The city in releasing the RFP is hopeful that the sale of the 18 acres will result in the development of mixed-use, residential or office and or hospitality and retail development on the site.

The property is in a densely developed area on the employment-rich north side of Indianapolis, a demographic that presents strong opportunities for Emma Capital, says the firm's asset manager, Brian Rakowski.

Spencer Levy, chairman, America's research at CBRE, predicts 2019 will be similar to 2018, although some news sources have voiced stronger economic concerns.

"Most of the value-add product still has a demonstrable gap to the newer product, allowing for these opportunities to invest in improvements,” says CBRE's Ted Abramson.