Commercial Real Estate

Nordstrom closing Circle Centre store

May 26, 2011
Cory Schouten
Nordstrom plans to close its store at Circle Centre mall, dealing a substantial setback for downtown. The Seattle-based chain was scheduled to announce the closure to employees at a mandatory staff meeting Thursday morning, a person familiar with the plans told IBJ.
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City Market set to oust 19-year tenant Enzo Pizza

May 25, 2011
Scott Olson
Directors of the historic building have notified the pizza restaurant that it needs to have its equipment removed by the end of the day on Friday after the two sides could not agree on a new lease.
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Children's Museum holds key to Winona redevelopment

May 24, 2011
Kathleen McLaughlin
The Children’s Museum of Indianapolis is playing the role of lead developer for the abandoned Winona Hospital site.
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Veritas Realty owner sells stake to partner

May 24, 2011
Cory Schouten
Veteran developer Danny Marr has sold his stake in Indianapolis-based Veritas Realty to a partner and plans to work as a residential real estate agent in Florida.
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Simon Property to develop outlet center in Canada

May 23, 2011
Associated Press
Indianapolis-based Simon Property Group Inc. said Monday that it will open an outlet shopping center in Ontario, the first of the shopping mall owner's line of Premium Outlets-brand shopping centers in Canada.
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City proceeding with public safety complex at Eastgate

May 18, 2011
Scott Olson
City-County Council grants approval for the city to enter into a 25-year lease with the owner of the former Eastgate mall to take 76,000 square feet for a Regional Operations Center.
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Fountain Square project to include concert venue

May 17, 2011
Tom Harton
The new owner of a 110-year-old building in the heart of Fountain Square is planning a renovation and expansion that will turn it into a restaurant, bar and 450-seat music hall called Pioneer.
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New laws affect commercial property owners

May 17, 2011
Tom Harton
Three bills with implications for owners of commercial real estate were approved by the General Assembly and have been signed by Gov. Mitch Daniels.
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Zionsville residents disagree on commercial development

May 14, 2011
Francesca Jarosz
After property tax caps crimped local dollars in Zionsville and a school funding referendum failed, many residents have decided it’s time to attract more commercial development. But they are tangled in a hot dispute over how to achieve that goal.
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Northwest-side medical building facing foreclosure

May 12, 2011
The operator of the building at 8424 Naab Road near St. Vincent Hospital is accused of owing an Illinois investment firm $4 million.
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Another setback for The Uptown as judge appoints a receiver

May 11, 2011
Cory Schouten
A Marion County judge has appointed a receiver to take control of three properties involved in a long-delayed redevelopment proposal for College Avenue between 49th and 50th streets.
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Eastgate redevelopment reaches crucial crossroads

May 10, 2011
Tom Harton
Lifeline Data Centers, which bought Eastgate in 2008, plans to invest $10 million into the property this year if the Department of Public Safety moves forward with plans to lease 78,000 square feet.
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Men's store Jos. A. Bank plans downtown location

May 6, 2011
Cory Schouten
The men's clothing chain Jos. A. Bank plans to open a new store at Meridian and Washington streets in a much-needed vote of confidence for street-level retail downtown.
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Kite Realty Trust reports wider first-quarter loss

May 6, 2011
 IBJ Staff
Indianapolis-based Kite Realty Group Trust on Friday reported a wider first-quarter loss than a year ago thanks to declining revenue and a big dividend payment to preferred shareholders.
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Airport seeks broker to market ex-ATA HQ

May 5, 2011
Chris O'Malley
The Indianapolis Airport Authority plans to hire a broker to market the 16.5-acre campus along Washington Street near Indianapolis International Airport once used by ATA Airlines. It has been vacant for three years.
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East-side apartment complex facing foreclosure

May 5, 2011
One West Bank in California says it is owed nearly $3.3 million, and is seeking to foreclose on Red Mill Apartments near East 38th Street and North Franklin Road.
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School moving to vacant downtown building

May 3, 2011
Tom Harton
A small private school that serves gifted and talented students intends to move to a downtown building that has been vacant since a daycare center moved out three years ago.
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Rethinking Monument Circle in Indianapolis

April 30, 2011
Gabrielle Poshadlo
IBJ gathered advice from local and national experts about what should be done to improve the city's most prominent public space and where Indianapolis should look for inspiration.
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Developer proposing $100M project for Carmel

April 30, 2011
Cory Schouten
A proposed 64-acre development west of U.S. 31 in Carmel would help satiate a craving for retail, but it faces a tough fight from neighborhood groups that want to preserve the thoroughfare’s residential character.
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Local developer seeks bankruptcy protection

April 29, 2011
Scott Olson
Platinum Properties LLC, an Indianapolis upscale residential real estate developer, sought Chapter 11 protection on Monday, listing several huge debts to prominent local businesses and business people.
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Simon Property results improve as store rents climb

April 29, 2011
Bloomberg News
Simon Property Group Inc., the largest U.S. shopping-mall owner, said funds from operations rose 75 percent in the first quarter as retail sales climbed.
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UPDATE: Skjodt-Barrett Foods bringing 300 jobs to Lebanon

April 28, 2011
Anthony Schoettle
The newest tenant in Lebanon Business Park will occupy 214,000 square feet and make a $20 million investment to build out the space and install equipment.
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Duke Realty reports strong quarterly results

April 28, 2011
Scott Olson
The Indianapolis-based real estate investment trust reported a first-quarter profit of $47.6 million compared with a loss of $15.3 million in the same quarter a year earlier. Gains from the sale of properties helped drive profit.
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Developer plans $13M senior-living center in Westfield

April 27, 2011
 IBJ Staff
Cicero-based developer Mainstreet Property Group LLC plans to build a $13.3 million senior health care center in Westfield. The 65,000-square assisted living facility will employ about 150 people when it opens in 2012.
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Real estate-related bills still alive in Legislature

April 26, 2011
Tom Harton
The bill with perhaps the best chance of emerging is the so-called dinosaur buildings bill, which would make it easier to win tax incentives for renovating obsolete industrial buildings.
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  1. If what you stated is true, then this article is entirely inaccurate. "State sells bonds" is same as "State borrows money". Supposedly the company will "pay for them". But since we are paying the company, we are still paying for this road with borrowed money, even though the state has $2 billion in the bank.

  2. Andrew hit the nail on the head. AMTRAK provides terrible service and that is why the state has found a contractor to improve the service. More trips, on-time performance, better times, cleanliness and adequate or better restrooms. WI-FI and food service will also be provided. Transit from outlying areas will also be provided. I wouldn't take it the way it is but with the above services and marketing of the service,ridership will improve and more folks will explore Indy and may even want to move here.

  3. They could take the property using eminent domain and save money by not paying the church or building a soccer field and a new driveway. Ctrwd has monthly meetings open to all customers of the district. The meetings are listed and if the customers really cared that much they would show. Ctrwd works hard in every way they can to make sure the customer is put first. Overflows damage the surrounding environment and cost a lot of money every year. There have been many upgrades done through the years to help not send flow to Carmel. Even with the upgrades ctrwd cannot always keep up. I understand how a storage tank could be an eye sore, but has anyone thought to look at other lift stations or storage tanks. Most lift stations are right in the middle of neighborhoods. Some close to schools and soccer fields, and some right in back yards, or at least next to a back yard. We all have to work together to come up with a proper solution. The proposed solution by ctrwd is the best one offered so far.

  4. Fox has comments from several people that seem to have some inside information. I would refer to their website. Changed my whole opionion of this story.

  5. This place is great! I'm piggy backing and saying the Cobb salad is great. But the ribs are awesome. $6.49 for ribs and 2 sides?! They're delicious. If you work downtown, head over there.

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