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Real Estate & Retail
Tower's leasing power should weather storm: Brokers say One Indiana Square will remain attractive
April 24, 2006
Scott OlsonSeveral downtown leasing agents doubt the storm damage incurred at One Indiana Square will have a significant impact on the
tower owners' ability to attract future office tenants. In fact, a few contend their quick response to containing the fallout
from displaced occupants could even make the building more attractive. "There are a lot of people who never have this challenge
put in front of them," said Jeff Harris, president of locally based Meridian Real Estate and a former marketing...
MoreReal estate club members gain industry knowledge: Indiana University organization enjoys growth spurt
April 24, 2006
Tracy DonhardtAs the new headquarters building for Simon Property Group Inc. was going up downtown last fall, a group of Indiana University
students donned hard hats and toured the 13-story building. After riding the construction elevator to the top floor, students
got a bird's-eye view of the city and a firsthand account from the developers about the building's cost, size and challenges
in constructing it. The students were members of the IU Real Estate Club, and the tour of the 350,000-square-foot...
MoreReal estate experts examine the market: Indianapolis in good shape overall, panelists say, but job growth, incentive issues,
among concerns
April 24, 2006
On April 14, as part of its Power Breakfast Series, the Indianapolis Business Journal gathered a panel of commercial real
estate and construction experts to discuss industry conditions in the local market. In a discussion moderated by IBJ Editor
Tom Harton, panelists took on a wide range of issues, including tax incentives and the status of downtown's residential and
retail markets. Power Breakfast guests were Mike Curless, executive vice president and principal with Lauth Property Group;
Mike Wells, president of...
MoreVOICES FROM THE INDUSTRY: As construction costs rise, older buildings gain appeal
April 24, 2006
Brian MannConstruction costs continue to rise in the wake of hurricanes, tornadoes, the war in Iraq, the building boom in China and
general inflation. The trickle-down effect often lands at the feet of small business owners. According to the U.S. Bureau
of Labor Statistics' Producer Price Index, prices for materials and construction components increased 0.3 percent in February,
following a 1-percent hike in January and continuing a threeyear upswing. The average building cost index has increased about
45 percent since 1995,...
MoreCircle Centre's 4th floor may drum up office tenant: Percussive Arts Society lease could spawn other deals
April 17, 2006
Matthew KishThe Lawton, Okla.-based Percussive Arts Society might announce as early as next month that it's moving its 12 headquarters
employees into 15,000 square feet on the troubled fourth floor of Circle Centre mall, according to a source familiar with
the discussion. Roughly 10,000 of those square feet would be a museum that might get bongo enthusiasts and the curious alike
to stop by and check out some Thai button gongs and West African talking drums. If all goes as planned,...
MoreClinic can't pull its weight: Forest Health leaves behind $11M hospital
April 17, 2006
Tom Murphy"They're not the most communicative people in the world, so I don't really have a good reason, other than the fact that I
think at one point they thought they had a group of doctors to operate the clinic with, and it fell through," said Jack Hogan,
a senior vice president for Indianapolis-based Lauth. Forest Health corporate attorney Marie Paratto referred questions to
Laurence H. Lenz Jr., an A bariatric surgery center built for roughly $11 million a couple years...
MoreSeparating emotion from reality: Home-staging companies help 'sell that house'
April 10, 2006
Della PachecoShakespeare wrote that "all the world's a stage," but when it comes to the competitive home-sales market, one might say all
the world's about staging. Home staging-the process of making a home more appealing to potential buyers-has gained recognition
through popular cable television programs such as "Designed to Sell" and "Sell This House." It can run the gamut from repainting
walls to tearing them down, or from changing window treatments to replacing windows. Interior designer Marion Stewart and
her longtime...
MoreBinford med center making headway
April 10, 2006
Tom MurphyThe building skeleton planted recently at the corner of 65th Street and Binford Boulevard offers only a hint of the $29 million
medical complex Ken Schmidt wants to grow there. The Indianapolis developer will add four more buildings and a separate pharmacy
to the 17 acres of land he bought several years ago. The end result, he said, will be a medical plaza that offers a unique
blend of services encompassing dental work, radiology and ambulatory surgery, among other specialties....
MoreAtlas draws Fresh interest: Upscale grocery chain with a store in Carmel considers local expansion
April 10, 2006
Matthew KishNorth Carolina-based The Fresh Market Inc. has confirmed it's interested in the former Atlas Supermarket site at 54th Street
and College Avenue. "We are looking at expanding in that area and we're looking at a lot of sites," said spokesman Eric Blaesing.
"[The Atlas site] is one of them." He added that nothing is definite and "for every 100 sites you look at, you end up with
one of them." N e i g h b o r s hope...
MoreSingle women opt for owning homes: Marriage and home ownership aren't always synonymous
April 10, 2006
Ed CallahanApparently, Dorothy's still right. There is no place like home, particularly if you are a single woman with good credit. Single
women now are significant players in the real estate market. In fact, one out of every five homebuyers nationwide in 2004
was a single woman-and locally the percentage is even higher. According to a 2004 study by the Metropolitan Indianapolis Board
of Realtors, almost 25 percent of homebuyers in the area were single women. The national figure, compiled by...
MoreAmli selling-off its local apartments: Sale to Morgan Stanley prompts real estate firm to unload 6 multimillion-dollar complexes
April 3, 2006
Tammy LieberOne of the biggest owners of Indianapolis apartment complexes will soon be all but erased from the landscape, as Chicago-based
Amli Residential Properties LP prepares to sell six of its seven properties. Two of the complexes, Amli at Lake Clearwater
and Amli at Castle Creek, have already traded hands. Louisville-based NTS Realty Holdings LP in late March purchased both
properties for $50 million, a slight discount from Amli's asking price. Amli at Old Town Carmel, a mixed-use project that
includes...
MoreIndiana Avenue looks for revival: Cultural plan: stresses retail, residential growth, and a possible extension
April 3, 2006
Scott OlsonIndiana Avenue looks for revival Cultural plan stresses retail, residential growth, and a possible extension Indiana Avenue's
glory days as a haven for black-owned businesses and vibrant nightclubs exists only in the history books. But a plan to revitalize
the city's newest cultural district could restore some of the luster. City leaders completed the blueprint for redevelopment
early this year and now are in the early stages of executing a plan that organizers say could take 20 years to play...
MoreColossal hotel pitched: $250M project features water park, 1,350 rooms
April 3, 2006
Greg AndrewsA development team this week plans to submit a proposal to the city to build a $250 million, 1,350-room hotel complex downtown
on a site where a 235-room Courtyard by Marriott now stands. The project, just south of the entrance to White River State
Park, would include a convention hotel with ballrooms; three smaller, more limited-service hotels; an indoor water park; and
a 1,200-space underground parking garage. At 800 rooms, the convention hotel by itself would rank as the city's...
MoreNational City Center to get $11 million facelift: Projects include new Starbucks and restaurant
April 3, 2006
Matthew KishNational City Center and anchor tenant Hyatt Regency Indianapolis plan to pump more than $11 million into the aging, 16-story
building to boost its competitiveness with other downtown towers. The plans might grow to include connecting the building
to the Artsgarden at the corner of Washington and Illinois streets. The Hyatt Regency, which occupies a wing of the National
City Center, plans an $8.5 million renovation that will include the addition of 10,000 square feet of meeting space, a Starbucks...
MoreShrinking neighborhood in path of Lilly's progress: Drugmaker offers to buy rest of Little Valley homes
April 3, 2006
Tammy LieberIt's called Lilly Valley for a reason. The official name of the modest neighborhood on the near-southwest side is Little Valley,
but many people call it by the name of the pharmaceutical giant looming nearby. Eli Lilly and Co. has been gnawing away at
the neighborhood south of Morris Street for several years to accommodate expansion at Lilly Technology Center just to the
west along Kentucky Avenue. Now, Lilly is seeking city approval to take over more of the neighborhood,...
MoreHealth care developers eye their next frontier: Northeast Hamilton County offers a lucrative market
March 27, 2006
Tom MurphyChris Hamm's phone started buzzing with calls from health care developers once plans for an extension of 146th Street east
to Interstate 69 crystallized a couple years ago. The Noblesville economic development director said several organizations
have shown "significant interest" in planting health care businesses along 146th Street, which will see a big boost in traffic
once workers complete the interstate connection in the fall of 2007. At least three health-care-related deals are in the works,
he added, declining to...
MoreSteel Dynamics seeks part of former Olin site: Metal recycling operation would serve expanding Hendricks County mill
March 27, 2006
Tammy LieberThe site of the former Olin Brass factory on the near-west side might soon roar to life again if a plan to erect a metal recycling
operation there comes through. A joint venture between Fort Waynebased Steel Dynamics Inc., Chicagobased Metal Management
Inc. and local hauler Ray's Trash is seeking city approval to install a metal shredder and recycling operation on about 40
acres at Holt Road and Airport Expressway. The venture, called Metal Dynamics LLC, would accept scrap metal...
MoreVOICES FROM THE INDUSTRY: Mediocre planning efforts don't invite people to stay
March 27, 2006
Don AltemeyerAnalysts say the housing market is slowing in Indianapolis and across the nation. Perhaps that's why three significant, real
estate developments have attracted so much local media coverage recently. In one story, the City-County Council approved the
development of 28 condos in Broad Ripple, despite strong resistance from the neighborhood association. Meanwhile, local planning
councils easily approved two new developments-a subdivision on the far northeast side of town that will feature almost 2,000
homes and a large condominium complex in...
MoreBEHIND THE NEWS: Kite's quest to fix Glendale reverberates on Wall Street
March 27, 2006
Greg AndrewsN o r t h - s i d e r s aren't alone in eagerly awaiting Glendale Mall's redevelopment plan. Wall Street is watching what
happens next, too. Glendale is the largest of the 40 retail properties Indianapolis-based Kite Realty Group Trust operates.
The North Keystone Avenue shopping mall collects annual rent of $2.5 million, representing more than 4 percent of the company's
total. So what Kite will do with the ailing, 724,000-square-foot property was topic No. 1 last...
MoreHearthview becomes church's reluctant savior: Developer chooses 'significant' financial hit over wrecking ball
March 20, 2006
Tammy LieberCondominium developer Hearthview Residential Inc. came out of a news conference this month looking like something of a hero
for converting a former church at 802 N. Meridian St. into condos, but company officials must have been grinning through clenched
teeth. Locally based Hearthview initially tried to demolish the 1905 structure, quietly seeking a demolition permit for the
entire building. When the permit was discovered at the 11th hour by city and state historic preservation officials, the wheels
were set...
MoreMega-hotel on city agenda: Pan Am Plaza possible site for 800-room development
March 20, 2006
Matthew KishThe city is looking for developers interested in adding 800 hotel rooms downtown, a project that could be accomplished by
building a massive, new hotel or augmenting several existing facilities. Insiders say a new hotel is most likely. They picture
it on Pan Am Plaza. If that happens, the hotel would become the city's largest-eclipsing the Indianapolis Marriott by almost
200 rooms. Ideally, the rooms would be available by 2010, when the wraps come off the expanded Indiana Convention Center....
MoreBreaking the glass ceiling: Despite gains, commercial real estate field still dominated by men
March 13, 2006
Cynthia A.As a business student at IUPUI in the late 1980s, Jill M. Herron worked part-time as a leasing agent for a commercial real
estate company to earn extra money. She had no idea that her parttime job would turn into a lifetime career. "I fell into
it by accident," Herron said. "But I found I liked the diversity of the job, the opportunity to meet different types of people
and the challenges of meeting a client's goals." Now a vice...
MoreYou 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...
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First, the Athenaeum is going to have to get past the hurdle with the Lockerbie residents and the agreement that the parcel would be residential. Second, and in my opinion, this prime piece of property should include parking, PLUS, a black box theater(s), some market rate and affordable artist housing and a plan to renovate and reconfigure the second story theater. I would negotiate to add the DeHaan property surface parking lot into the development mix, place a one story surface parking garage on the DeHaan lot on the street level (for the Dehaan tenants use during the daytime) and add a second story to the garage that would become an addition to the current second story theater and then change the direction of the theater by moving the stage across the alley and on top of the DeHaan lot parking. You can add all the stage elements that are currently missing from the Athenaeum stage to make it more attractive for use by Ballet, Opera and traveling productions. Plus, the theater changes would probably help solve some of the soundproofing issues. Alas,it does not seem to be a part of the strategic plan to conduct a study to determine best use of the property. Seems like the current plan is a quick and easy move that ignores the property best use/potential and any strategic property planning for the effect on future generations.
I recall that MSA's pilings are still in the ground and hard to remove. It’s not likely any proposal will include significant underground construction/parking because of this. Start adding 2 floors of retail, 8 floors of parking and 5-10 floors of possible hotel, and/or 10-20 floors of residential, and you are at 30 floors already with possible expansion of all the uses. But then again I could be wrong.
Accoriding to their website there is no deadline to the Do Not Call list. What is this article referring to??
On what planet are they entitled to this largesse from the stockholders? These people make multi-million dollar salaries: Pay for your own personal travel.
It matters because they're already paid enormously fat salaries: Pay for your own personal travel. Being "taxed on it" isn't a valid excuse--so what? They're still being gifted a raft of luxury perks from somebody else's money on top of an enormous, lavish salary.