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Real Estate & Retail
VOICES FROM THE INDUSTRY: Logistics still driving central Indiana industrial market
June 16, 2008
J. JeffreyFor the past 10-plus years, central Indiana has benefitted from growth in the distribution/logistics industry with hundreds
of new jobs and millions of square feet of new facilities. We've seen massive facilities go up one right after another, often
topping the square footage of our tallest downtown skyscrapers. In the past eight years alone, the square footage of central
Indiana distribution centers has more than doubled from 20 million square feet to 51 million square feet. And we're not just...
MoreThree failed businesses sink former Carson foe Dickerson
June 16, 2008
Cory SchoutenFormer car dealer and congressional candidate Eric Dickerson has filed for personal bankruptcy after three failed businesses
left him saddled with more than $1 million in debt. Dickerson says he is virtually broke save for a $101,000 inheritance he
is set to receive from the estate of his late mother.
MoreTrustee working to determine Premier assets
June 11, 2008
Cory SchoutenA bankruptcy trustee is planning an auction of Premier Properties USA Inc.'s
remaining office furniture while struggling to get a handle on what other assets remain for the defunct developer.
MoreBusiness leaders battle over real estate left behind by Payton Wells
June 9, 2008
Cory SchoutenThe Malibus and Impalas disappeared from Payton Wells Chevrolet more than 18 months ago, but the controversy over the defunct
dealership at 1510 N. Meridian St. is far from being in the rearview mirror for some of the city's top businesspeople and
developers. A court battle over the dealership's properties could determine when and how the roughly six acres of prime land
are redeveloped.
MoreDevelopers vie for property by Central Library
June 9, 2008
Chip CutterTwo high-profile property developers are squaring off for the rights to transform a six-story apartment complex adjacent to
the Central Library downtown. Van Rooy Properties and Buckingham Cos. both submitted proposals to redevelop the Ambassador
apartments at 39 E. Ninth St., just north of the library.
MoreBoberschmidt appointed Premier trustee
June 2, 2008
Chip CutterPhilip Boberschmidt of the downtown law firm of Boberschmidt and Powers has
been appointed trustee to oversee liquidation of Premier Properties USA - a task that begins today.
MoreIU, Bloomington disagree over best sites for biz development
June 2, 2008
Jonathan HiskesIndiana University and the city of Bloomington are at odds over how best to commercialize the university's discoveries--or,
more specifically, where to commercialize them.
MoreZender trying to sell 18 apartment complexes for about $40 million
June 2, 2008
Chip CutterA locally based property management firm is struggling to find a buyer for its downtown apartment complexes, even as the city's
rental market continues to thrive. The privately owned Zender Family Limited Partnership, which was founded 38 years ago,
placed its 18-property apartment portfolio up for sale in November.
MoreVIEWPOINT: A prayer for the housing market
June 2, 2008
Jon FordPlease, Chairman, forgive me, for I have sinned and I herewith repent. Please Chairman Bernanke, hear my prayers. Please give
me only one more housing bubble and I will forever honor you with the restraint you desire. I have succumbed to the seven
deadly sins of investing and I herewith vow never again to do so, so long as you let interest rates continue to fall. I have
been weak in seven ways: Hubris. Yes, it is true. I believed...
MorePremier Properties to be liquidated
May 30, 2008
Chip CutterA judge reclassified the bankruptcy status of Premier Properties USA today,
clearing the way for a U.S. trustee to take hold of the company and begin selling its assets.
MoreCastalia planning green neighborhood: Carmel-based custom homebuilder lining up financing for Mooresville community with 144
eco-friendly homes
May 26, 2008
Scott OlsonIn terms of eco-friendliness, few homes in central Indiana boast much more than a high-efficiency furnace or low-flush toilet.
But a Carmel-based custom-home builder is so certain the region is ready to embrace the green movement that he is willing
to risk investing in a residential community designed to achieve national environmental recognition. Frank Redavide, president
of Castalia Homes LLC, is finalizing financing for the project and plans to start construction within 60 days. The 144-lot
development, called Villages of...
MoreNew Lafayette Square owner pitching major expansion
May 26, 2008
Cory SchoutenLafayette Square Mall could look a lot like the revitalized Glendale Town Center in a few years if the mall's new owners get
their way. A proposed site plan shows that New York-based Ashkenazy Acquisition Corp. doesn't intend to settle for filling
the mall's ample vacant space.
MoreConstruction behemoth Skanska sees potential in Indy: U.S. division of Swedish-based company sets sights on health care, education,
pharmaceutical building sectors
May 26, 2008
Scott OlsonNew Jersey-based Skanska USA Building Inc., a division of the $23 billion Swedish construction powerhouse Skanska AB, arrived
in Indianapolis in April. Named last year as the top green contractor in the nation by Engineering News-Record magazine, Skanska
USA is recognized in particular for its projects in the health care, higher education and pharmaceutical sectors. Its largest
project, however, is the $998 million Meadowlands football stadium under construction in New Jersey. Locally, Terry Parrott,
50, is in charge of operations....
MoreVeteran apartment pro starts development firm: Sebree teaming with Thompson Thrift on venture
May 26, 2008
Cory SchoutenJohn Sebree is launching Watermark Residential as a partnership with the owners of Carmel-based Thompson Thrift, a development
and construction firm best known for its retail strip center projects. Thompson Thrift was eager to diversify its business,
and apartments are as attractive as ever: The subprime mortgage meltdown has reduced the volume of new single-family homes,
and the condo market also is hurting. Meanwhile, apartment occupancy rates are sky high in many markets, including Indianapolis,
and the prospects for rent...
MoreBuilders relying on medical projects: Amid general slowdown, health care sector busy
May 26, 2008
Tracy DonhardtThere's no shortage of research pointing to the growth in the health care industry. For example, health care expenditures
will account for nearly a quarter of the gross domestic product by 2020. Consumers are increasing the number of times they
visit the doctor, and the increase is even greater for baby boomers. The number of medical procedures being performed on an
outpatient basis rises yearly. And jobs in the industry will grow 20 percent by 2016. To meet those demands,...
MoreDeBartolo to buy Metropolis from Dominion Capital
May 19, 2008
Cory SchoutenTampa, Fla.-based DeBartolo Development has reached a preliminary agreement to buy Plainfield's Metropolis mall out of foreclosure
and hopes to hook Macy's and Bass Pro Shops to anchor a second phase.
MoreTax appeals to open flood of business: Lawyers, consultants getting ready
May 19, 2008
Scott OlsonTax attorney Sandy Bickle looked forward this summer to taking her first two-week vacation since 1976. But the latest property
reassessment and the tax bills to follow are expected to generate a slew of appeals, prompting Bickle to rethink her plans.
"I'll probably take one, but it won't be two weeks," lamented Bickle, who serves in an of-counsel capacity at Ice Miller LLP.
"I expect to be very busy." She's not alone. Tax lawyers, consultants and appraisers all likely will...
MoreLand banking: Banks grab top sites for branches, often years before they build
May 19, 2008
Cory SchoutenMany of central Indiana's banks are filling their own safe-deposit boxes, but they're not stuffing them with jewelry, legal
documents or blackmail material. They're banking parcels of land. The sites often are in fast-growing suburbs or redevelopment
areas that hold potential for new brickand-mortar bank branches, sometimes several years down the road. Competition can be
fierce for the prime sites, and other financial institutions aren't the only nemesis for banks: Walgreens and CVS also are
fighting over the best ground,...
MoreTrustee to intervene in Premier bankruptcy
May 12, 2008
Cory SchoutenThe U.S. Trustee's office plans to file a motion to intervene in a Chapter 11
bankruptcy case brought by Premier Properties USA Inc. because the development firm is insolvent.
MoreSimons poised to give estate to IU
May 12, 2008
Cory SchoutenBillionaire philanthropists Mel and Bren Simon are laying the groundwork to donate Asherwood--their extravagant Carmel estate
and golf course--to the Indiana University Foundation, potentially to house a new think tank. The couple plans to downsize
into a home just outside the town square in the nearby Village of WestClay.
MoreDavis Homes faces lawsuits; DayMarc out of business
May 5, 2008
Cory SchoutenA depression in the home-building market has claimed a Fishers builder and continues to hammer locally based Davis Homes LLC--a
powerhouse for years that now is facing foreclosure on about 80 home sites.
MoreCar makers turn up pressure for bigger, but fewer, stores
May 5, 2008
Chris O'MalleyDomestic automakers were already scheming about new ways to chop dealers--cutting costs to service them--as their market share
drained to Toyota and other foreign competitors. Now, an economy standing on the brakes could drive another round of dealer
consolidations that might not be a good deal for family-owned peddlers of metal.
MoreCriminal charges possible in Premier blowup
April 28, 2008
Cory SchoutenAuthorities are considering pursuing criminal charges against Christopher P. White and other executives at Premier Properties
USA Inc. in connection with deepening troubles at the local development firm, sources familiar with the matter told IBJ.
MoreRenovated Central Library spawns neighborhood revival
April 28, 2008
Cory SchoutenA local developer plans to spend up to $45 million building a "north village of downtown" on several parcels it has assembled
near the Central Library. Buckingham Cos. plans to build apartments, offices, restaurants and retail space-all surrounding
its headquarters in the three-story Stokely-Van Camp building at the southeast corner of Meridian and St. Joseph streets.
MoreVOICES FROM THE INDUSTRY: Making green make sense in a competitive market
April 28, 2008
Robert StefanskiDay after day, the news seems filled with stories of disruptive credit markets, an economy teetering on recession, and increasing
energy costs. As business professionals grapple with such issues daily, why would commercial real estate professionals consider
the time and effort to "go green"? Historically, green initiatives suffered in part from stereotypical "tree-hugger" false
perceptions. Such perceptions may lead people to believe that green investments simply aren't worth it. The truth? The real
focus has always been the efficient use...
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It's also across the street from Fogo de Chao and Morton's....
Yep, the haters are trying to make good news bad. I guess it is hard to get people to believe the series is dying when they are gaining new sponsors.
David Copperfield! I remember watching his specials on TV when I was little.
Don't forget this is next to an MMA gym, a pawn shop, and some abandoned spaces.
Good project for Zionsville - A group who has owned the property for many years has waited and worked patiently to bring highest and best use development to a major corridor, and mix that in with the great downtown you have. Win Win. All the Best to Pittman Partners and Zionsville.