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IDA purchases new building for Central Office
After a year-long evaluation and search, the IDA has found a new home for its Central Office. In early November, the office will relocate to Indianapolis' south side.
Details are being finalized on the purchase of a two-story, 15,000 square foot building near the intersection of U.S. Highway 31-South and Shelby Streets.
"Each time we've approached the final year of our lease with the American College of Sports Medicine (ACSM), a committee has been appointed to study the market and explore options," said Executive Director Doug Bush. "In the past, we've always decided to stay put. But this year, the search committee found an opportunity that it felt was too good to pass up."
IDA President John Roberts, who also served on the search committee, was a strong proponent of the building purchase.
"We first looked at this building five years ago when our lease was last up for renewal," Dr. Roberts said. "We liked it then, but felt it was out of our price range. When it came back on the market at a greatly reduced price, we knew we had a rare opportunity.
"For years the IDA has grown its reserve fund, knowing that we might someday decide to build or purchase our own building," Dr. Roberts said. "The fact that we had cash on hand allowed us to move quickly when the opportunity presented itself."
Dr. Roberts stressed that the 2013 dues increase and assessment, approved by the House of Delegates in June, is not related to the building purchase.
"The dues increase was required to cover our day-to-day operational costs," said Dr. Daniel Fridh, IDA Treasurer and Chair of the Finance Committee. "The building is being purchased with reserves, so there should be no impact on dues. In fact, we hope the building will generate rental income, making it a new source for non-dues income to the IDA."
Immediate plans are for the IDA to occupy most of the first floor of the building, with additional conference space to be used on the second floor. A portion of the first floor and the majority of the second floor will be offered for lease.
Dr. Thomas Murray, First District Trustee and a member of the Finance Committee, was also a strong proponent of the purchase.
"For some time I've been concerned about the volatile swings in our investment reserve fund," he said. "We have instant equity in the new building, and potential for significant non-dues revenue. I think we have made an excellent investment," said Dr. Murray.
The move is scheduled for the first week in November. The IDA will host an open house in early 2013 to allow all members to tour the Association's new headquarters.
More photographs of the building are available on the IDA's Facebook page (click here). A map and directions for the building may be found by clicking here.
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