Friday, March 14, 2008

Increased Interest = Catalyst At Work

Piquing interest
Brokers say Harrison Square project could help fill existing available spaces downtown
Link (GFWBW)

"David Nugent, a partner at BND Commercial in Fort Wayne, and Tim Rietdorf, vice president of property management for Murphy & Associates in Fort Wayne, agree that it’s still too early to determine if Harrison Square — which includes a residential and retail building, new minor-league baseball stadium, Courtyard by Marriott hotel and parking garage — is having that effect on the downtown area. Both companies represent downtown properties.

They do, however, anticipate the $120-million private and publicly funded project’s first phase will drive even more interest in available downtown properties. Nugent said investors and other interested parties have been contacting property owners on the fringe of the Harrison Square site. They’re interested in buying properties because they believe Harrison Square will increase the value of the properties.

Nugent said he’s not aware of any existing owners who took advantage of the offers. Instead, they want to reap the rewards of increased property values if they come, he said.

Another early trend is that owners of properties for sale in the downtown area are not as motivated to sell quickly, since the project may increase their property values, Nugent added.

He predicts one of the triggers for selling will be when the buildings begin going up at the Harrison Square site."