Development/Redevelopment

Penn Arts owner buys historic apartment buildingRestricted Content

March 31, 2012
The Piccadilly, at 16th and Pennsylvania streets, will undergo a historically sensitive renovation of its 58 units.
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IU breaks ground on $25M lab building at IUPUI

March 28, 2012
Scott Olson
The facility at IUPUI will include nearly 34,000 square feet of research and classroom space and is the first phase of a planned two-stage project to improve the university's research facilities.
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Mass Ave project surrounding Barton Tower gets state OK

March 27, 2012
Tom Harton
A partnership of Flaherty & Collins Properties and Insight Development Corp. was awarded rental housing tax credits by the state that will be sold to finance construction of a 61-unit, $11.5 million apartment project at 555 Massachusetts Ave.
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Much smaller project would fill former Venu siteRestricted Content

March 24, 2012
Cory Schouten
A parcel of overgrown bank-owned property with a leaky roof at the southwest corner of East 86th Street and Keystone Avenue may finally be poised for redevelopment: A Wisconsin firm has the 6.4 acres under contract and is putting together plans for a retail strip, a couple of restaurants and possibly a hotel.
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Decision on canal residential project delayed again

March 22, 2012
Scott Olson
The Metropolitan Development Commission moved a vote on the proposal to April 18 after expressing concern that it didn't have enough time to review plans that reduce the project from 26 stories to 10. The developer criticized the delay.
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Developer scales back plans for tower along Central Canal

March 20, 2012
Scott Olson
The firm behind a proposed downtown apartment tower designed for college students has slashed its height from 26 to 10 stories to improve its chances of winning city approval.
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Irvington apartment, streetscape projects clear hurdles

March 20, 2012
Tom Harton
Two significant construction projects are closer to starting in Irvington, where the district’s East Washington Street commercial corridor is bouncing back even as one of its key buildings faces demolition.
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Popular barbershop gets makeover from community

March 18, 2012
Associated Press
Whiteland residents have rallied around a beloved barber who has been cutting hair in the Johnson County community for more than four decades by helping him remodel his shop.
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Ozdemir emerges as powerhouse in Indianapolis real estateRestricted Content

March 17, 2012
Cory Schouten
Keystone Group, Turkish immigrant Ersal Ozdemir's 10-year-old development firm, is orchestrating some of central Indiana’s most ambitious projects, including a $15M Broad Ripple parking garage and the $60M million mixed-use Sophia Square in Carmel.
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Deal rekindles $45M downtown projectRestricted Content

March 17, 2012
Cory Schouten
Former partners in Kosene & Kosene Development have settled a legal dispute that jeopardized redevelopment of the vacant former Bank One Operations Center downtown. Milhaus Development has until May 1 to begin construction.
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Indianapolis bond bank chief Kintner is clutch hitterRestricted Content

March 10, 2012
Sam Stall
Deron Kintner has stepped up to fund a string of high-profile real estate projects at a time when private-sector financing is scarce.
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Mass Ave restaurant plans clear first hurdle

March 9, 2012
The city's Historic Preservation Commission has approved rezoning and variance requests for two buildings sought by the owners of Broad Ripple's Brugge Brasserie just south of the intersection of Massachusetts and Park avenues.
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Fixes to historic preservation tax credits may have to wait

March 6, 2012
Cory Schouten
Fixes to the state's historic preservation tax credit program pushed by Indiana Landmarks may have to wait another year after the Indiana Senate put the brakes on a bill that garnered unanimous support from the Indiana House.
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Ohio River bridge plan calls for tolls on 3 spans

March 5, 2012
Associated Press
The governors of Indiana and Kentucky on Monday agreed to use tolls to pay for two new Ohio River bridges and a revamped Interstate 65 bridge over the river, all in the Louisville metropolitan area.
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West-side apartment complex to house veterans

February 29, 2012
Lincoln Apartments is set to be built on the city's west side, near the Richard L. Roudebush VA Medical Center. The project will be financed with $11 million in rental housing tax credits.
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Speedway's plan for roundabout hits snag over billboard

February 27, 2012
Scott Olson
The Speedway Redevelopment Commission is threatening eminent domain against Clear Channel Outdoor Inc. because the billboard company won't relinquish its lease rights at a key intersection.
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Pan Am Plaza redevelopment brewingRestricted Content

February 25, 2012
Anthony Schoettle
The two entities that control the future of Pan Am Plaza have come to an agreement that could lead to the redevelopment of one of the most valuable parcels downtown.
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CityWay designed to integrate retail, housing, hotel, YMCARestricted Content

February 25, 2012
Marc D. Allan
Architects were told to push the envelope and integrate. Be mindful of where you are in the city and integrate well.
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Technology helps Ivy Tech marry new, old constructionRestricted Content

February 25, 2012
Scott Olson
3-D scans match former hospital with building plans.
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Industrial spec development making a comeback

February 21, 2012
Tom Harton
Speculative development is returning to the modern bulk industrial market after a four-year drought, with at least two projects preparing to break ground this spring and another in the works.
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City aims to erase surface parking for developmentsRestricted Content

February 18, 2012
Cory Schouten
Several downtown surface parking lots are targeted for redevelopment, with a couple already well on their way to being filled with a mixture of commercial and residential projects.
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Abandoned gas stations both vex, brim with promiseRestricted Content

February 18, 2012
Sam Stall
The trick is to determine in advance just how expensive and lengthy that cleanup might be.
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Tax credits spur city apartment constructionRestricted Content

February 18, 2012
Scott Olson
Increase in federal funding helps developers finance projects that include mixed-income rental housing.
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Downtown officials outline future plans for Georgia Street

February 13, 2012
Anthony Schoettle
The three-block stretch that served as the Super Bowl Village will complement, not compete with, traditional downtown gathering places such as Monument Circle, officials said.
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Foundation finds buyer for 16th Street buildings after 6-year search

February 7, 2012
Tom Harton
Two brothers purchased the pair of connected buildings at the northwest corner of 16th and Alabama streets and will use the property for a 50-seat café and the offices for Nottingham Realty Group.
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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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