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Real Estate & Retail
Glut of million-dollar houses driving prices down
June 11, 2007
Michael DabneyBuyers in the market for million-dollar homes can afford to be choosy these days, as the softness in the overall market extends
to the high end, real estate agents say. Through the first quarter of this year, home sales in the 13-county Indianapolis
area fell nearly 12 percent, according to the Metropolitan Indianapolis Board of Realtors.
MoreEx-Marsh exec says ousted president asked him to inflate profit
June 11, 2007
Greg AndrewsBy now, David Marsh might be regretting he ever decided to take on former employer Marsh Supermarkets Inc. in court. Since
he filed his lawsuit last fall charging the company his grandfather founded had shortchanged him on severance, the company
has stormed back with a blizzard of allegations.
MoreLocal malls line up new restaurants, retailers: Cheesecake Factory to open in Greenwood; hot clothing store H&M heading to
Castleton
May 28, 2007
Cory SchoutenLAS VEGAS-Redevelopment plans at Greenwood Park and Castleton Square malls call for popular new restaurants and a sought-after
Swedish clothing retailer. The additions-which would add the area's second locations for The Cheesecake Factory and fashion
retailer H&M, along with new-to-the-market restaurants Stir Crazy and BJ's Restaurant & Brewery-are named in materials Simon
Property Group Inc. shared with retailers at the International Council of Shopping Centers annual convention in Las Vegas.
The highest-profile new tenant at Greenwood Park Mall would be...
MoreNew Glick exec puts expansion on agenda
May 28, 2007
Tracy DonhardtIt can be intimidating to be tapped by a legend and charged with growing one of central Indiana's best-known companies. But
David Barrett, three weeks into his role as executive vice president of Gene B. Glick Co. and less than half the age of its
still-working founder, says he isn't the least bit nervous.
MoreWoodfield Crossing plan calls for hotel, offices, condos, theater
May 28, 2007
Cory SchoutenA local firm plans to redevelop a quiet corner near the Fashion Mall into a mixed-use behemoth with a full-service hotel,
5,000-seat theater, hundreds of condos, and more than a million square feet of office and retail space.
MoreVIEWPOINT: Seeing Indianapolis with new eyes
May 21, 2007
Carol WhalinI left Indianapolis for New York City. Flying home for holidays, I never thought I could live here again. A nice place to
grow up, Indianapolis gave me those wholesome Midwestern manners, recalled whenever a New Yorker asked, "You're not from here,
are you? You're just too nice." Indianapolis also gave me a successful career start, circa 1982. My partners and I later sold
an OfficePlus location to a group in Manhattan in 1997. They invited me to move and...
MoreContamination reconsidered: Developers show more acceptance toward environmental trouble spots When property is scarce, mitigation
becomes viable
May 21, 2007
Chris O\'malleyWhen property is scarce, mitigation becomes viable The plan to close Citizens Gas & Coke Utility's coke manufacturing plant
this year has already brought a few inquires about its reuse potential. But perhaps the biggest impact of the foundry fuel-maker's
demise will be stoking discussions over whether other environmentally scarred properties are ripe for redevelopment. Until
recent years, many developers regarded any property with even a tinge of environmental contamination as if a parcel in Chernobyl.
The coke plant "illustrates...
MoreTeePee could rise again: Local man hopes to revive restaurant that was city fixture from 1930s to '70s
May 21, 2007
Cory SchoutenDick Turner is looking for an entrepreneur who shares his taste for nostalgia and Big Chief cheeseburgers. For 20 years, he
has dreamed of opening an updated version of the classic TeePee restaurants that served as hangouts for generations from the
1930s to 1970s. At its peak, the chain had three Indianapolis locations, each with dining rooms and curb service, on Madison
Avenue and Fall Creek Boulevard and in Nora. Turner can show you the frayed legal documents that outline...
MoreRescue for MSA site fell short
May 14, 2007
Cory SchoutenA high-profile local firm that quietly negotiated last fall to salvage the stalled redevelopment of the Market Square Arena
site abandoned its plans when the city decided instead to solicit new proposals early this year.
MoreWeb rates get banks' attention: Some try to compete by boosting savings yields
May 14, 2007
Scott OlsonIn an effort to lure new customers, more traditional banks are beginning to emulate their Internet adversaries and offer online
savings accounts boasting much higher annual yields. Customers are increasingly turning to Internet banks because they offer
highyield savings accounts that don't require massive balances. First Internet Bank of Indiana, founded in 1998 by local tech
entrepreneur David Becker as the first state-chartered Internetonly bank, has seen its assets grow to more than $530 million
in less than a decade...
MoreRETURN ON TECHNOLOGY: IT departments are often overworked and underfunded
May 14, 2007
Tim AltomWhy do trucking companies overload their trucks, when they know they'll damage the very highways they need for their livelihoods?
Why do people keep defiantly watering their lawns in d r o u g h t - s t r i c ke n areas? Why do we buy cheap goods from
discount retailers when we know they were made in sweatshops? And why do employees download streaming audio and video, when
they're repeatedly warned that these things turn high-speed...
MoreEast end of Mass Ave poised for rebirth
May 7, 2007
Cory SchoutenBustling foot traffic at lunchtime and at night helps sustain many of the restaurants, shops and galleries in the vibrant
Mass Ave downtown neighborhood. But few of the Massachusetts Avenue shoppers and diners on foot venture east of the psychological
barrier that is College Avenue.
MoreNot-for-profit thrift stores shake low-end image
May 7, 2007
Lisa GerstnerThrifty Threads store manager Tim Waldrip can hardly keep up when he puts stylish used clothes on the thrift store's mannequins.
Customers snag them so quickly he has to change the outfits three to four times a day. Regardless of what its mannequins are
wearing, the not-forprofit shop on West 86th Street is flourishing. Sales in 2006 reached $336,000-a 24-percent increase from
the previous year. Now the Julian Center, the Indianapolis shelter for abused women that runs Thrifty Threads, is...
MoreSt. Vincent taking over Thomson HQ
April 30, 2007
J.K. WallA shrunken Thomson, the former manufacturer of RCA
televisions, is vacating a landmark office building at its Carmel headquarters to make way for St. Vincent Health, the parent
company of a growing chain of Indiana hospitals.
MoreWinning bidder plans mixed-use project: Plan for state-owned parcel would add new neighbors for Bourbon Street Distillery,
Musicians' Repair & Sales
April 30, 2007
Cory SchoutenThe winning bidder for a prime piece of state-owned land on the west side of downtown hopes to break ground later this year
on a residential and retail complex. The project would replace a shabby parking lot on a triangle-shaped block that is now
anchored by The Bourbon Street Distillery and Musicians' Repair & Sales. The U-shaped, 0.75-acre property at 340 N. Capitol
Ave. touches Indiana Avenue, Capitol Avenue and Vermont Street. The development likely would include condos above a...
MorePension changes fill state's VC coffer: Indiana Investment Fund has $155 million to pour into Hoosier companies
April 30, 2007
Peter SchnitzlerThe diversification of the state's two enormous public pension funds into private equity is transforming Indiana's venture
capital sector. And their $155 million Indiana Investment Fund is the largest factor in the equation. If it's successful,
the Indiana Public Employees' Retirement Fund and the Indiana State Teachers' Retirement Fund will save Hoosiers untold millions
of dollars and help launch a host of new high-tech companies. If it's not, taxpayers will one day have to foot the bill. Indiana
State Budget...
MoreSTATEHOUSE DISPATCH: Events outside the Capitol shape final days of session
April 30, 2007
Ed FeigenbaumAs I write this, we have no way of knowing what the 2007 session of the Indiana General Assembly will mean for gambling, property
tax relief or the biennial budget-the three overarching items looming over the heads of lawmakers as they entered their final
week of deliberations. But that won't prevent us from making a few pertinent observations about the context, and how that
atmosphere was shaping events. Each legislative session possesses a flow of its own, based on incidents,...
MoreEntrepreneurs eager to pamper your pets
April 30, 2007
Jennifer WhitsonAmericans are spending more than ever on their four-legged friends, and savvy central Indiana entrepreneurs are among those
cashing in.
MoreEYE ON THE PIE: For sale: an American house of cards
April 23, 2007
Morton MarcusA chicken in every pot and a car in every garage. Herbert Hoover never said those words, but they were part of his presidential
campaign literature in 1928. Should they be the goals of American politics? Should we subsidize the price of chicken to keep
poultry and grain farmers happy while consumers pay less at the grocery? How about lowering the cost of owning an automobile
by allowing automobile interest payments to be refunded as tax credits? Along with these...
MoreFarmland values soaring, but still lag other sectors: Cornfields far more valuable when sold for other uses
April 23, 2007
Scott OlsonEscalating demand for corn driven by the ethanol boom is propelling farmland prices higher, but not nearly enough to deter
commercial developers from nabbing prime pieces of property. An average acre of Indiana farmland rose last year in value almost
16 percent, representing the largest annual jump in at least two decades, according to the U.S. Department of Agriculture.
Prices this year are projected to increase by an even larger percentage. Land values are escalating because corn is expected
to...
MoreMICKEY MAURER Commentary: An Indianapolis gem shines again
April 23, 2007
It's no secret that my mentor is Gene B. Glick. I was privileged to work for Gene early in my career and learn the right way
to be a success in business. For example, the ability to remain calm while reacting to the many calamities and adversities
of a typical business life is one of the attributes of the Glick style that I admire most. I could have used more time at
the feet of this master, but, luckily, school...
MoreDowntown hot for apartments: Developers of new multifamily projects encouraged by high occupancy rates, rising rents, waiting
lists
April 23, 2007
Cory SchoutenJustin Williams and Meredith Barrett grew up on the south side, but that's not where they'll live after getting married in
September. They're looking for an apartment downtown. It's the only neighborhood they're considering. "I love being right
in the middle of everything," said Williams, 25, a server at P.F. Chang's China Bistro in Circle Centre. Barrett, a 22-year-old
nurse at Wishard Hospital, said she "just likes to be able to walk everywhere." The couple is part of a growing...
MoreMSA Round 2 plans pitched by local development teams
April 23, 2007
Cory SchoutenTwo new proposals for the parking lot formerly known as Market Square Arena are shorter and less dramatic than plans for a
31-story tower that fell through last year. But each of the new sets of plans has its flourishes.
MoreBroadbent's new era: Veteran real estate firm known for strip centers prepares for new headquarters, new leadership
April 23, 2007
Scott OlsonThe distinctive black-and-white façade of the Zipper Building at Washington Street and Virginia Avenue is gone, stripped
away like ceiling tiles from an old bedroom. Replacing the unusual exterior of the three-story structure will be a more traditional
brick and stone look-and a new moniker bearing the name of owner The Broadbent Co. Broadbent, the longtime developer of retail
strip centers including Castleton Plaza, Clearwater Crossing and Fashion Mall Commons bought the downtown building last October
and is set to...
MoreCity buildings save money while gaining 'Star' status: EPA program gives tax breaks for energy efficiency
April 23, 2007
Scott OlsonThomson Inc. building, 10330 N. Meridian St. In 2006 alone, the EPA awarded more than 3,400 buildings nationwide with the
Energy Star designation. Buildings can achieve the status by adopting an energy-management strategy and tracking the results
during a 12-month period using an EPA rating system. Results need to be verified by a professional engineer. All Energy Star
products qualify for a tax credit. A deduction of up to $1.80 a square foot is available to owners and designers of...
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Can IBJ please stop referring to this property as "Kessler Mansion"? What a ridiculous title for the biggest, bloated, blight in our city. It's not a mansion. At best, it's an ideal site to shoot low-budget porn. Ahhh! Another business use!
Its stories like these that prove that a Ball State diploma is worth less than the paper that its printed on. A real institution of higher learning would have taken care of this long ago. No way should this crap be taught in a SCIENCE class.
It is such a shame that King Ballard has made Indianapolis into Chicago south with all of the rampant corruption.
How many of these 1,259 bills were actually heard and voted on on the floor vs how many were shot down in committee?
When a an arrogant young guy with essentially no experience and no qualifications for the job, was dropped into an Administrator position out of nowhere by his "mentor" in the Mayor's office things seemed fishy. Sometimes things are what they seem.