completed |
at the Real Silk Hosiery Mills.
or residential properties, the re-
port states that demand was great |
est In 1929 for those ranging in price |
from $4,000 to 100000, and in |
small homes, from $4,000 to $4,000. |
Downtown StoreroomS suffered |
few vacancies, according to the real |
~ boards survey. and the demand |
appears increasing for well-located, |
properly priced community business
houses.
The survey states finally that |
while there was little building in /
the apartment field, several apart
mentS changed hands. There was |
considerable new construction, also, |
In auto service and filling stations. |
Some sites at the edges Of districts |
changing from residential to bust |
ness sections were purchased as in |
veStmentS.