Development/Redevelopment

City bans bulk land-bank sales after lopsided deal with not-for-profit

November 3, 2012
Cory Schouten
Indianapolis last year sold 154 properties from its land bank for $1,000 each to a novice not-for-profit, which immediately flipped them for a total $500,000 profit. More than a dozen have changed hands multiple times since then, making investors more than $1 million. (with interactive map)
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LA Fitness buys site near Washington Square, boosting area

October 30, 2012
Cory Schouten
LA Fitness plans to build a gym on the former home of a Loews movie theater adjacent to Washington Square Mall in the latest sign of progress for a struggling retail submarket.
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Developer gets OK for second phase of apartment project

October 26, 2012
Scott Olson
Trinitas Ventures of West Lafayette plans to break ground next spring on a $20 million student housing project on Indiana Avenue with 214 units. The developer already has built 253 units on the site.
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Focal point for Mass Ave project: Huge electronic screen

October 25, 2012
Cory Schouten
The most striking feature of a proposed $43-million development along Mass Ave is a Times Square-style electronic screen that would wrap around the building's corner and rise more than three stories.
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City selects developers for Mass Ave project

October 24, 2012
Cory Schouten
City officials have picked the apartment specialist J.C. Hart Co., retail developer Paul Kite Co. and architecture firm Schmidt Associates to redevelop a prime Mass Ave parcel currently occupied by the Indianapolis Fire Department.
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Developer secures financing for $9M Irvington project

October 18, 2012
 IBJ Staff
Developers are one step closer to building a $9 million apartment project to replace a blighted former hotel in Irvington.
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Milhaus buying site for more downtown apartments

October 9, 2012
Tom Harton
The local developer has agreed to purchase the former Mitchell & Scott industrial complex in the 600 block of College Avenue and is in the process of pulling together a plan for the site.
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City waterways initiative floats economic development ideas

October 6, 2012
Mason King
More than 100 local groups are joining forces to rehabilitate neglected rivers and streams in Marion County in the hope of sparking redevelopment.
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Keystone Group picked for Butler mixed-use projectRestricted Content

October 6, 2012
The university chose Keystone over Kite Realty Group and Lauth Property Group to build housing, retail and parking worth up to $45 million.
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Developer targets long-empty College Avenue retail building

October 2, 2012
Tom Harton
Teagen Development Inc. has a purchase agreement for the 6,600-square-foot building at 1101 N. College Ave., rescuing it from an attempt—since withdrawn—to demolish the structure.
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Big names competing for Butler projectRestricted Content

September 29, 2012
Cory Schouten
Butler University is finalizing plans for a mixed-use parking garage project near Clowes Hall that would include neighborhood retail and housing and might cost as much as $45 million.
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Second-tier office buildings Indianapolis now top-of-mind for buyersRestricted Content

September 22, 2012
Mason King
Class B admirers are benefiting from low prices and lending rates, and turning the buildings into apartment and company headquarters.
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Senior housing slated for old Lawrence school building

September 21, 2012
Scott Olson
The Whitsett Group plans to invest $6.5 million to convert the building on East 46th Street into 60 senior housing units. The Lawrence Township school district put the structure on the block, and Whitsett submitted the winning bid.
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City lands grant to study reuse of old automotive sites

September 19, 2012
Kathleen McLaughlin
Federal and local funds will be used in the effort to reposition manufacturing sites abandoned by GM, Ford, Chrysler and Navistar.
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TIF expert is adviser to many municipalitiesRestricted Content

September 15, 2012
Scott Olson
Loren Matthes helped broker first tax-increment financing deal in the state
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New metropolitan development director named

September 12, 2012
Adam Thies will succeed Maury Plambeck as director of Indianapolis' Department of Metropolitan Development, effective Oct. 1. Plambeck will lead a program directing the next RebuildIndy investments into city neighborhoods.
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Virginia Avenue attracts yet another project

September 11, 2012
Tom Harton
Englewood Development has under contract the former Shirley Engraving property at 460 Virginia Ave., where it plans up to 50 apartments, about 5,000 square feet of retail space and an underground parking garage.
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Airport may carve up ex-terminal property

September 8, 2012
Chris O'Malley
Indianapolis International Airport managers say they haven’t given up hope that a single, mega-sized tenant could create an economic development boon at the site abandoned nearly four years ago when the midfield terminal opened. But the latest listing of redevelopment sites shows the former terminal complex being marketed in pieces.
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MDC approves CIB's sale of building to Steak n Shake

September 5, 2012
 IBJ Staff
The Metropolitan Development Commission on Wednesday approved a resolution allowing the Capital Improvement Board of Marion County to sell the Ober Building in downtown Indianapolis to the Steak n Shake restaurant chain.
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Steak n Shake paying $3.8M for Ober Building

September 4, 2012
Cory Schouten
An affiliate of the Steak n Shake restaurant chain has agreed to pay $3.8 million to acquire downtown's Ober Building from the Capital Improvement Board of Marion County. The restaurant chain likely will move its headquarters to the 1910 building.
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Ex-concrete plant to be razed for Greenwood nature area

August 31, 2012
Associated Press
A former concrete plant in Greenwood faces the wrecking ball to make room for a wider road. The city plans to raze the former Prairie Materials concrete plant so it can turn Worthsville Road into a major boulevard that can handle traffic from a planned Interstate 65 exit.
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FedEx Ground eyeing Zionsville for distribution center

August 30, 2012
 IBJ Staff
FedEx would bring a distribution complex to Zionsville under a tax increment financing deal hammered out with town redevelopment commission members on Wednesday.
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Major Westfield development projects making progress

August 29, 2012
Scott Olson
Several big development projects planned for Westfield are under way or awaiting approval, but plans for a retail center at U.S. 31 and 161st Street have been on the shelf for several years due to the economy and road construction.
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Vacant Consolidated Building purchased by local buyersRestricted Content

August 18, 2012
Cory Schouten
Two local buyers are angling to revitalize a century-old, 15-story downtown landmark that has confounded redevelopment attempts since its last tenants departed in the late 1990s. Ambrose Property Group and The Whitsett Group hope to transform the Consolidated Building into 98 apartments with first-floor retail or restaurant space.
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Local developer buys 50 acres in Intech Park

August 17, 2012
Scott Olson
Ace Commercial Development plans to construct a build-to-suit development for an undisclosed client on the highly visible property. Real estate sources say the client is locally based Heritage Environmental Services LLC.
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  1. I never thought I'd see the day when a Republican Mayor would lead the charge in attempting to raise every tax we have to pay. Now it's income taxes and property taxes that Ballard wants to increase. And to pay for a pre-K program? Many studies have shown that pre-K offer no long-term educational benefits whatsoever. And Ballard is pitching it as a way of fighting crime? Who is he kidding? It's about government provided day care. It's a shame that we elected a Republican who has turned out to be a huge big spending, big taxing, big borrowing liberal Democrat.

  2. Why do we blame the unions? They did not create the 11 different school districts that are the root of the problem.

  3. I was just watching an AOW race from cleveland in 1997...in addition to the 65K for the race, there were more people in boats watching that race from the lake than were IndyCar fans watching the 2014 IndyCar season finale in the Fontana grandstands. Just sayin...That's some resurgence modern IndyCar has going. Almost profitable, nobody in the grandstands and TV ratings dropping 61% at some tracks in the series. Business model..."CRAZY" as said by a NASCAR track general manager. Yup, this thing is purring like a cat! Sponsors...send them your cash, pronto!!! LOL, not a chance.

  4. I'm sure Indiana is paradise for the wealthy and affluent, but what about the rest of us? Over the last 40 years, conservatives and the business elite have run this country (and state)into the ground. The pendulum will swing back as more moderate voters get tired of Reaganomics and regressive social policies. Add to that the wave of minority voters coming up in the next 10 to 15 years and things will get better. unfortunately we have to suffer through 10 more years of gerrymandered districts and dispropionate representation.

  5. Funny thing....rich people telling poor people how bad the other rich people are wanting to cut benefits/school etc and that they should vote for those rich people that just did it. Just saying..............

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