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Real Estate
Glut of downtown office space grows
August 17, 2009
Cory SchoutenSafeco is leaving a five-building complex on North Meridian Street, and Eli Lilly and Co. has offered for lease its entire
four-building Faris campus.
MoreArea home sales, prices still falling
August 11, 2009
IBJ StaffHome-sale agreements in the nine-county Indianapolis area dropped 3.1 percent in July over the same month a year ago, according
to a report released yesterday by F.C. Tucker Co.
MoreCity-County Council OKs hotel tax hike
August 10, 2009
IBJ StaffThe City-County Council voted 15-14 last night to approve raising the local hotel tax from 9 percent to 10 percent in a move
intended to help the cash-strapped Indianapolis Capital Improvement Board close a $47 million operating deficit.
MoreUPDATE: Simon rents, occupancy buck shopping decline
August 4, 2009
Cory SchoutenSales still are suffering at shopping centers owned by Simon Property Group Inc., but the Indianapolis-based
mall giant managed in the second quarter to keep occupancy steady and eke out an increase in average rent rates.
MoreSimon reports loss amid tough retail conditions
August 4, 2009
Cory SchoutenIndianapolis shopping mall giant Simon Property Group Inc. today said it lost $20.8 million in
the second quarter in what it called a "difficult retail environment."
MorePlans emerge for Winona Hospital redevelopment
August 3, 2009
Cory SchoutenThe Children’s Museum of Indianapolis wants the city to tear down the old Winona Memorial Hospital so it can build a
community park and outdoor learning center. A private firm that specializes in environmentally
impaired properties wants to turn the building into senior apartments.
MoreLocal contractor lands project for the president
August 3, 2009
IBJ StaffIndianapolis-based architectural and engineering firm RW Armstrong will provide design and project management services for
the Presidential
Helicopter Squadron, a 65,000-square-foot hangar complex being built at a Marine Corps base in Quantico, Va.
MoreDownturn provides opportunity for restaurants hungry for expansion
August 3, 2009
Cory SchoutenThe economic slump is giving independent local restaurants a shot at prime locations that in good times would be snapped up
by chains.
MoreDuke Realty suffers second-quarter loss
July 31, 2009
IBJ StaffIndianapolis-based Duke Realty Corp. late yesterday posted a 32-percent drop in its second-quarter funds from operations,
a key performance measure for real estate investment trusts.
MoreAmbrosia to open downtown restaurant in former BadaBoomz site
July 27, 2009
IBJ StaffThe owner of the popular Broad Ripple Italian restaurant Ambrosia plans to open a location downtown on the
first floor of the Hampton Inn along Maryland Street.
MoreIndianapolis hotels feel pain of national slump
July 27, 2009
Anthony SchoettleHotel occupancy rates are way down in Indianapolis, as they are elsewhere, but local operators and national analysts think
the city is in a good position to bounce back when the economy improves.
MoreRedevelopment eyed for former jail building
July 27, 2009
Cory SchoutenProspective buyers need a little vision to see the potential in the four-story former jail at the southwest corner of Maryland
and Delaware streets.
MoreWestfield moves ahead with sports facility plan
July 21, 2009
IBJ StaffA study commission has concluded that a major development involving a new youth-sports complex would be viable for Westfield,
the city announced this morning.
MoreLauth's lawyers raking in big fees in bankruptcy reorganization
July 20, 2009
Cory SchoutenDeveloper Lauth Group Inc. is sparing no expense on attorneys in the Chapter 11 reorganization of key subsidiaries. The company
has hired two of the nation’s most prominent bankruptcy and restructuring specialists to handle
the cases, and the bill for the first month easily will exceed $1 million.
MoreConrad Indianapolis adding wine bar, sidewalk dining
July 13, 2009
Cory SchoutenPlans are in the works for a wine bar called Tastings that would take the first-floor corner space at the Conrad Indianapolis.
The $1 million project would add an entrance to the luxury hotel at the northeast corner of Washington
and Illinois streets and include a total of 80 outdoor seats along both streets, in the shadow of the
Artsgarden.
MoreKite Realty misses out on REIT revival
July 13, 2009
Cory SchoutenKite Realty Group Trust has stuck pretty closely to the REIT recession playbook: Renegotiate debt, sell new shares, cut
dividends, and set the development engine to idle. But as the shares of most publicly traded real estate
investment trusts have bounced back from the lows in March, Kite’s shares have lagged.
MoreGreater Indianapolis YMCA has $30M in projects planned
July 13, 2009
Kathleen McLaughlinIt takes a map of the entire metro area to show all the projects the YMCA of Greater Indianapolis has on its drawing board.
The $30 million plan calls for building two brand-new facilities, one in Avon and one in Pike Township; expanding
the Fishers YMCA; and building a new outdoor pool in Lawrence.
MoreMetro-area home sales dip in June
July 9, 2009
IBJ StaffHome-sale agreements in the nine-county Indianapolis area dipped 1.4 percent in June compared to the same month a year
ago, according to a report released today by F.C. Tucker Co.
MoreSteak n Shake sales, traffic rise
July 8, 2009
IBJ StaffSteak n Shake Co. yesterday reported big increases in customer traffic and same-store sales for its fiscal third quarter,
which ended July 1. Customer traffic rose 13.4 percent and same-store sales jumped 5 percent in the quarter compared to the
same period a year ago, it said in a brief Securities and Exchange filing.
MoreHHGregg accelerates store-opening plans
July 8, 2009
Scott OlsonHHGregg Inc. said this morning that the bankruptcy of competitor Circuit City should enable the company to open more stores
within the next few years than previously expected.
MoreKeystone Construction plans Madison Avenue retail center
July 7, 2009
Cory SchoutenA local developer is planning a retail strip center along Madison Avenue just south of downtown in a neighborhood that's been
begging for investment for years. The plans by Keystone Construction Corp. call for a 25,000-square-foot retail
center at 1400 Madison Ave., across from Sisters' Place Restaurant.
MoreDavid Simon named among world's best CEOs
June 29, 2009
IBJ StaffThe big cheese at Simon Property Group is wedged among the "top gun" executives in the U.S.
More$65M development deal would cost Capital Improvement Board
June 22, 2009
Cory SchoutenThe Capital Improvement Board could be forced to give up one of its most profitable assets so the city can pull off a $65-million
public-private downtown development deal. The city has agreed to help a developer revitalize the vacant former Bank One operations
center in part by acquiring an adjacent
parking garage for $18.5 million.
MoreJudge to determine whether Lauth's filing was proper
June 22, 2009
Cory SchoutenThe largest outside investor in embattled developer Lauth Group Inc. is asking a federal judge to dismiss the company's bankruptcy
cases.
MoreEDITORIAL: Project near MSA may be worth the risk
June 22, 2009
The city has unveiled a dramatic plan for new housing and retail development to revitalize the old Market Square Arena site.
Despite some shortcomings, the project deserves a chance to give the stagnant area a boost.
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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.