We Spent $1 On An Abandoned Baseball Stadium - And $14 Million To Convert It Into Luxury Apartments
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- เผยแพร่เมื่อ 3 มิ.ย. 2024
- Core Redevelopment, a Midwest developer group, renovated the former baseball stadium in Indianapolis, Indiana into a 138-unit luxury apartment building. The city of Indianapolis gave them the school for $1 and it cost about $14 million to renovate.
Unlocked is a home tour series focused on how much people across the globe spend on their housing, what they get for the money and what they had to sacrifice to make it happen.
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We Spent $1 On An Abandoned Baseball Stadium - And $14 Million To Convert It Into Luxury Apartments
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I rent from a market were 80% of landlords utilize RealPage for there prices. What about you CNBC?
I love seeing old buildings get refurbished
well they did demolish most of it..
I love old buildings
Me too!
Except the only idea any can come up with is to repurpose them into apartments; it's boring.
Thats a sign you will be a real estate mogul
This is just amazing.
Instead of letting the building rot away!!!
I wish someone had gotten to Gary Indiana, so many beautiful structures just left to rot 😢
This is the definition of thinking "outside the box".
Excellent job!
Treadmills and ellipticals in the press box overlooking the field would have been awesome.
Or some sort of community spot. Mini-kitchen, couple of pool tables, some dart boards?
@@amberf6275exactly what i thought. pool table, ping pong table, mini kitchen/bar/coffee spot, & a table for board games seems doable
a treadmill looking at an open field is WILD to me tbh............
there's no way to get up there that meets accessibility standards or that wouldn't go through a unit. also, it would be very narrow - not ideal, maybe not even possible to get large equipment up there with adequate space to use it
Would be a great space for a garden maybe too
These are the types of projects we need more of!!!! Instead of just letting buildings rot and fall away why not give them new life and new purpose!?!! I always get so many ideas when I see big abandoned buildings but I don’t have the resources or funds to do anything about it
because sometimes it cheaper to tear it down and rebuild
@@organizedchaos4559 but the historical and sentimental value should also be worth something. Not every old building needs to be saved but some should as a means to preserve history.
@@jlee104they usually make substandard housing.
@jlee104 Sentiment of a building doesn't turn a loss into a profit.
I also don't like how they kept it looking like a baseball field. They should have made it look like a beautiful park instead. With Roses, Trees, Walkways and a pond/fountain.
PLEASE BUILD MORE LUXURY APARTMENTS THERE IS NOTHING!!!! WHAT WOULD WE DO WITHOUT MORE LUXURY APARTMENTS!?!!
If I could make a suggestion.you should put in a HD Scoreboard and use the playing field grass for renters to do community movie screenings, etc. But it's a really great project and well done.
most interesting renovation project
Interesting sure, but definitely not the "most" interesting
@@Unknown_Oohwho does that title belong to then?
They should turn the field into a walkable garden with trees, plants and mini play area fir the kids.
I used to live in the area, and I'd visited old Bush Stadium (the one that was renovated for this project) many times when the baseball team played there, as well as a few times at Victory Field downtown. I know that Bush Stadium was used as a racing course for a few years but that never really took off. At least some of old Bush Stadium has been preserved in this project.
I think that may be the best $1 the city ever earned!
They also spent 5M in grants which is free money for the developers
Well done, I like their approach, and the result. Perhaps where the main entrance was a small coffee shop, and a tiny grocery store would have greatly added to the living quality of the residents.
I'm always in awe of a well done architecture / build project.
Remember they did this in 2011. It was a decent risk in the wake of the financial crisis. Likely why the city offered it for $1 because there weren't many developers who could or would take on this risk. Their building costs also reflect the costs of that time. Materials and labor were cheap and plentiful. Oh how times have chagned.
And now they want almost 2k a month for the nicer apartments.
Thought for sure there would be a batting cage in the fitness center at least.
let me introduce you to the concept of american lawyers
Amazing video, also showing the $ amounts is amazing
That is just so AWESOME that these gentleman had the insight and the will to do this. Great repurposing and nostalgic.
Nice work. But this screams "mixed use!" Nothing huge, just some shops and small restaurants along maybe one side. Maybe a small grocery like an Aldi's, Trader Joe's, or a Bridge Street Market like Meijer built in downtown Grand Rapids. Looks like there's still room for more development on the site.
There isn't as much room as you might think. Most of the "empty" area of this place is the old baseball field, which extends fairly close to the street (keep in mind, the old outfield fences were preserved, so intruding on the field would be undesirable). The east wall is only about 50 feet from Harding Street, which isn't enough for a retail building plus parking. The land beyond the north wall already is developed, with a parking lot on that side. As for the surrounding area, it's basically all built up, and has been for a long time.
I've drove by this last year going to Gen Con a few times and wondered what it was like. Thank you @cnbc for putting this out here.
Dear Lord I ask that you surround me with people who have this type of vision. That is an amazing idea, kudos to them for making it happen. It looks beautifully done, I hope that they invested in proper infrastructure in the apartments are safe. Chef's kiss beautifully done❤
I am absolutely amazed. Such a beautiful idea - and realization!
Lots of respect for these gentlemen!
This is dope. No other words. Youre charging what i pay now where im at to live at a baseball stadium. Cant lie though, something bout those flats look unappealing lol
I whish they had interview some of the tenants to get their perspective about living in the building.
Fantastic result on your project! It's wonderful.I love that you have repurposed a historic ballpark and that the ballfield is still there.
Love stuff like this because it helps to keep some semblance of architectural culture rather than just tearing it down like so many other places have
Amazing project. gave me some ideas
What an awesome project! Thanks for this segment.
Michael and John could do this to Gwinnett Place Mall in metro ATL. My city has been talking about it for years and done nothing yet!
*Public & private collaboration at its best. ("Swing aaaand a **_hit!")_* 👍
Yep, I went to games there growing up. Glad they were able to save it, pretty cool to see the brick outfield wall still up.
Too bad the ol' WigWam is gone.
I love this community empowerment and affordable units and financing.
I wish they would have done something like this with parts of Old Tiger Stadium in Detroit! This is awesome!
There is a similar project like this in Detroit involving the old Tiger Stadium.
This would be nice alternative to dormitory.
Why keep the gas on the field...make it a proper park and an community garden!
Exactly! A green space would be nice
They did the minimum investment is why.
Did you all hear the part where they said they pour back profits into these projects? Or the part where they want to maintain the heritage?
You go ahead and start your own project. We are always fast to criticize people who actually did the work.
They took all the cars away, so there is no gas on the field anymore. I'd assume some leaked, but the grass looks nice for the residents to use.
Hopefully they got some cash for crushing those clunkers.
Awesome and a creative vision. 😊
God bless you guys. I wish more developers across the US would do this. Instead, of tearing down decent buildings and eliminating parks.
Love it! Great job guys.
Beautiful, very well done!!!!!
A custom pool surrounded by foliage and a little park would have been awesome . An open field is just not that pretty in my opinion
This was really cool concept. Seems like a neat place to live.
Great idea. Horrible execution. Looks nothing like the old, warm brick structure and instead looks like every modern warehouse along the highway.
i feel like the remaining field could be a park or something. it's great that this whole project happened thoughn
Love to see projects like this. They help show the modern youth that the housing crisis is one of our own making. These projects dont happen over night or for free. We need more people in construction roles. There is not enough properly skilled people to do the work.
THATS A GREAT IDEA!!! I LOVE IT
Well done!
amazing! fair rent prices too it seems
Wonderfully built, great idea
Very interesting
this is awesome
This is absolutely brilliant and you could use that field space for tennis courts and pool space. And even implement a grove area for your tenants to relax.
WELL DONE Core and CNBC !!
Now this is wild!!!
Awesome! We need more housing and more baseball fans!
This was amazing
This is cool.
This is much better than my condo in Diamond City.
Awesome idea!
This is incredible! ❤❤
I love people with vision! ❤️
Excellent idea to repurpose the stadium. It does sound like a highway robbery deal because they put $1.2M in, paid themselves 800k, and then took out a mortgage which will be paid by renters (with the rest being grant money). I looked up Stadium Lofts and it looks like it’s in an industrial district so not really any shops, restaurants, or stores nearby. Would have loved to see some offices or small stores incorporated on the property. Still a very cool place to live though
I wonder what it looks like today.
Great idea
Great 😊 job everything looks GREAT 👍
Great idea!!
0:50 seconds what song is this lol LOVE IT!
I think it's wonderful.
Very impressive!
This brings a new meaning to the term "homerun"
So very cool!!!!!! 😮😮😮
This is a great project but... instead of the city hiring a company to build housing where it would largely be in charge of the housing, they essentially give property to a private developer and just say "just make living spaces, you can own them, and you can profit off them" Now sure the ROI isn't immediate by any stretch, but this is largely the problem with housing across US, cities say "we don't have enough affordable housing" and then they give away all their land to to private firms so they profit and at most the city gets property tax revenue.
With direct ownership the city is directly accountable for all of the management decisions which isn't always great. Renters coming to city council meetings bc the rent goes up, lol. Maybe with a joint venture setup it can work though, idk.
@@JD-pe7sx Oh yeah, I absolutely understand that aspect of it. But it's gotta be better in the long term than literally giving away land to a company and say "build something there!". Maybe own it and hand it over to a rental agency or something and they can deal with the day to day decisions.
Imagine if it was renovated into something that people could afford and actually helped society
This is very cool.
Very very cool.
Awesome idea
wow. As soon as I saw that place I recognized it. My dad used to take me to Indians games there as a kid
no joke, this is pretty cool
VERY VERY VERY cool project….
the best part is that they kept the overall style of it looking like a baseball stadium and field
When you see these projects. I find it interesting that the city provided them with over 5 million in grants.
Cool, but wish they'd done more with the press box--could be a neat community room or something up there.
Living spaces with a community field for occassions and sport. What a great idea
Awesome!!!
That’s pretty cool.
it may be unconventional but looks really awesome
Would love to see something like this happen with the Astrodome!
Cool idea
Amazing..
Briggs stadium(Tigers stadium) had same thing done. It's nice
Very interesting place to live indeed.
Wavy this is the future of America
The apartments are very affordable and extremely nice!
Those were the prices 10 years ago when it opened
I'd like to see an apt tour of these apartments.
Seems cool, looks cool, but concrete is a noise conductor. With the concrete floors and the building’s initial design purpose, I’m guessing the sound between apartments is probably pretty loud.
IPS school #1 is currently for sale for $4,000,000.
Would be a great project to renovate and give new life.
Love it
May as well do a part 2 video of $1 Italian homes.....
So your views are a concrete ball field with a chain link fence?
what should they be, considering the historical significance to that area?🧐
You mean a giant grass field? I agree that the chain link fence was probably an odd touch, and I'd suspect they'll replace them with railings over time.
my view right now is a parking lot
Okay now this is the sort of thing that I’d rather see investor/flippers doing rather than outbidding people trying to buy affordable homes just so they can put them out for rent at high prices.
Crazy
I don't live in America and have no interest in baseball and I think it's amazing.
It must be even more amazing if you live there and used to go watch baseball there!
It’s great idea.