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Real Estate & Retail
St. Elmo spinoff, Harry & Izzy's, could go national
March 12, 2007
Cory SchoutenHarry & Izzy's, a spinoff to St. Elmo Steak House slated to open in mid-April at Circle Centre mall, is the city's most anticipated
new restaurant in years--a casual cousin to St. Elmo,
with lunch service and a wider menu, including salads, pastas and pizzas, along with standbys like the famous shrimp cocktail.
MoreA whole new ballgame: More women stepping up to the plate in commercial real estate
March 12, 2007
Cynthia SequintheYogi Berra once said, "You give 100 percent in the first half of the game, and if that isn't enough, in the second half you
give what's left." Women are accepting his challenge with a chuckle, running onto the commercial real estate field and playing
to win. They also are balancing home and family. Why not? The U.S. commercial real estate market is worth about $3.5 trillion,
according to Real Capital Analytics, a New York research firm. Bridget Farren, founder...
MoreMansur lands $50M midfield airport hotel
March 12, 2007
Jennifer WhitsonThe Indianapolis Airport Authority has tapped Mansur Real Estate Services Inc. to develop a $50 million-plus Westin hotel
at the new midfield terminal. But the hotel's final design may be one submitted by a former competitor, White Lodging Corp.
of South Bend.
MoreBULLS & BEARS: Amid all the complaining, U.S. continues to prosper
March 5, 2007
Dave GilreathA few weeks ago, I heard Ben Stein speak about politics and the economy. The noted lawyer, writer, actor and economist spouted
off various positive statistics about the U.S. economy and then lamented that the public seemed morose about the financial
sunshine. Even though our standard of living is at an all-time high, it seems as if Americans like to grovel and complain.
Stein said, in his best Ferris Bueller drone, the American public was the most "unhappy happy society"...
MoreSun Capital draining Marsh excess
March 5, 2007
Cory SchoutenSun Capital Partners, Florida-based parent of Marsh Supermarkets, is unloading what it sees as excess real estate. Marsh put
19 properties on the market in late February for a total asking price of $10.6 million.
MoreLilly vacating 99,000 square feet in 30 S. Meridian building
March 5, 2007
Cory SchoutenEli Lilly and Co. has decided to vacate 99,000 square feet of office space at 30 S. Meridian St. in yet another blow to the
struggling downtown market. Roughly 1.8 million square feet of space already is sitting idle downtown, putting downward pressure
on rents.
MoreECONOMIC ANALYSIS: How consumers respond when paper profits vanish
March 5, 2007
Patrick BarkeyMost market sages know it already, but there is always a new generation of investors that needs to relearn the lesson taught
by this latest financial market volatility. Namely, that paper wealth is subject to change. Turning your financial wealth
into something else of value-like a house, or a car, or even a bond-always contains an element of uncertainty. If you want
to take it literally, more than a trillion dollars of wealth was wiped out in the first five...
MoreBroker wants Lucas Oil to move HQ near airport
March 5, 2007
Jennifer WhitsonMarvin Miller is representing a landowner trying to sell 125 acres just north of Indianapolis International Airport. But Miller
wants him to give away some of the property to persuade California-based Lucas Oil to move its headquarters there, jump-starting
the stagnant area in the process.
MoreBEHIND THE NEWS: Duke Realty hits groove; stock rings up big returns
February 26, 2007
Greg AndrewsT h e m a n a g e - ment team at Duke Realty Corp. is proving itself adept at juggling these days. The Indianapolis-based
industrial, office and retail developer wowed Wall Street with a 25-percent increase in fourth-quarter funds from operations,
a key measure of performance for Duke and other real estate investment trusts. The company received a lift, in part, from
a spate of property sales. But the solid results weren't an aberration for the relatively low-profile...
MoreMeridian Street landmark gets new life
February 26, 2007
Tammy LieberBuckingham Cos., the Indianapolis-based owner/manager of more than 60 apartment complexes in five states, has broadened its
development sphere to include three square blocks of downtown real estate.
MoreGuidelines target design of downtown development: New rules will protect urban character, supporters say
February 19, 2007
Scott OlsonDowntown developments soon will come under extra scrutiny, once new design guidelines are approved in the spring. Known as
Urban Design Indianapolis, the process of developing the criteria fell on the shoulders of several groups: the Department
of Metropolitan Development, Historic Landmarks Foundation of Indiana, Ball State University's architectural school and the
Urban Design Oversight Committee. The intent is not to mandate to developers that their buildings meet certain design standards,
but rather that the cosmetics coalesce with the existing...
MoreCondo project sparks interest in Fletcher Place: Property values rising as Villaggio takes shape
February 19, 2007
Cory SchoutenRevitalization efforts had been plodding along for years in the triangleshaped historic neighborhood known as Fletcher Place.
The slower pace of development gave the neighborhood just southeast of downtown a lower profile than places like Chatham Arch
and Lockerbie Square. But Fletcher Place is under the radar no more, thanks to a massive eight-story condo project known as
Villaggio at Page Pointe. The 64-unit building-now the neighborhood's tallest structure-looks like it could be in Florida,
except its panoramic views capitalize...
MoreBiz parks looking to regain cachet: Once-hot office spots Keystone, Precedent face more competition, see occupancy slip
February 19, 2007
Scott OlsonThe new owners of Keystone at the Crossing and Precedent Office Park-two prominent, but aging, business parks on the city's
north side-are undertaking major projects to stay competitive amid a rising glut of office space. Both office complexes became
popular corporate addresses after their development in the 1980s and enjoyed near-maximum occupancy throughout much of their
history. But vacancy rates at the high-profile parks have begun to climb in recent years. Indianapolis-based commercial real
estate investment manager HDG Mansur, on...
MoreCross-border investment in real estate on the rise: Local brokerages playing a role in growing trend
February 19, 2007
Jennifer WhitsonIn 2006, $645 billion was sunk into real estate investments across the globe, according to a recent Cushman & Wakefield report.
Of that, $187 billion was sent across borders to invest. And companies everywhere are chasing the most cost-effective spots
to locate factories and needed hubs for office space. With all that cash changing hands, several locally based companies have
made sure they're positioned to help play a part. Take Indianapolis-based HDG Mansur, for example. In the field for 25...
MoreBULLS & BEARS: Investors overlooking risk, and that spells trouble
February 12, 2007
Ken SkarbeckI closed my last column by suggesting that the markets seem to be paying little attention to risk across a broad range of
asset classes. One measure of risk is stock market volatility, or the magnitude of ups and downs in stock prices. The Wall
Street Journal recently reported the following statistics compiled by the market analysts at Ned Davis Research: It has been
almost 1,000 trading days since the Dow Jones industrial average has seen a 10-percent decline from...
MoreMore restaurants are looking to south side: Eateries eye expansions in 'underserved' market
February 12, 2007
Cory SchoutenBig-name restaurants scouting for Indianapolis locations have snubbed the south side for years. Eateries like Champps, Cheesecake
Factory and Rock Bottom Brewery headed north, drawn by upscale developments and affluent neighborhoods, or downtown to capitalize
on the high-traffic from convention visitors. But now, more high-end restaurants are showing interest in the south side, local
retail brokers say. Among the chains looking are Fox & Hound, Champps and Old Chicago, a pasta and pizza concept that's part
of the Rock Bottom...
MoreSteak n Shake trying out lighter menu options
February 5, 2007
Cory SchoutenBut as more people seek out healthier food and become conscious of high fat and calorie counts in Steak n Shake's staples,
some are staying away or not visiting as often. To fight back, the chain is working on a barrage of healthier menu options,
including yogurt shakes, chicken sandwiches and new salads. Perhaps a variation on the slogan that started it all in Normal,
Ill., in 1934 is in order: "In Sight It Must Be Light." The first leaner...
MoreGiant Ford plant could join warehouse conversion trend: Observers say size, age may be obstacles
January 29, 2007
Jennifer WhitsonCity officials haven't given up hope on keeping 1,400 lucrative manufacturing jobs at an Indianapolis steering parts plant,
but Ford Motor Co. has. The company this month said it will close the facility by the end of 2008. A closure will leave the
1.8-millionsquare-foot building empty, but real estate observers say it could be redeveloped as leaseable industrial space-as
shuttered Chrysler, Maytag and Western Electric factories nearby have been. Some of the premier projects in the area are leasing
well,...
MoreCorporate shopping spree: Massive Guidant deal helps make 2006 a record-setting year for local M&A activity
January 29, 2007
Scott OlsonLast year was a record-shattering period for the Indianapolis-area merger and acquisition market, thanks in large part to
the loss of one public corporation. Guidant Corp.'s acquisition by Boston Scientific Corp. for $28.4 billion last year and
the related sale of its vascular business to Abbott Laboratories for $4.1 billion made the 2006 Big Deals list bigger than
ever. That's because the two deals made up about 85 percent of the $38.5 billion of M&A activity tracked down by the...
MoreA lonely number for IPOs in Indiana: Calumet joins short list of Indiana companies to go public this decade
January 29, 2007
Scott OlsonA little-known refining and petroleum products company on the city's west side has the distinction of being the only company
in the state to go public in 2006. Calumet Specialty Products Partners LP filed its initial public offering last January.
It completed the process in June by selling 5.7 million shares of stock at $21.50 each, ultimately raising $122.5 million.
Shares since have nearly doubled in value, thanks in part to rising prices in the petroleum industry. While Calumet's decision...
MoreChocolatier maintains steady routine between busy seasons
January 29, 2007
Lisa GerstnerEach week at David Alan Chocolatier in Lebanon, three employees make a different variety of chocolate truffles, nut clusters
and other chocolate-laden delights. Alan uses 7,000 pounds of chocolate a year to make his products out of the renovated gas
station he has operated at since 1984.
MoreCHRIS KATTERJOHN Commentary: Greetings from Indianapolis South
January 22, 2007
NAPLES, Fla.-Here I am more than 1,000 miles from Indianapolis and yet feeling right at home. Seems like everywhere I turn,
there are signs of the city. The first night I was here, I ate dinner at a restaurant where six Indianapolis people I know
were sitting at the table next to ours. During the course of my stay so far, American United Life Insurance Co. held a board
retreat here and the St. Vincent Hospital Foundation threw a fund-raiser...
MoreSuburban builder J. Greg Allen to tackle downtown
January 15, 2007
Jennifer WhitsonJ. Greg Allen & Associates has made a name for itself building suburban subdivisions, office buildings and retail complexes.
Now, the developer is poised to tackle a pair of projects downtown.
MoreBlue Crew Sports Grill beating the odds
January 8, 2007
Anthony SchoettleBeing an Indianapolis Colts fan doesn't mean you will necessarily succeed at running a Colts-themed restaurant, but Blue Crew
Sports Grill owners Randy Collins, Dan Dilbeck and Everett Myers aren't ordinary fans. They are three pillars on which one
of the National Football League's biggest fan clubs has been built.
MoreMerging banks to put pressure on downtown real estate: Huntington, Sky to combine offices, but where?
January 8, 2007
Jennifer WhitsonOhio-based Huntington Bank's plans to buy Sky Financial Group Inc. will mean more available office space in a downtown market
already awash in it. "People never merge without reducing their space," said Jeff Harris, president of locally based Meridian
Real Estate. "[This merger] is not going to have a monumental effect overall, but it's just more square feet, another hole
to be filled." Columbus, Ohio-based Huntington Bancshares Inc. announced Dec. 21 that it agreed to purchase Bowling Green,
Ohio-based Sky...
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Doug Henning!
These guy were thugs — they grew up in freaking Haughville! Smh, sigh. If the mayor needs/wants "quality" Black Hoosiers who are NOT corrupt, give me a call — I know plenty. Land bank info here - http://www.kubepharm.com/indylandbank/IndyLandBank.html
Magician and illusionist!
The basic idea of nice apartments with parking and retail is a good one, but this design seems overwhelmingly big/tall for Broad Ripple. The size could be disguised a bit with lots of big trees/landscaping, but the complex is too massive to blend in easily. That section of canal between College and Westfield will also need to be upgraded on both sides. Nice apartments facing onto a nice promenade with shade trees/plantings could bring together the canal towpath/Monon recreation, the outdoor seating at existing restaurants, and this project into something that upgrades the whole area. A plan for the whole stretch makes more sense than facing nice new housing onto what looks like a ditch. Is there a plan? Does the public have input? Who pays? The apartment idea seems to be reasonable, but Whole Foods is not a good idea for appropriate retail. Besides the store being physically too big, there are already Fresh Market at 54xCollege and Whole Foods in Nora for fancy groceries. Good Earth and Kroger are within walking distance of the Shell site. There are at least 7 grocery stores within a safe bike ride. Whole Foods would add nothing but traffic congestion. This design is on the right track, but there needs to be more work done to ensure that it blends in with and enhances the existing community. A project that large will set a tone for that whole part of town. It could be a real asset, but only if done right.
I did not move to Zionsville to live in Carmel. This and the subsequent developments to follow will ensure a vanilla uniformity of strip malls and apartment buildings as we seek to bring our town down to the least common denominator. We were warned before recent elections that pro-development council members would make sure their friends (landowners and developers) would be able to make their millions off of the exploitation of Zionsville. Why in God's name would we sell out the best preserved small town in the State of Indiana?