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Duke/Browning team to develop building at new Wishard

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A local real estate team has been chosen to develop an office building in the 200,000-square-foot range adjacent to the new Wishard Hospital, which is under construction near the campus of IUPUI.

A partnership of Duke Realty Corp. and Browning Investments was selected from among seven development teams that responded to a request for proposals from Wishard’s owner, Marion County Health & Hospital Corp.

Other teams/bidders included a partnership of Cornerstone Cos., REI Investments and Hunt Construction; Holladay Properties and Wilhelm Construction; Health Care REIT Inc.; and The Granger Group.

Duke Realty and Browning referred questions about the project to Health & Hospital Corp.

The size and price of the building haven’t been determined, said Michelle O’Keefe, director of public affairs for Wishard Health Services. She said the developer is helping determine how much space is needed in the building, which will commence construction in 2012 and open in 2013.

The developer will own the building, at least intitially, and lease the land from Health & Hospital, which will have an option to purchase the building.

The Duke/Browning team won’t have to look far for tenants. The Indiana University School of Medicine, the Purdue University pharmacy school and Regenstrief Institute are all potential occupants of the building, O’Keefe said.

The building will include less than 10,000 square feet of ground-floor retail space.

The $754 million new Wishard is rising just east of White River and north of West Michigan Street.

Another possible beneficiary of the Wishard project, though to a lesser extent, is a group of private investors in Michigan who own the 500 North Meridian Building, formerly the home of Safeco Insurance.

The Indiana Commission for Higher Education on Dec. 10 approved plans by IUPUI to lease 68,000 square feet at the building to house various administrative offices that will be displaced by construction of the new Wishard campus. The landlord would collect approximately $1.4 million annually over five years, according to commission documents, if the lease is executed.

IUPUI hasn’t decided if it needs the space, said Jeff Harris, a broker for Meridian Real Estate who handles leasing for 500 N. Meridian.

If the lease is signed, it will whittle the amount of space left in the building to about 200,000 square feet. Safeco vacated more than 300,000 square feet in the 436,000-square-foot building when it moved out in August 2009. IU Medical Group leases about 35,000 square feet and Harrison College moved into 34,000 square feet in September.
 

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  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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