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Real Estate & Retail
VOICES FROM THE INDUSTRY: Patent ruling a big victory for biotech, drug industries
January 21, 2008
Lynn TylerLast Halloween a federal court in Virginia gave the biotech and pharmaceutical industries a big treat when it preliminarily
halted the Patent and Trademark Office, or PTO, from implementing new rules governing certain aspects of patent prosecution.
This ruling was significant because it prevented the PTO from imple menting new rules governing patent applications that many
thought would weaken protection of important biological and chemical inventions. Several local life sciences businesses and
entities with significant numbers of patent applications in...
MoreFormer RCA industrial site to get $20M rehab
January 21, 2008
Cory SchoutenA Bloomington company that revived a former Thomson Consumer Electronics/RCA plant in that city is taking a shot at redeveloping
one of the largest industrial eyesores in Indianapolis, also a former RCA complex. Pinnacle Properties plans to spend $20
million redeveloping the 13-building property northwest of Sherman Drive and East Michigan Street.
MoreSports tenants ponder vacating Pan Am Plaza: Four national governing bodies could share office
January 21, 2008
Anthony SchoettleThe Pan Am Plaza building, constructed to provide office space for amateur sports organizations, may soon be losing three
of its highest-profile tenants. USA Gymnastics, USA Diving and U.S. Synchronized Swimming are contemplating moving out of
the building at 201 S. Capitol Ave., sources close to the organizations said. A fourth group, USA Track & Field, which is
preparing to move from the RCA Dome, is considering joining the other three sports-governing bodies in shared office space-preferably
downtown. USATF will...
MoreUpscale mainstay Glass Chimney ending its 32-year run
January 21, 2008
Tracy DonhardtLured to America in 1967 by brothers who owned restaurants in Cincinnati and Indianapolis, Dieter Puska has spent the past
32 years--nearly half his life--as owner and chef of the elegant Glass Chimney restaurant in Carmel. So it was a bittersweet
moment when he told his employees this month that he is hanging up his chef's coat and giving up his 70-hour workweeks to
retire.
MoreReal estate exec with lavish lifestyle accused of $160M fraud
January 14, 2008
Chris O'MalleyA high-flying Carmel businessman who moved his base of operations to Miami a couple of years ago is accused of burning through
$160 million of investors' money in the collapse of his real estate empire.
MoreFew stocks avoid effect of housing, banking woes: Wall Street pessimism spreading across industries
January 14, 2008
Tracy DonhardtNineteen central Indiana companies have seen their stock prices fall more than one-quarter from the 52-week highs-a plunge
that largely reflects pessimism over the strength of the economy. The pullback has hammered some of the top-performing Hoosier
companies in recent years, including shopping mall owner Simon Property Group Inc. (off $46 a share, or 38 percent) and school
operator ITT Educational Services Inc. (off $52, or 39 percent). Former highfliers often take the biggest tumble when investor
sentiment turns bearish....
MoreNature Conservancy buys blighted industrial site
January 14, 2008
Cory SchoutenThe Nature Conservancy has agreed to buy a blighted industrial property on the eastern edge of downtown to develop a new Indiana
headquarters. The $4.5 million project--which will revitalize or replace the former home of Nemec Heating & Supply Co. at
614 E. Ohio St.--should provide another boost to an area that has been bulking up on development, mainly residential.
MoreFinancial Planning Titles: A list of acronyms after an adviser's name might look impressive, but those seeking credible advice
need to sort through designations
January 7, 2008
Scott Olsoninancial F Planning Titles A list of acronyms after an adviser's name might look impressive, but those seeking credible advice
need to sort through designations Investing your money is overwhelming enough already-especially with all the available options-without
having to fret over whether a financial adviser has the credentials to keep your retirement account afloat. Sure, there are
a litany of fancy titles financial planners can earn that may help ease your concerns. But what do they really mean? With
more...
MoreRETURN ON TECHNOLOGY: Beware: e-mail is bastion of many security lapses
January 7, 2008
Tim AltomTell the truth-you've "Googled" yourself, haven't you? All of us have, or at least we should. It's interesting for me to do
it for myself, because I've been an Internet denizen since before the Web was woven, when all most of us did was exchange
e-mails. What chills me sometimes is how far back the Google results for my name can go, clear into the mid-1990s in some
cases. The 'Net never forgets anything. If you have doubts about that,...
MoreNational City Center nabs Veolia
January 7, 2008
Cory SchoutenParis-based utilities giant Veolia Water has reached a deal to move its North American headquarters into the 16-story National
City Center, providing a boost to a downtown building still reeling from the loss of Simon Property Group Inc.
MoreRunning Co. takes aim at sporting-goods giants
January 7, 2008
Anthony SchoettleRetired Olympic distance runner Bob Kennedy and his business partner, Ashley Johnson, have expanded their Running Co. to four
stores. The most recent expansion is their boldest yet, pitting them against mall giants Dick's Sporting Goods, The Finish
Line and Foot Locker for supremacy among south-side runners and walkers.
MoreResidential real estate market follows nation into slump
December 31, 2007
Cory SchoutenFor most of this decade, the Indianapolis residential real estate market enjoyed a good run. But in 2007 it muddled through
the doldrums just like the rest of the country, and builders pulled out all the stops to avoid getting stuck with inventory.
MoreDevelopers roll out barrage of projects
December 31, 2007
Cory SchoutenIt was a big year for downtown development proposals. Two in particular grabbed headlines: Legends District SoDo and Penn
Centre.
MoreECONOMIC ANALYSIS: Indiana's economy: The fundamentals are in place
December 31, 2007
Mike HicksPredicting the size and scope of economic activity for the nation, state and region is one of the more important roles played
by university economists. But 2008 is the kind of year that really tests economic forecasting. The Bureau of Business Research
just released its forecasts for Indiana and two regional labor markets. In total, we examined eight different data series
and have stressed the performance of net employment and wages. Our forecast is fairly optimistic. We predict job growth...
MoreDevelopers have new plans for corner
December 31, 2007
Cory SchoutenThe retail juggernaut at 86th Street and Keystone Avenue could get even stronger in the next several years. Locally based
Premier Properties USA Inc. revealed plans in 2007 for a $750 million redevelopment of a prime corner near The Fashion Mall
at Keystone.
MoreFailing Noble Roman's franchisees say chain doesn't deliver on promises
December 24, 2007
Cory SchoutenNoble Roman's Inc. wrote an impressive comeback story by selling its home-grown pizza and subs concepts to hundreds of
gas stations, bowling alleys and food courts. But the Indianapolis company's push to add stand-alone restaurants across the
country isn't going as smoothly.
MoreSPECIAL REPORT: Financial travails dog 'mystery man' at helm of Premier Properties
December 17, 2007
Cory SchoutenAn IBJ review of hundreds of pages of public records shows Christopher P. White and his Premier
Properties USA Inc. are facing major financial and legal challenges. The most glaring signs of trouble: Contractors have filed
more than $3.5 million in liens against Premier’s retail properties in Plainfield; the state of Indiana is trying to
recover $375,000 in sales taxes on White’s airplane; and the contractor who renovated his Lake Clearwater mansion
is suing him to recover more than $600,000 in unpaid bills.
More'Mystery man' at helm of Premier Properties dreams big, but bills pile up
December 17, 2007
Cory SchoutenChristopher P. White is arguably the city's most daring real estate developer. But an IBJ review of hundreds of pages of public
records shows White and his Premier Properties USA Inc. are facing major financial and legal challenges.
MoreBEHIND THE NEWS: Simon's Arizona flop highlights perils of housing sector
December 17, 2007
Greg AndrewsNo wonder investors are jittery. The housing slump is stinging companies of all stripes these days, even those that would
seem to be safe havens. A case in point: mall developer Simon Property Group Inc., which surprised investors this month by
announcing it was taking a $26 million charge to write off its entire investment in what was to become a huge Arizona housing
development. "Frankly, we had forgotten they had this Arizona thing," said Lou Taylor, an analyst with...
MoreMalls are 'soft targets' for terrorism, experts say: Risks aren't scaring away holiday shoppers
December 17, 2007
Michael DabneyThe deadly shooting spree at a Nebraska mall this month highlighted a challenge confronting Simon Property Group Inc. and
other shopping center operators: how to protect their properties from violent acts, or even terrorism, while also leaving
them welcoming to shoppers. Most retail real estate owners have ramped up security since the 9/11 terrorist attacks, though
experts say shopping centers, like schools, remain "soft targets" for terrorism. "Shopping center owners have been very concerned
about security for their patrons for...
MorePROFILE MICKI STIRSMAN: Education at heart of growth Continued training is part of her biz plan
December 10, 2007
Della PachecoPROFILE MICKI STIRSMAN Education at heart of growth Continued training is part of her biz plan Your face might be Micki Stirsman's
canvas. Instead of applying paint to paper or molding clay into sculpture Stirsman and her staff use their artistry to transform
their clients' appearances. The Speedway native is owner of Salon 01, a business she started with a $10,000 contribution from
her grandmother that has grown into a million d o l l a r- p l u...
MoreKenley a go-to guy in taxing situations: Influential senator sees public service as his duty
December 10, 2007
Jennifer WhitsonTake a look at some of the most complicated, heated and thankless Statehouse negotiations and chances are you'll find Republican
Sen. Luke Kenley smack in the middle of the fray. While some Hoosiers are hard-pressed to attend a school board meeting or
even try to understand their property-tax bills, the 62-year-old chairman of the Senate Tax & Fiscal Policy Committee sits
through hours of public hearings and even more hours of closed-door negotiations. This General Assembly promises to be one...
MoreFundex mixes tradition with high-tech in game biz
December 10, 2007
Emily GroenFundex's Oct. 10 acquisition of the Great American Puzzle Factory keeps the Indianapolis-based game and toy company firmly
planted in the tried and true, even as it experiments with the burgeoning mobile-game market.
MoreAllPoints Midwest lands huge lease
December 3, 2007
Jennifer WhitsonThe massive new AllPoints Midwest industrial park in Plainfield has landed its first tenant in a mega deal that likely will
be the area's biggest industrial lease in 2007. Local logistics firm Prime Distribution Services Inc. has signed a lease for
1.2 million square feet in the 920-acre park, a joint venture between Indianapolis-based Duke Realty Corp. and Browning Investments
Inc.
MoreBEHIND THE NEWS: Steak n Shake troubles may cut chance of sale
December 3, 2007
Greg AndrewsHere's a silver lining to The Steak n Shake Co.'s deepening woes: They might scare off potential buyers, keeping the locally
based diner chain independent for the foreseeable future. "While Steak n Shake continues to look at alternatives to increase
shareholder value, we believe the business will need to be stabilized to attract any meaningful interest," CL King & Associates
analyst Michael Gallo wrote in a new report. Indeed, getting the 491-restaurant chain back on track could take a long...
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So the Mayor adds another non value added layer to having a vehicle towed? Whereby the City Government RECIEVES AN ILLEGAL KICKBACK FROM A LGOISTICS COMPANY THAT SUBS THE WORK TO LOCAL TOW COMPANIES? What is the service the City performs for receiving the "tribute"? This is RICO!!!!! What a corrupt and unnecessary layer. What a dirtbag Mayor and his cronies.
Owner occupied housing. Clear enough?
So people think I am paranoid. It's from experience in dealing with puds requested by developers who make major donations themselves to representatives, have nice fund raisers for those running for office and hide through pac's. then there are the public relation firms. You will note some pr comments below. You there Clyde Lee? My opinion. Commercial along 421, great. Multifamily housing, terrible idea that will change the town. Senior condos or zero lot line homes west, great. I suggest keeping all entries to commercial areas at 421. All entries to owner occupied on sycamore. Will keep the traffic on sycamore down some. Two other things. You can't trust what will be there in 10 years. Steve builds quality stuff, but areas change over time. Look at the changes at the wall mart center at 86th and 421 over the last 10 years. Look at the apartments and neighborhoods behind St Vincent's. Raintree properties WILL decrease in value if commercial and multifamily goes in near. It has already been happening around the bridges area. The houses that have been sold recently are way below market. Several deals not closed due to the Illinois construction and the whole unsurety of the bridges. It's pretty simple, Zionsville will approve the whole thing because the city council has been groomed over a LONG period of time for this. I might even suggest some are in their position as a result of this.
Esta, do you have a dog in this fight? You seem to really want to knock anyone against this project. No, I didn't move to Indiana for the architecture. I moved here for that red barn in the field. The horses and fields of corn. A place that is NOT overdeveloped. There are plenty of nearby places in Indianapolis that could be REDEVELOPED instead.
RKW - OK, we get it, you're paranoid. The question is, are you paranoid enough? Greg - Yes, Pittman(s) is (are) at it again. They are developers, they build things. It's what they do. So when you go to work tomorrow, Greg, you're at it again too. Cliff - Really? You moved to Indiana for its progressive architecture? That's like moving to England for the cuisine. Zionsvillain - The house you moved to was once a field or woods. I'm willing to bet folks were upset when that ground was plowed under and a house was built. But I guess now that you are in, everything should stop? "My house was OK, but the next one is sprawl." SE Guy - Please don't paint us with such a wide brush. Most reasonable Zionsville residents welcome planned, measured development.