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Real Estate & Retail
Shrinking 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...
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....
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these guys only skill was to steal from other's hard earned savings.
I voted for him last time and it WAS the LAST time. He needed to to quit running around the world on useless trips, and giving our $$ away to sports teams. I'll vote for anyone but Ballard next time. BTW...we gave $40M to the Pacers and cannot even watch the games on TV.
For the people concerned about traffic, you should know that mixed-use projects (like the one being proposed), actually allows for and encourages more people to walk and bike, thereby mitigating additional automobile traffic. If we continue to design and build suburban-type projects in the City (i.e. automobile-oriented projects), we are not offering anything different from what the suburbs offer, which means we will continue to lose jobs/people to the suburbs. The reason Broad Ripple is somewhat successful today is that people want to live in a place that offers the convenience of being able to walk/bike to restaurants, retail, nightlife, the Monon, etc. Why would you not want to support a project that is complimentary to what already makes the area desirable? The real argument with this project should be its lack-luster design and layout, not the density.
It is unfortunate that there is a perception that celebrities validate an event. The Indy 500 stands on its own, especially for those coming in from out of town. It was always so disturbing to read the gushing descriptions of Ashley Judd threaded throughout the local coverage. Very happy that era is at an end.
Good ole' Obamacare. Thanks liberals and those who didn't bother to vote.