It’s admittedly early, but development interest near the Intrust Bank Arena appears off to a slow start.
Tuesday’s announcement that the Spaghetti Works building near Douglas and St. Francis is for sale makes two significant multi-level buildings near the arena that need buyers. Union Station, the old Cox Communications headquarters on Douglas, has been on the market for several months, reportedly with limited interest from retailers.
On the surface, that’s surprising as the arena quickly takes shape nearby. But with the financial markets in crisis and disposable incomes dwindling to nothing, a slowdown in hospitality investments doesn’t seem all that shocking.
Plus, arena neighborhoods, I’m told, develop closer to the opening date. Hard to get a lot done, though, when the city and the downtown development group both need new leaders.
So, there’s no cause for alarm yet – but it does seem troubling that the future of two prime arena neighborhood properties is in such doubt.