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Real Estate & Retail
Century-old landmark building gets new life as condos: Former Ashantii Ballroom renovated into 11 units
November 6, 2006
Tracy DonhardtHe lived in the south Broad Ripple house 11 years, rented it out for another 11, then sold it for three times what he paid
for it. Today, McMichael, 43, owns a dozen rental properties around Indianapolis, plus the well-known Rathskeller Restaurant
downtown. And recently he's turned his real estate eye to 16th and Alabama streets where he's converting the former Ashantii
Ballroom into luxury condominiums. "I learned years ago with that first house the power of real estate," Michael...
MoreMassive hotel project could advance without city help: Redevelopment would be on a smaller scale
November 6, 2006
Cory SchoutenLand near Victory Field could get hundreds of additional hotel rooms even if the developers that control the site don't receive
city incentives they're seeking for a huge convention hotel project. Merrillville-based White Lodging Services Corp. and Indianapolis-based
REI Real Estate Services are asking the city to invest $45 million to $55 million toward a $250 million campus of hotels on
land that's now home to a 235-room Courtyard by Marriott and a TGI Friday's. If they don't win the...
MorePonds poo-pooed by more developers: Land prices create need for alternative storm systems
November 6, 2006
Jennifer WhitsonFor years, the model for most local drainage systems-especially in large development sites not directly downtown-has been
underground pipes running into a large detention pond. The ponds have dotted the landscape, becoming a perk for office dwellers
and homeowners wanting a "lake" view, but raising the concern of many safety officials over the increased risk of drownings.
But as new federal rules come into effect requiring not just flood prevention but also filtration of contaminants, more developers
may be moving...
MoreObstacles couldn't stop community-minded Shaheen
November 6, 2006
Tammy LieberYvonne Shaheen, retired CEO of Long Electric Co., is the winner of the 2006 Michael A. Carroll award, given annually in memory
of the former deputy mayor to a person who embodies determination, devotion, humility and community.
MoreDeveloper has big plans for long-vacant drive-in: N.Y. firm has 93-acre Lawrence site under contract
September 25, 2006
Jennifer WhitsonA 93-acre former drive-in south of the former Fort Benjamin Harrison has sat vacant since the theater closed in 1993. But
now a Rochester, N.Y., developer has agreed to buy the property and envisions building retail space plus either a light-industrial
business park or a medical campus. If it comes to pass, the large development could kick-start Lawrence's efforts to revitalize
struggling portions of Pendleton Pike. Norry Management Corp. has had the land under contract since spring and is preparing...
MoreMalls' redevelopment attracts familiar names: Borders, AMC Theatres among first tenants identified
September 25, 2006
Justin HesserA mix of familiar stores and upscale retailers will be moving into the nowvacant L.S. Ayres space at Greenwood Park and Castleton
Square malls, which owner Simon Property Group Inc. is turning into small-scale lifestyle centers. The open-air developments,
which will be similar in design to Carmel's Clay Terrace, have attracted a host of major retailers, including Barnes & Noble,
Borders and AMC Theatres. Smaller specialty shops and sit-down restaurants also are planned. Barnes & Noble will be going
in...
MoreKite, Mansur, White pitch airport hotel
September 25, 2006
Jennifer WhitsonThree developers are vying for the chance to build a four-story, 250- to 300-room hotel connected to the new $974 million
midfield terminal and garage at the Indianapolis International Airport.
More$1.7M invested in failed firm not authorized, sources say
September 25, 2006
Chris O'MalleyTrade groups that host the Indianapolis Auto Show and represent 600 car dealers in the Legislature stand to lose $1.7 million
they loaned to a local debt-collection agency--loans that sources said were made without the knowledge of the groups' boards
or membership.
MoreMinority-owned contractor Mezzetta Construction downsizes dramatically
September 25, 2006
Anthony SchoettleMezzetta Construction Inc., one of the city's largest minority-owned businesses and a contractor on the Lucas Oil Stadium
project, is downsizing its staff and auctioning off its office and construction equipment while struggling with financial
difficulties.
MoreNoblesville mega-mall begins lining up retailers: Area brokers say space is likely to lease well
September 18, 2006
Jennifer WhitsonJ.C. Penney, Best Buy and Bed Bath & Beyond plan to open stores in the $100 million open-air mall Simon Property Group Inc.
and a partner are planning to build in Noblesville, retail brokers say. In addition, Grand Rapids, Mich.-based Goodrich Quality
Theaters Inc. is in preliminary talks to open a cinema in the project, owner Bob Goodrich confirmed. Simon and another Indianapolis-based
developer, Gershman Brown & Associates, announced plans for the nearly 1-million-square-foot Hamilton Towne Centre a year
ago....
MoreNOTIONS: Dear philanthropist: Make me a daydream believer
September 18, 2006
Bruce HetrickLast month, I picked up my boys in Fort Wayne, drove north on Interstate 69, hooked a left at Interstate 94, and got off at
the Portage, Mich., exit. There, we whiled away the weekend at a family reunion. The grownups ate too much, caught up on gossip
and puttered around the lake in the speedboat. The teenagers, whom we rarely saw, did X-Box battle in the basement. On Sunday,
after the kids had surfaced for lunch and the grandparents...
MoreBEHIND THE NEWS: A Marsh without Marshes? Expect family to exit soon
September 18, 2006
Greg AndrewsMarsh Supermarkets Inc. has filed hundreds of pages of documents with the Securities and Exchange Commission in recent weeks,
but none gets to the crux of the matter: Will a Marsh remain atop Marsh Supermarkets if Boca Raton, Fla.-based Sun Capital
Partners completes its $88 million buyout of the Fishers-based company? Marsh spokeswoman Myra Borshoff Cook said executives
haven't been asked to step down so far. "They won't know anything until the deal closes," she said. But keeping a Marsh...
MoreHousing bubble on hold
September 18, 2006
Jennifer WhitsonThe inventory of central Indiana homes for sale is piling up, but the backlog so far hasn't caused prices to fall, according
to experts and industry statistics.
MoreSome call on tradition of burying St. Joseph statue to help sell homes:
September 18, 2006
-Jennifer WhitsonReal estate agents pushing to keep homes moving in a slowing market are increasingly looking for divine intervention. Local
religious supply stores say sales are up for 4-inch-tall plastic figurines of St. Joseph. Some Catholics believe that burying
the statues in a yard helps sell a house. St. Joseph statues have always sold well, but they've moved even faster in recent
months, said Beth Kuczkowski, president of the Village Dove Inc., with stores in Broad Ripple, Fishers and on the...
MoreMayor says condo plan for arena site needs more retail
September 11, 2006
Jennifer WhitsonWhen Mayor Bart Peterson announced Aug. 31 that the efforts of a partnership to build condominium towers on the former Market
Square Arena site had failed, he gave his administration 60 days to put together another deal. Peterson's vision: Hold onto
the concept of a residential tower, but add "significantly more retail."
MorePAN founder focuses on another IT venture: BubbleUp aims to standardize musicians' Web sites
September 11, 2006
Peter SchnitzlerIt didn't take David Pfenninger long to get back into the game. Just months after selling Carmel-based Internet-test provider
Performance Assessment Network Inc. in April for $75 million to St. Louis-based TALX Corp., Pfenninger is betting on another
Internet venture: an online music marketing and management startup called BubbleUp. Pfenninger initially remained part of
PAN's local management team after the acquisition, but stepped down this summer, retaining a role as a consultant. "I thought
it was time to make a...
MoreFirm sees opportunity where banks see risk: Oak Street has big hopes for insurance agency loans
September 4, 2006
Peter SchnitzlerBankers like to see plenty of collateral when they underwrite loans. Insurance agents don't have many hard assets to show
them. Free toasters won't smooth over this credit dilemma. But the leaders of the Carmel-based Oak Street companies boast
they can. And they're poised to capitalize with a fast-growing specialty lending firm. "The first line of our vision statement
says we'll build a long-term sustainable financial-services firm," said Oak Street Chairman Steven Alonso. "It's our strategy
to diversify." Founded in...
MoreNOTIONS: A travel dispatch from somewhere over the rainbow
September 4, 2006
Bruce HetrickThe sun is setting, the pavement damp, and dark clouds dance across the San Juan Mountains as we turn onto U.S. Highway 550
and drive north toward Durango. As if there weren't enough beauty in this peak-filled paradise, Nature's earlyevening sideshow
features a fully arced double rainbow, quite the welcome sign to a late-summer vacation. I suppose you could write off a double
rainbow as a mere meteorological phenomenon. I suppose I could, too. But it's more fun to wonder...
MorePepsi considering mammoth warehouse on west side: Sources say firm's been scouting sites since spring
September 4, 2006
Jennifer WhitsonA firm representing PepsiCo Inc. has been scouting sites on Indianapolis' west side for a mammoth warehouse and distribution
facility, and sources said the beverage giant is leaning toward a site near its Gatorade bottling plant. Local real estate
brokers said Chris Clayton, a broker with the Cleveland office of Dallas-based Staubach Co., visited sites and put out a request
for proposals for the project in early April, calling for 1 million square feet of industrial space with the possibility...
MoreMarket Square development deadline looming
August 28, 2006
Jennifer WhitsonRival developers are dusting off plans for the former Market Square Arena site now that the partnership the city chose for
the project appears on the verge of missing the Aug. 31 deadline to buy the land.
MoreLauth plans huge business park
August 28, 2006
Jennifer WhitsonLauth Property Group is working to complete the purchase of 550 acres it has under contract at the northeast corner of Interstate
70 and State Road 39, one interchange west of Plainfield. Lauth plans to build 7.5-million-square-foot industrial park, dubbed
Westpoint Business Park.
MoreWoman sets sights on freedom: Disability isn't keeping shop owner from goal
August 28, 2006
Candace BeatyTwo doors opened for Pam Evans on Aug. 5-one to her own clothing store and the other to her independence. The Cherry Shop
represents both to Evans, who lost most of her sight over the course of a weekend in 1998 to a genetic eye disease called
angioid streaks. Left with only her peripheral vision, she also lost her career in real estate and corporate sales. After
a period of depression, Evans decided she wouldn't lose it all. "I felt...
MorePutting a spin on 911: Law-enforcement agencies embrace reverse system
August 21, 2006
Scott OlsonLangsenkamp, CEO of Sigma Micro Corp. in Indianapolis, began conducting research on the patented Reverse 911 Interactive Community
Notification System in 1990. The technology, however, didn't hit the market en masse until a decade later. Today, roughly
350 law enforcement agencies in the United States and Canada, including those in Carmel and Beech Grove, use it to blast warnings
to residents. "It was the first system that ever allowed people to dial phone numbers and deliver messages based on the...
MoreModernized Dunkin' Donuts plans 10-plus area stores
August 21, 2006
Chris O'MalleyBoston-based Dunkin' Donuts is salivating over the prospect of ringing up big sales in Indianapolis and wants to franchise
at least 10 stores here within the next year as part of a national expansion.
MorePolitical upstart unloads auto dealership
August 21, 2006
Chris O'MalleyEric Dickerson, the Republican trying to unseat Julia Carson in the 7th congressional District, plans to sell his north-side
Buick dealership to Ed Martin Automotive Group as early as next month. But the dealership could become a campaign liability
even if it's sold.
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Saw the Indy Men's Chorus "Music of Gilbert & Sullivan" at the Indiana Historical Society on Sunday evening.
Temporary workers are not "tools" they are people and companies that keep large amounts of temp staff are cheating.
I miss having them around. I hope one of their stores is in the general Meridian/86th Street area. I will make good use of it.
The Fringe! Plus, the simple fact that there are so many local faves in such close proximity to each other.
I remenber, watching the toll road, being built, through South Bend, when I was 10 years old. I believe, back then that it was estimated, that the toll road, would be paid for in 20 years and then it would be free. I am now 71, what happened? Since the power is in the people, by that, I mean that, we the people are in total control of everything. I, suggest that no one ever use the toll road again, let it go broke. We the people can control the price of everything, from groceries to gas, if we would just do it. If we don't pay the asking price, the sellers will lower the price and if we wait awhile, they will lower the price to what we accept as reasonable. I would like to know why a highway like interstate 94, is so well maintained, a much better highway, than the toll road, but has no tolls. I would also like to know why, a sitting governor, with a term limit, maximum of eight years, can lease, public property, for 75 years. Even though I have transponders in both of my trucks and will not be affected by the increase, I have been and will contine to avoid using the toll road. I make many trips from northern Indiana to Chicago, every year, and I prefer the better highway, I94!