Recent Blog Posts

New hotel will be city's tallest

May 15, 2007
Comments(29)
Downtown's new convention headquarters hotel got a sleek new look this afternoon. The $325-million campus of hotels will include the tallest hotel in Indianapolis, a 29-story JW Marriott topped with more than...
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A taller JW Marriott?

May 15, 2007
Comments(6)
Developers plan to unveil a significantly updated set of plans this afternoon for a JW Marriott convention hotel across the street from Victory Field. For one, the 1,000-room hotel will be taller than the 22 stories originally proposed, said Jeremy...
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305 condos replacing apartments

May 14, 2007
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A $150-million luxury condo development known as Renaissance Bay will replace an apartment complex along Keystone Avenue at 78th Street. All that remains of The Landings apartments are massive piles of concrete...
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Condo craze on Winthrop Avenue

May 14, 2007
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A local developer is hoping to build another dense condo project in Broad Ripple along Winthrop Avenue. The proposal by locally based Page Development would bring 27 condos to 1.5 acres between Winthrop and the Monon Trail, just south of...
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If you're out this weekend...

May 11, 2007
Comments(8)
Let me know what you see. Notice a new project or for-sale sign? Leave me a comment, and I'll try to find out what's going on. What have you seen lately?
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North side project to include Paradise

May 11, 2007
Comments(7)
A two-building office and retail complex at the corner of Meridian and 96th Street will include a Paradise Bakery & Cafe and a McAlister's Deli. Landmark Properties is developing the 45,700-square-foot project...
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Reviving Mass Ave's East End

May 9, 2007
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A development team is hoping to replace an Indianapolis Public Schools operations center on Mass Ave with up to 400 homes and 200,000 square feet of retail space. The project would encompass 11 acres and preserve an historic former Coca-Cola...
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Another Candlewood hotel planned

May 9, 2007
Comment(1)
Developers are planning a new 80-room Candlewood Suites hotel on the east side at 21st Street and Shadeland Avenue. Constructed is slated to start next summer on the hotel, which would be the fourth in Indianapolis for the InterContinental Hotels...
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New pet store will include hotel

May 8, 2007
Comment(1)
A new PetSmart store opening soon at Trader's Point will be home to a 157-room PetsHotel, the first for the chain in Indiana. The store is slated to open in June and will...
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Take Two: Old theater gets new life

May 7, 2007
Comments(3)
A landscaping company is moving into the long-vacant former General Cinema theater at Lafayette Square Mall. Mainscape Inc. has signed a temporary lease and is working on a long-term deal with Simon Property Group, the mall’s owner. The company tore...
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Darden closing 7 Indiana restaurants

May 7, 2007
Comment(1)
Apparently Darden Restaurants is no longer keen on the Hoosier dining scene. The Orlando, Fla.-based company announced this weekend it's closing seven restaurants in Indiana, including Smokey Bones Barbeque and Grill locations in downtown Indianapolis and Avon, and the just-opened...
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Hotel proposed over Canal

May 4, 2007
Comments(14)
A Kansas developer has proposed a hotel, restaurant and retail space that would form a bridge over the Central Canal in the tradition of Ponte Vecchio in Florence, Italy (pictured). The plan...
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Don't cry for me, downtown eyesore

May 4, 2007
Comments(8)
An Argentinian restaurant called Taste of Tango is moving into a vacant building along East Washington Street downtown. The new owner, local real estate broker Fabricio Perez, has begun renovations and...
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North side retail nuggets

May 3, 2007
Comment(1)
A new Yats restaurant has opened in Fishers, at 8352 E. 96th St. The Cajun and Creole favorite is next door to a Blockbuster half a mile east of Interstate 69. The locally owned restaurant also has locations on College...
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Offers pour in for Guaranty Building

May 3, 2007
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The 98-year-old Guaranty Building on Monument Circle has attracted several prospective buyers, said Mike McMains, who owns the property with John Barnard. The local entrepreneurs bought the 9-story, 100,000-square-foot building at 20...
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Bahama Breeze skips town

May 2, 2007
Comments(13)
The popular island-themed restaurant along East 96th Street closed Friday, surprising many customers. A spokesman for Orlando-based Darden Restaurants said the company closed 9 restaurants that weren't in the best locations or performing...
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First Indiana Plaza for sale?

May 2, 2007
Comments(0)
Property Lines is hearing the owners of First Indiana Plaza are considering a sale of the struggling skyscraper. The 425,000-square-foot building is owned by New York-based Crown Properties Inc. The building's general manager, Julie Clements, said today she has no...
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Frozen Custard on the Canal at last

May 1, 2007
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Could it be? A long-promised Ritter's Frozen Custard and a coffee shop apparently are on schedule to open later this month on the north end of the Downtown Canal. The $3.5-million renovation of...
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City selling more Central State land

May 1, 2007
Comments(7)
A development team that bought 115 acres at the former site of Central State Hospital may soon buy another 33 acres from the city, at a cost of $223,500. Sound cheap? Mike Higbee, president of Development Concepts Inc. and one...
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City welcomes real estate group

May 1, 2007
Comments(0)
A few hundred of the nation's most influential real estate developers, brokers and investors are in town this week for meetings at the Hyatt. The CCIMs, or Certified Commercial Investment Members, are meeting...
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Live next door to The Distillery

April 30, 2007
Comments(9)
Plans are in the works for a residential and retail project on a state-owned parking lot between Indiana Avenue, Capitol Avenue and Vermont Street, IBJ reported this weekend. Two groups bid for the three-quarters-of-an-acre parcel, and the winner includes Jim...
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Fun with renderings

April 27, 2007
Comments(16)
This is one of four proposed projects for an acre of state-owned land along the canal between Ohio and New York streets. What do you think? Property Lines has been asking for...
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Afternoon kaffeeklatsch

April 26, 2007
Comments(4)
What better way to wake you up on a rainy Thursday than with a little coffee news? Here goes: Borders plans to transform its coffee shop and cafe downtown into a Seattle's Best Coffee, which is set to open in...
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Already regulars at Capital Grille

April 26, 2007
Comments(0)
Indianapolis Downtown Inc. Director of Real Estate Terry Sweeney doesn't normally play favorites. But it's a different story with Capital Grille. He's dined at the new restaurant attached to the Conrad Indianapolis four nights in a row. Property Lines got...
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The lure of tapas

April 25, 2007
Comments(6)
How strong is it? The owners of a new BARcelona Tapas restaurant think it's strong enough to overcome a risky downtown location at the northeast corner of Delaware and Ohio streets. The...
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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

  2. $3B would hurt Lilly's bottom line if there were no insurance or Indemnity Agreement, but there is no way that large an award will be upheld on appeal. What's surprising is that the trial judge refused to reduce it. She must have thought there was evidence of a flagrant, unconscionable coverup and wanted to send a message.

  3. As a self-employed individual, I always saw outrageous price increases every year in a health insurance plan with preexisting condition costs -- something most employed groups never had to worry about. With spouse, I saw ALL Indiana "free market answer" plans' premiums raise 25%-45% each year.

  4. It's not who you chose to build it's how they build it. Architects and engineers decide how and what to use to build. builders just do the work. Architects & engineers still think the tarp over the escalators out at airport will hold for third time when it snows, ice storms.

  5. http://www.abcactionnews.com/news/duke-energy-customers-angry-about-money-for-nothing

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