Development/Redevelopment

Bosma removes Turner from leadership post-scandal

August 29, 2014
Associated Press
Indiana House Speaker Brian Bosma has removed Rep. Eric Turner from his leadership team amid concerns over Turner's lobbying against a nursing home construction ban that would have impacted his family's business.
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UPDATE: Plan saves Anderson's Wigwam gym from demolition

August 29, 2014
Associated Press
The company that will operate under the name Wigwam LLC has agreed to maintain the gymnasium until at least 2030. It plans to convert part of the property into multifamily housing and to find partners to develop uses for other parts.
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Bloomington firm wins construction bid for transit center

August 28, 2014
Jeff Newman
The IndyGo board of directors on Thursday night chose Bloomington-based Weddle Bros. Building Group LLC to build the planned Downtown Transit Center. Weddle outbid five other companies.
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Indianapolis homebuilder combines dashing design, prefabricated contructionRestricted Content

August 23, 2014
Sam Stall
Ursula David hopes her first manufactured home will catch on at other infill lots close to downtown.
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Noblesville eyes plans for $10M park, amphitheater

August 22, 2014
Andrea Muirragui Davis
Officials hope to bolster the city's "hipstoric" downtown and jump-start redevelopment of a key community gateway. But the price strikes some as steep.
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Residents of Packard condos settle suit with developer

August 21, 2014
Cory Schouten
Residents of downtown's The Packard condominiums have settled a two-year-old lawsuit with developer Kosene & Kosene Residential.
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New Grand Park in Westfield already $6M over budget

August 21, 2014
Associated Press
The Westfield City Council this month voted 5-1 to lend the project $6 million from a city infrastructure fund, money that the administration said would be repaid through future sponsorship revenue and possible litigation windfalls.
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Engineers: Union Station requires $3.7 million in emergency repairs

August 20, 2014
Kathleen McLaughlin
The Department of Metropolitan Development could tap the downtown TIF fund to cover the costs. The problems were uncovered after bricks fell off the station's south wall in December 2012.
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Gatling Gun Club building proving to be tough sell

August 19, 2014
Scott Olson
The building on North Illinois Street has been vacant since 2008. A downtown bar owner who acquired it nearly four years ago put it back on the market after giving up on plans to move her business there.
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Real estate company proposing $26 million development

August 18, 2014
 IBJ Staff
Becknell Industrial LLC has proposed a $26 million, three-building development on the northwest side of Indianapolis that would be ready for tenants by early 2015.
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Good Earth exits appeal of Broad Ripple project

August 18, 2014
Scott Olson
The $30 million development has been delayed by a request to repeal a zoning change for the property. Though Good Earth is no longer involved, a local resident is continuing his fight against the project from Browning Investments Inc.
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Sun King plans $8.8M brewery, tasting room in Fishers

August 18, 2014
Andrea Muirragui Davis
Homegrown craft-beer maker Sun King Brewing Co. plans to build a second production facility and tasting room in Fishers, adding capacity as it widens its reach. The Town Council will consider a $2.5M economic development deal Monday night.
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Children’s Museum expands footprint

August 16, 2014
Scott Olson
The Children’s Museum of Indianapolis plans to begin tearing down a nearby apartment building this month and is starting to explore options for the site that could include an outdoor attraction.
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Buckingham reignites plan for Lantern Commons project

August 11, 2014
Scott Olson
Buckingham's plans for the property at U.S. 31 and 161st Street in Westfield show a mix of retail and residential uses.
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Browning/Duke building huge Plainfield distribution facility

August 11, 2014
The speculative building totaling more than 930,000 square feet will be constructed at the developers' AllPoints Midwest industrial park.
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Building spree reshaping Broad Ripple VillageRestricted Content

August 9, 2014
Dennis Barbosa
A rush of new office, residential and retail projects suggest real estate developers in Broad Ripple Village remain optimistic in the midst of high-profile incidents of crime.
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City OKs $10M in street upgrades for natatorium plan

August 6, 2014
 IBJ Staff
The Indianapolis Metropolitan Development Commission on Wednesday approved $10 million in downtown tax-increment financing funds to pay for street improvements on the IUPUI campus. The contribution works in conjunction with IUPUI's $20 million overhaul of the IU Natatorium.
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Ten-acre parcel near Colts stadium hits the market

August 6, 2014
Scott Olson
The vacant property west of Lucas Oil Stadium could get a boost from redevelopment efforts at the former GM stamping plant site just across White River.
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After setbacks, Franklin wary of more development deals

August 6, 2014
Associated Press
A backlog of unfinished work by the Franklin Development Corp. is why Mayor Joe McGuinness doesn't want to give new funding to the organization until the pending projects are finished.
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Construction blitz in full swing around Ball State

August 5, 2014
Associated Press
With less than two weeks until the start of classes at Ball State University, businesses in Muncie that will cater to students are racing to complete their building projects.
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State eyes downtown site for $17M archives project

August 4, 2014
Mason King
Officials want developers to submit plans for a site on the American Legion Mall, including an existing historic building and a 36,000-square-foot addition.
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Two-hotel tower proposed across from fieldhouse

August 2, 2014
Scott Olson
A Minneapolis developer wants to build two high-end hotels in the same 15-story building on a surface parking lot downtown across from Bankers Life Fieldhouse.
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Carmel budget hawks want harder line on deals with developers

July 26, 2014
Andrea Muirragui Davis
The Carmel Redevelopment Commission’s 2014 revenue is estimated to exceed expenses by less than $100,000—a narrow margin for an agency with annual debt payments totaling $17.5 million.
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Developer pitches 5-story office building for Broad RippleRestricted Content

July 26, 2014
Scott Olson
A local developer plans to build a five-story office building on the site of a closed American Legion post in Broad Ripple.
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Interactive Intelligence set to break ground on $12.5M building

July 22, 2014
Scott Olson
The 119,000-square-foot structure will be built next to the software developer's headquarters on the northwest side as part of its growth plans to add 430 employees within the next few years.
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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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