Real Estate & Retail

Canal could be home to new hotels or condos: Requirement for retail could jump-start slow effortRestricted Content

April 16, 2007
Jennifer Whitson
State and city officials have begun evaluating four groups that want to develop an acre of prime real estate along the Central Canal downtown. The property, which covers about a third of the block stretching from Ohio Street to New York Street, will feature canal-level retail-a requirement of all potential developments there. It also could be home to a hotel or condominium complex, based on plans from two local developers. Two other groups also are in the running for the...
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Carmel to get $30M Renaissance hotelRestricted Content

April 16, 2007
Cory Schouten
A prestigious, full-service hotel soon will complement Carmel's booming office market along North Meridian Street. A Cincinnati developer broke ground this month on a roughly $30 million Renaissance hotel with 263 rooms and 14,000 square feet of meeting space.
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Storied luxury Canterbury hotel may sellRestricted Content

April 16, 2007
Cory Schouten
The stately 12-story Canterbury Hotel could use a renovation, hospitality analysts say, to restore some luster and help it take on more modern competitors. Such an overhaul might be on the way, along with new owners for the independent boutique hotel at 123 S. Illinois St.
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Condos offering live/work space are hotRestricted Content

April 9, 2007
Cory Schouten
The age-old concept of living above your workplace is catching on again in Indianapolis, just as the developers of Douglass Pointe Lofts had hoped. The $2.65 million landmark at 25th and Delaware streets already will soon also be known for a diverse roster of local businesses.
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Kosene condos tout affordability in downtown marketRestricted Content

April 9, 2007
Cory Schouten
Kosene & Kosene Residential Inc. pioneered the downtown market for new-construction condos with luxury projects named after classic cars. Now, the locally based company is striving to attract buyers for its latest project by adding a new standard feature: affordability.
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Taliera switches strategy for buying underperforming brands of boozeRestricted Content

April 9, 2007
Peter Schnitzler
Taliera Corp. plan to raise $60 million through an initial public offering was withdrawn March 27, but Taliera isn't going away. It's simply trying a different approach. CEO J. Smoke Wallin said he and his team of eight beverage industry veterans still believe their business plan is right.
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Indiana joins splashdown of water parks: Indoor resorts on the rise as hotels try to lure guests during offseasonRestricted Content

April 2, 2007
Scott Olson
The names Caribbean Cove and Paradise Bay inspire thoughts of tropical destinations where sunbathers slather lotion like Hoosiers butter their corn on the cob. In reality, these types of "resorts" are spouting up throughout the Midwest, including Indiana, and require no protection from harmful ultraviolet rays whatsoever. They're indoor water parks, a trend hoteliers are embracing to cater to families seeking a weekend getaway-and to boost occupancy during the off-season. The Indianapolis area features just one such water park so...
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Marketing firm hopes to give 3-D new shape: Scofield Editorial one of first Midwest firms to add bells and whistles to models initially used by architectsRestricted Content

April 2, 2007
Anthony Schoettle
Scofield Editorial, known locally as an innovator in video and post-production work, is burnishing that reputation by becoming one of the first firms in the Midwest to combine three-dimensional video modeling with traditional editing touches such as animation, sound effects, and other audio and video. Three-dimensional modeling was introduced by engineering firms about a decade ago, and has also been used by some video game manufacturers. But only recently have advertising agencies combined 3-D with traditional video editing touches. "There...
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Developer moving on after failed Crown Hill projectRestricted Content

April 2, 2007
Cory Schouten
In the eyes of many at a rezoning hearing late last month, the developers from locally based Mann Properties were bad guys. They wanted to build homes and a retail center on 71 mostly wooded acres north of Crown Hill Cemetery. So when the Metropolitan Development Commission denied Mann's request, the crowd erupted in applause.
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Dramatic facade change planned for office towerRestricted Content

April 2, 2007
Cory Schouten
The city's oldest skyscraper will get a sleek new look starting this summer, when workers are scheduled to begin installing a glass-covered curtain wall to replace a storm-scarred facade. Renovation of One Indiana Square should begin in June and continue for two years.
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Struggling office buildings face further losses: Existing tenants shopping for deals in troubled marketRestricted Content

March 26, 2007
Cory Schouten
A big question is looming for property managers at National City Center and First Indiana Plaza: Will tenants stay or will they go? Each of the downtown office buildings already is struggling, with occupancy rates in the 60-percent range at the end of 2006. But a grim situation could worsen if some of their largest tenants with expiring leases find a better deal elsewhere. Law firm Bose McKinney & Evans is considering a move from 80,000 square feet at First...
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Duke, Lauth, Mansur join MSA site frayRestricted Content

March 26, 2007
Cory Schouten
A who's-who of local firms is planning bids to redevelop the Market Square Arena site with mixed-use projects that would depart sharply from previous efforts focused on residential. New plans are expected to include retail , offices, apartment units and condos backed by high-profile local developers that didn't bid before.
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Ratio building go-to reputation: Convention Center expansion latest notch in firm's beltRestricted Content

March 26, 2007
Scott Olson
As the Final Four approaches, it seems fitting to relive in basketball terms how Ratio Architects Inc. came off the bench in dramatic fashion to save a high-profile downtown project after the star had fouled out. The Indianapolis-based architectural firm played that role in 2004 after sketches from the original out-of-town architect designing the downtown headquarters of Simon Property Group Inc. failed to impress corporate executives. Ratio had one week to deliver, and did. But while the firm's portfolio is...
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Virtual bank making 'solid' move into lending: First Internet Bancorp. expands into mortgages with Landmark acquisitionRestricted Content

March 19, 2007
Peter Schnitzler
Online banks usually avoid brick-and-mortar overhead. Eliminating expense is the core of their business advantage. So why did First Internet Bancorp spend $12 million to acquire traditional mortgage lender and savings bank Landmark Financial Corp. and its two Indianapolis branches? Because the acquisition of Landmark provides First Internet an opportunity to finally broach the mortgage market. Landmark, which traces its roots back to 1925, is best known as a new-construction underwriter in the local home and commercial builder market. Its...
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VOICES FROM THE INDUSTRY: Trustees shouldn't forget regular insurance auditsRestricted Content

March 19, 2007
Mark Leyden
Trustees, picture this: You are at the table with the beneficiary children of one of your most successful clients. You are reviewing the estate of their deceased parent. You have the unpleasant task of explaining that the insurance policy that was purchased 15 years ago had lapsed several years prior to Dad's passing. Result: nothing to lighten the tax bill. Most trustees do not adequately manage the life insurance policy assets held inside the trust. According to a 2003 survey...
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VOICES FROM THE INDUSTRY: Here's another tax break you may have overlookedRestricted Content

March 19, 2007
Paul Coan
Financial advisors counsel clients on income, estate and gift taxes among other things. But they often neglect residential property taxes. That could well be a mistake. Property taxes are a significant cost of owning real estate - typically 1 percent to 1.5 percent of market value. So, they must be considered in making financial decisions. They can also be a significant cash-flow consideration for someone in retirement who has a lot of illiquid wealth-not just for your primary residence, but...
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Crown Hill development showdown loomingRestricted Content

March 19, 2007
Cory Schouten
Debate over a developer's plan to buy 71 acres of woods and wetlands on Crown Hill Cemetery's northern edge for a retail-and-residential project will come to a head this week when the Metropolitan Development Commission votes on the proposal.
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IU turns donated beach property into lessonRestricted Content

March 12, 2007
Tracy Donhardt
Indiana University Kelley School of Business students will market and sell five lots along a strip of white sandy beach on secluded Dog Island, Fla., as a class project that likely will span several semesters. Whatever the students get for the land will be all profit.
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BULLS & BEARS: Awareness of risk is back, and that's not a bad thingRestricted Content

March 12, 2007
Ken Skarbeck
"I'm baaack!" yelled Mr. Risk at the top of his lungs on Feb. 27. "Welcome back, Mr. Risk. You have been gone a while," responded a nervous Mr. Market. "Even though deep down we knew you were hanging around the neighborhood, we had forgotten all about you." And thus ended the calm that had presided over the stock market, which had risen in regimented fashion the past seven months. With the 416-point drop in the Dow Jones industrial average that...
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St. Elmo spinoff, Harry & Izzy's, could go nationalRestricted Content

March 12, 2007
Cory Schouten
Harry & Izzy's, a spinoff to St. Elmo Steak House slated to open in mid-April at Circle Centre mall, is the city's most anticipated new restaurant in years--a casual cousin to St. Elmo, with lunch service and a wider menu, including salads, pastas and pizzas, along with standbys like the famous shrimp cocktail.
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A whole new ballgame: More women stepping up to the plate in commercial real estateRestricted Content

March 12, 2007
Cynthia Sequinthe
Yogi Berra once said, "You give 100 percent in the first half of the game, and if that isn't enough, in the second half you give what's left." Women are accepting his challenge with a chuckle, running onto the commercial real estate field and playing to win. They also are balancing home and family. Why not? The U.S. commercial real estate market is worth about $3.5 trillion, according to Real Capital Analytics, a New York research firm. Bridget Farren, founder...
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Mansur lands $50M midfield airport hotelRestricted Content

March 12, 2007
Jennifer Whitson
The Indianapolis Airport Authority has tapped Mansur Real Estate Services Inc. to develop a $50 million-plus Westin hotel at the new midfield terminal. But the hotel's final design may be one submitted by a former competitor, White Lodging Corp. of South Bend.
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BULLS & BEARS: Amid all the complaining, U.S. continues to prosperRestricted Content

March 5, 2007
Dave Gilreath
A few weeks ago, I heard Ben Stein speak about politics and the economy. The noted lawyer, writer, actor and economist spouted off various positive statistics about the U.S. economy and then lamented that the public seemed morose about the financial sunshine. Even though our standard of living is at an all-time high, it seems as if Americans like to grovel and complain. Stein said, in his best Ferris Bueller drone, the American public was the most "unhappy happy society"...
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Sun Capital draining Marsh excessRestricted Content

March 5, 2007
Cory Schouten
Sun Capital Partners, Florida-based parent of Marsh Supermarkets, is unloading what it sees as excess real estate. Marsh put 19 properties on the market in late February for a total asking price of $10.6 million.
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Lilly vacating 99,000 square feet in 30 S. Meridian buildingRestricted Content

March 5, 2007
Cory Schouten
Eli Lilly and Co. has decided to vacate 99,000 square feet of office space at 30 S. Meridian St. in yet another blow to the struggling downtown market. Roughly 1.8 million square feet of space already is sitting idle downtown, putting downward pressure on rents.
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