We Spent $1 On An Abandoned Baseball Stadium - And $14 Million To Convert It Into Luxury Apartments

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.

Produced by: Valentina Duarte
Managing Producer: Beatriz Bajuelos
Supervising Producer: Jessica Leibowitz
Camera: Michael Potter
Editor: Marisa Forziati
Animator: Gene Kim
Additional Footage: Michael Cox, John Watson

About CNBC Make It.: CNBC Make It. is a new section of CNBC dedicated to making you smarter about managing your business, career, and money.

Connect with CNBC Make It Online

#CNBC
#CNBCMakeIt
#Unlocked

We Spent $1 On An Abandoned Baseball Stadium - And $14 Million To Convert It Into Luxury Apartments

[drixle.]

Treadmills and ellipticals in the press box overlooking the field would have been awesome.

[JeJeNtwrk]

This is just amazing.
Instead of letting the building rot away!!!

[JRPGGUY]

I love seeing old buildings get refurbished

[aztcufrog]

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.

[nicroush]

This is the definition of thinking "outside the box".

Excellent job!

[toddshavor]

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.

[GabFitz]

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

[soulman]

In all reality $14 million is an INSANELY LOW number to redevelop this stadium.

Kudos to these gents for putting a lot of time, love, and money into preserving history.

[TrailsTzar]

Phenominal historic rehab! I watched this from the start, thankful they didn't tear down the old structure. These buildings serve as icons to a neighborhood and more effort should be taken to preserve them like this.

[Geeksmithing]

Thought for sure there would be a batting cage in the fitness center at least.

[VulcanLogic]

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.

[MarsJenkar]

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.

[mordsythe]

The fact they made them affordable is what I love about it this project.
I genuinely figured they would be “premium apartments” which translates to “add another thousand”
Good job to them!

[aaregiel]

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.

[BaDazai]

They should turn the field into a walkable garden with trees, plants and mini play area fir the kids.

[sterlingmichel]

I whish they had interview some of the tenants to get their perspective about living in the building.

[amarbaha]

That is just so AWESOME that these gentleman had the insight and the will to do this. Great repurposing and nostalgic.

[lorevyr]

Amazing video, also showing the $ amounts is amazing

[micmousebg]

I am absolutely amazed. Such a beautiful idea - and realization!
Lots of respect for these gentlemen!

[JayDizzle]

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