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Real Estate & Retail
You can take it to the bank: Financial experts say state's economy is rising, merger mania isn't over and regulatory laws
could take a toll
March 13, 2006
On Feb. 24, IBJ Publisher Chris Katterjohn, Managing Editor Greg Andrews and banking reporter Matt Kish sat down with four
leaders from Indianapolis' banking and finance sector: Judith Ripley, director of the Indiana Department of Financial Institutions;
Kit Stolen, CEO of Union Federal Bank of Indianapolis; Steve Beck, president and CEO of the Indiana Venture Center; and Keith
Slifer, senior vice president of LaSalle Bank. Among the topics of conversation: How's the state's economy doing? Are more
bank mergers on...
MoreCity gives MSA developers another extension: Slow winter for sales center prompts 90-day delay
March 13, 2006
Tammy LieberThe developers of the former Market Square Arena site this month touted an expected August groundbreaking for their high-rise
condominium project, but glossed over the 90-day extension to its agreement with the city that was required to make that possible.
Developers of One Market Square a year ago negotiated an extension that gave them until May 1, 2006, to close on their purchase
from the city of the first two acres of the four-acre site. In February, that deadline was...
MoreNOTIONS Bruce Hetrick: Yes, Mama, it's OK to let your baby study liberal arts
March 13, 2006
Bruce Hetrick is on vacation this week. In his absence,this column,which appeared on March 17, 2003, is being reprinted. Last
summer, an Indiana University English professor sent me an e-mail. It said that she and her colleagues were creating a new
course called "Careers in English." Its premise: One might do something with an English degree besides teach English. As they
planned their curriculum, the instructors searched for an appropriate textbook. When they couldn't find one, they decided
to create...
MoreHow Family Friendly is: Duke Realty Corp.: Locally based, publicly traded, commercial real estate firm
March 13, 2006
Duke Realty Corp. Locally based, publicly traded, commercial real estate firm Flexible work arrangements Duke managers support
flexible work arrangements whenever possible. Some associates work flexible hours, compressed workweeks, part-time schedules
or take advantage of part-time telecommuting. Child care Dependent Care Flexible Spending Accounts are offered and allow associates
to set aside money on a before-tax basis through payroll deductions to cover daycare expenses. Family leave/military leave
Eligible associates may take FMLA leave up to 12 weeks. Employees can also...
MoreLandlord wants tenants who share NFP mission: Foundation will give priority to health-related charities
March 13, 2006
Jessica WolfeIndianapolis not-for-profits grappling with rising rents may soon have another option-leasing space from one of their own.
Health Foundation of Greater Indianapolis bought the former St. Mary's Catholic School in September and has undertaken $2.5
million in renovations expected to be complete by year-end. A diverse group of for-profit tenants-everyone from architects
to violinmakers-already occupy about 80 percent of the 38,000-square-foot building at 429 E. Vermont St. But when the time
comes to fill vacant space in The Academy, the...
MoreTAWN PARENT Commentary: Bill offers new hope for Main Street
March 13, 2006
Recycling isn't just good for the environment. It's good for buildings, and ultimately for economic development. When the
Disciples of Christ moved its international headquarters downtown from Irvington in 1995, it left behind a 121,000-square-foot
structure built in 1910 that could easily have become a vacant eyesore in the east-side neighborhood. Instead, local developer
Mansur Real Estate Services Inc. helped give it new life as Mission Apartments for seniors. That $6.5 million project might
not have happened without the help...
MoreBulls of the Fairways:
March 6, 2006
Matthew KishDavid Simon and Alan Cohen are outstanding golfers, among the best of all Indianapolis businessmen. The CEOs of Simon Property
Group Inc. and Finish Line Inc. share something else in common: Their companies are top performers, with their stock prices
more than dou-Professor sees link between golf scores, biz success bling in a little more than three years. Coincidence? Not
according to Dan Dalton, golf aficionado and former dean of Indiana University's Kelley School of Business. "Business is like
match...
MoreInsurers: Session a 'dog': Industry's favored bills bark up the wrong tree
March 6, 2006
Scott OlsonThe state's insurance industry could use coverage for the lumps it has taken this legislative session. The three main issues
of interest for the Insurance Institute of Indiana, the sector's lobbying arm, all flamed out early. The disappointing performance
prompted Marty Wood, the organization's director of public affairs, to proclaim it a near failure. "I would give this session
for insurers a 'D' as in dog. Dog is probably pretty accurate, too," Wood said. "Had we had this kind of...
MoreAyres stores may be razed: Smaller shops likely replacements at Castleton, Greenwood
March 6, 2006
Matthew KishSimon Property Group Inc. wants to take the wrecking ball to the soon-to-be-vacant L.S. Ayres stores at Castleton Square and
Greenwood Park malls, clearing the way for development of a collection of smaller stores and restaurants, sources familiar
with the plans say. "There have been numerous site plans circulated showing redevelopment with the existing structures removed,"
said Bill French, a local retail broker with St. Louis-based Colliers Turley Martin Tucker. Mark Perlstein, a partner with
The Linder Co., an Indianapolis-based...
MoreECONOMIC ANALYSIS: The fight to hire top talent: Do we have what it takes?
March 6, 2006
Patrick BarkeyMost cities have mayors, police chiefs and tax collectors. But suppose for a moment they each had an additional staff position
as well-the recruiter. Like a basketball coach or a talent scout, these recruiters would scour the country, looking for talented
people who would fit into the community and add to the economic base. And when they found one, they would make their pitch,
touting their town's assets and strengths, and urging the recruit to relocate. The prospects, on the...
MoreWalker, Aprimo kick-start 2006 office leasing: Meridian corridor in Carmel remains hot spot
March 6, 2006
Tammy LieberA little more than two months into the new year, deals destined to be among the largest office leases of 2006 are coming together
on the far-north side. Two big tenants are headed for speculative office buildings under construction by Duke Realty Corp.
and Lauth Property Group Inc. Software maker Aprimo Inc. will nearly triple its office space at Duke's Parkwood Crossing when
it moves into 42,400 square feet at Nine Parkwood at 96th Street and College Avenue. Aprimo, housed...
MoreNew support group aids entrepreneurs: Growing network quick to attract diverse membership
February 27, 2006
Matthew KishBut it's not because Roots doesn't know how to write HTML code. Rather, he's got so much business coming in the doors he doesn't
have any free time for turning wrenches on his own site-www.squishdesigns.com. That's a good problem to have for an entrepreneur
who's still dotting the "i"s on his LLC application. He credits the influx of business to a new networking group for entrepreneurs
that is attracting a sizeable contingent of women and minority business owners. The group-which...
MoreHome investors fill portfolios with bricks and mortar: Membership in local investor group grows; national trend, foreclosures
are playing a part
February 27, 2006
Tammy LieberMike Wilson recalls going to meetings of the Indianapolis Landlords Association in the late 1990s and listening to a "good
old boys club" talk about property management problems such as how to fix toilets and get rid of cockroaches. "They were managing
properties, not buying," said Wilson, who at the time had just started purchasing single-family homes as investments. With
a hunger for knowledge and a hunch that there were others like him, Wilson took a spot on the board...
MoreECONOMIC ANALYSIS: Study casts new light on rising house prices
February 27, 2006
Patrick BarkeyI have always been amazed at the confidence and certainty projected by those who stand before the television cameras at the
end of the day and explain to us-in 90 seconds or less-why the stock market behaved as it did. I suppose if we are silly enough
to ask for a simple explanation for the 5 million or 6 million trades conducted on any given day, we should expect nothing
more in return. Of course, those trades take place for...
MoreClarian sizing up south side: Agreement with Morgan Hospital could lead to development projects in St. Francis' back yard
February 27, 2006
Tom MurphyThe largest hospital network in Indianapolis will start stretching its reach once again next month, this time south of town,
where it could challenge the dominance of St. Francis Hospital & Health Centers. Clarian Health Partners is embarking on a
five-year development agreement with Martinsville's Morgan Hospital & Medical Center that could place more building projects
on Clarian's already crowded construction agenda. The two systems plan to focus their relationship on improving patient care
and research, but representatives of both...
MoreRetail space coming to Fall Creek Place: Restaurants, coffee shops, bookstores planned
February 27, 2006
Matthew KishWayne Ashford sat in his Fall Creek Place coffee shop-Tea's Me Café & Gifts-during a recent lunch hour waiting for customers
to show up. After six months in the neighborhood, he's been "a little disappointed" at the foot traffic through his business
at the corner of 22nd and Talbott streets. While the master-planned community has won accolades for its urban design, it has
failed to generate revenue for smallbusiness owners like Ashford. That may change in a hurry. Three sizeable...
MoreDuke goes on buying spree to locate in key markets: Developer gets footholds in D.C., Savannah, Baltimore
February 20, 2006
Tammy LieberLess than two months into the new year, Duke Realty Corp. has already made three major moves designed to fuel the company's
growth long beyond 2006. The Indianapolis-based real estate investment trust has announced or completed acquisitions in the
Washington, D.C., area; Savannah, Ga.; and Baltimore worth more than $1 billion. In the case of Savannah and Baltimore, the
deals give Duke prime positions near city ports-locations company officials believe will be key to the distribution business
in coming years....
MoreMarsh shares swoon as sale talks drag on: Value of CEO's stake has been cut almost in half
February 20, 2006
Matthew KishThe value of Don Marsh's stake in the Indianapolis company that bears his family's name has diminished more than $1 million
a month since the company declared Nov. 29 that it was seeking a buyer. Don Marsh, the CEO, owns almost 750,000 shares of
Marsh Supermarkets Inc.'s Class A and Class B stock, making him the company's largest individual shareholder. The price of
both stocks has plummeted since the announcement, making his stake worth less than $5 million. It was...
MoreEmerging India: Passage to Bangalore: Hoosiers seek outsourcing and investment opportunities
February 20, 2006
Peter SchnitzlerPassage to Bangalore Hoosiers seek outsourcing and investment opportunities BANGALORE, India-The deal was falling apart. Despite
a week of flirtation and friendly negotiations, the two young Indian entrepreneurs rejected the offer from the group of Hoosier
investors. Frustrated, the investors walked out of the hotel conference room. The chance to speculate on an Indian software
startup called Picsquare.comhad fizzled. But none of the six Indiana business leaders was demoralized. After all, they'd crossed
the globe to pursue business opportunities in...
MoreAirport's 104-acre land sale may not take off: Runways, private owners could hamper development
February 20, 2006
Tammy LieberAs city and airport officials begin to develop a marketing strategy for 104 acres just north and east of the Indianapolis
International Airport, they will likely focus on the land's best attributes: access to the airport, Interstate 465 and a rail
line. Buyers will need to examine the fine print to learn why the land isn't likely to become a smaller version of the bustling
Plainfield industrial and retail areas to the west. Chief among those less-than-desirable features: The land...
MoreBuckingham makes big plans for Carmel: Developer awaits OK on 116-acre urbanist development
February 20, 2006
Scott OlsonThe makeover of midtown Carmel, driven by the ambitious City Center master plan, could get a boost from a nearby development
that could rival the project in scope. Local real-estate developer Buckingham Properties will present its proposal to the
Carmel Plan Commission Feb. 21 to transform the 1960s-era Mohawk Hills apartment complex and its golf course into a modern
urbanist neighborhood. The development, called Gramercy, could take a decade and hundreds of millions of dollars to complete.
The 116-acre tract...
MoreNorth Binford district looks for shot of development: Area hopes to rebound from surprising business slump
February 20, 2006
Tracy DonhardtThere are 22,200 households within a five-minute drive of 71st Street and Binford Boulevard, according to a recent market
study. The median income inside those homes tops $53,000, about 16 percent higher than the U.S. median income. Despite those
favorable demographics, area retail establishments and businesses have been dwindling. On the southeast corner of 71st and
Binford, for example, there once existed a Preston-Safeway grocery store, an Osco drugstore, a Great Clips hair salon, a pizza
parlor, a printing shop,...
MoreVOICES FROM THE INDUSTRY: Tenants-in-common pacts grow as investment vehicle
February 20, 2006
Michael A.The real estate boom has created vast amounts of wealth for investors nationwide. As those investors seek to capitalize on
that appreciation by selling properties, they will often reinvest in other real estate in order to delay the related tax bill
through a likekind exchange. Internal Revenue Code Section 1031 allows taxpayers to defer income taxes on the sale of property
if the proceeds are reinvested in similar or "like-kind" property. In the case of real estate, nearly all real...
MoreNew FBI facility: tough case to crack: Government struggling to find site to build field office for bureau
February 20, 2006
Tammy LieberThe highly-sought-after job of developing a new building for the FBI's Indianapolis field office is still in play, but it's
hampered by the federal government's inability to find a site for the building. A bevy of local and national developers are
expected to throw their hats in the ring to develop the building, which the Government Services Agency says needs to be 110,000
square feet. For the winner, it would be a high-profile project and one of the more significant...
MoreBEHIND THE NEWS: Consumer spending spree gives spark to Simon stock
February 13, 2006
Greg AndrewsIt's becoming almost ho-hum for Simon Property Group Inc. Another year, another round of eye-popping returns for the company's
shareholders. The Indianapolis-based mall owner, by far the nation's biggest real estate investment trust, just closed the
book on 2005, a year when funds from operations-a key measure of REIT performance-zipped up another 13 percent. Simon shares
last year rose 18 percent. Including reinvested dividends, the stock in 2005 returned 23 percent. It was the fifth year in
a row the...
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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.