Real Estate & Retail

Faced with competition, record shops look for fresh ways to rockRestricted Content

November 27, 2006
Marc D. Allan
Music CD sales are falling--down 8 percent so far in 2005--while digital downloading of music jumped 163 percent. And nearly one-third of the nation's record stores have closed in the past three years. Even so, Indianapolis record-store owners say they've been reasonably successful adapting to a changing marketplace.
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Coming attraction: Imax theater in Noblesville: Technology lets theaters show Hollywood blockbustersRestricted Content

November 27, 2006
Tammy Lieber
Once upon a time not so long ago, Imax films were nearly synonymous with museums. In Indianapolis and elsewhere, the largeformat movie screens-some as big as the side of an eight-story building-featured 40-minute films that took viewers to exotic places like outer space or the top of Mount Everest, and were usually attached to educational and cultural institutions. But technology that debuted in 2002 is bringing Imax screens to suburbia-including to Noblesville in 2008. Grand Rapids, Mich.-based Goodrich Quality Theaters...
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Biz park plan west of Plainfield counting on cheaper landRestricted Content

November 27, 2006
Jennifer Whitson
Plans are in place for a 400-acre mixed-use development off Interstate 70 just west of Plainfield--an area quickly becoming the next big thing in industrial real estate.
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Critics question trustee's property portfolio given mission to help needy

November 20, 2006
Tom Murphy
Center Township has real estate holdings worth more than $10 million, according to IBJ research. The township's robust real estate portfolio—highly unusual for an Indiana township—fits Trustee Carl L. Drummer's vision for his taxpayer-supported office. But it makes others see red.
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Bypass too tentative to affect land values, experts say: Property near toll-road exits may be coveted eventually, but uncertain route should keep speculators at bay for nowRestricted Content

November 20, 2006
Jennifer Whitson
When Gov. Mitch Daniels unveiled his ambitious but vague plan for an outer loop around more than half of Indianapolis, some landowners in the potential path panicked while others dreamt of a windfall. But local experts say, until a route is more defined, neither worry nor anticipation is warranted. "There are so many outstanding issues," said Abbe Hohmann, a land-price expert for the local office of St. Louisbased Colliers Turley Martin Tucker. Hohmann said two types of buyers usually drive...
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RETURN ON TECHNOLOGY: Big screen? Two screens? Productivity debate goes onRestricted Content

November 13, 2006
Tim Altom
Apple computer recently announced the results of a study by Paris-based Andreas Pfeiffer, which said buying one of Apple's $1,999, 30-inch displays would increase productivity of one lucky employee 50 percent to 65 percent, enough to earn back the cost of the monitor before it dies or is supplanted by one with more pizazz a few years from now. Pfeiffer argues that it takes a lot of time to switch between windows on a smaller monitor, time that isn't taken...
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Smaller sales keep office real estate market humming: A $38 million deal for 3-building complex in Carmel stands out in 2006, but it wouldn't have last yearRestricted Content

November 13, 2006
Jennifer Whitson
A flurry of blockbuster office-building sales in central Indiana last year has led to fewer mega-deals in 2006. A $38 million sale of a Carmel office complex on Nov. 1, for example, was among the top five such transactions so far this year, but it paled in comparison to the nine-figure deals that won headlines in 2005. That's to be expected, real estate observers say, since so much office inventory changed hands recently. And given the new persquare-foot highs set...
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New golf superstore part of retail shakeup: Golfsmith goes head-to-head with Golf GalaxyRestricted Content

November 13, 2006
Cory Schouten
One of the nation's largest specialty golf retailers, Golfsmith, is preparing to take a swing at the reigning champion of golf stores in central Indiana. The Austin, Texas-based chain is planning a 28,000-square-foot superstore in space now occupied by Marshalls in Castleton, less than a sand wedge from fellow category killer Golf Galaxy. The move is part of a major shakeup in a part of Indianapolis that's long been a headquarters for golf shopping. The arrival of another national heavyweight...
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Speedway's windfall leads to speculation: Questions arise about possible new hotel, turn-two suite upgrades and acquisition of adjacent landRestricted Content

November 13, 2006
Anthony Schoettle
The Indianapolis Motor Speedway's announcement this month that it would sell its stake in Chicagoland Speedway for $69 million has racing industry experts wondering if the famed Brickyard is planning an expansion. "There are a number of things [IMS President] Tony George could use that money for," said Dennis McAlpine, a New York-based financial analyst covering motorsports and entertainment. "That's not to say he's hurting for cash, but I believe he has projects on his plate." IMS and Daytona Beach,...
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Glendale might become open-air center, gain a TargetRestricted Content

November 13, 2006
Cory Schouten
Kite Realty Group is in final negotiations to bring Target to Glendale Mall as part of a wholesale redevelopment that could transform one of the city's first enclosed malls into an open-air shopping center.
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Green roofs slow to take root in Indianapolis area: Despite an array of environmental and other benefits, initial costs and lack of incentives put lid on their useRestricted Content

November 6, 2006
Jo Ellen
Green roofs color the skylines in Chicago, Philadelphia, Toronto and other North American cities, but Hoosiers have to look high and low to find similar examples of the plant-filled building tops in Indianapolis. "Most green roofs [in other cities] are on the tops of existing buildings, where here they are [more likely to be found] above an underground parking garage that you might not even be aware is there," said Mark Zelonis, director of the gardens and grounds at the...
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Some say Wheeler Mission hurts neighborhood's potentialRestricted Content

November 6, 2006
Jennifer Whitson
A fall merger of two Indianapolis homeless shelters set off a new round of speculation about whether Wheeler Mission Ministries Inc. will continue to operate out of its 245 N. Delaware St. location--a stone's throw from multimillion-dollar redevelopment under way on Massachusetts Avenue.
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Century-old landmark building gets new life as condos: Former Ashantii Ballroom renovated into 11 unitsRestricted Content

November 6, 2006
Tracy Donhardt
He lived in the south Broad Ripple house 11 years, rented it out for another 11, then sold it for three times what he paid for it. Today, McMichael, 43, owns a dozen rental properties around Indianapolis, plus the well-known Rathskeller Restaurant downtown. And recently he's turned his real estate eye to 16th and Alabama streets where he's converting the former Ashantii Ballroom into luxury condominiums. "I learned years ago with that first house the power of real estate," Michael...
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Massive hotel project could advance without city help: Redevelopment would be on a smaller scaleRestricted Content

November 6, 2006
Cory Schouten
Land near Victory Field could get hundreds of additional hotel rooms even if the developers that control the site don't receive city incentives they're seeking for a huge convention hotel project. Merrillville-based White Lodging Services Corp. and Indianapolis-based REI Real Estate Services are asking the city to invest $45 million to $55 million toward a $250 million campus of hotels on land that's now home to a 235-room Courtyard by Marriott and a TGI Friday's. If they don't win the...
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Ponds poo-pooed by more developers: Land prices create need for alternative storm systemsRestricted Content

November 6, 2006
Jennifer Whitson
For years, the model for most local drainage systems-especially in large development sites not directly downtown-has been underground pipes running into a large detention pond. The ponds have dotted the landscape, becoming a perk for office dwellers and homeowners wanting a "lake" view, but raising the concern of many safety officials over the increased risk of drownings. But as new federal rules come into effect requiring not just flood prevention but also filtration of contaminants, more developers may be moving...
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Obstacles couldn't stop community-minded ShaheenRestricted Content

November 6, 2006
Tammy Lieber
Yvonne Shaheen, retired CEO of Long Electric Co., is the winner of the 2006 Michael A. Carroll award, given annually in memory of the former deputy mayor to a person who embodies determination, devotion, humility and community.
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Developer has big plans for long-vacant drive-in: N.Y. firm has 93-acre Lawrence site under contractRestricted Content

September 25, 2006
Jennifer Whitson
A 93-acre former drive-in south of the former Fort Benjamin Harrison has sat vacant since the theater closed in 1993. But now a Rochester, N.Y., developer has agreed to buy the property and envisions building retail space plus either a light-industrial business park or a medical campus. If it comes to pass, the large development could kick-start Lawrence's efforts to revitalize struggling portions of Pendleton Pike. Norry Management Corp. has had the land under contract since spring and is preparing...
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Malls' redevelopment attracts familiar names: Borders, AMC Theatres among first tenants identifiedRestricted Content

September 25, 2006
Justin Hesser
A mix of familiar stores and upscale retailers will be moving into the nowvacant L.S. Ayres space at Greenwood Park and Castleton Square malls, which owner Simon Property Group Inc. is turning into small-scale lifestyle centers. The open-air developments, which will be similar in design to Carmel's Clay Terrace, have attracted a host of major retailers, including Barnes & Noble, Borders and AMC Theatres. Smaller specialty shops and sit-down restaurants also are planned. Barnes & Noble will be going in...
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Kite, Mansur, White pitch airport hotelRestricted Content

September 25, 2006
Jennifer Whitson
Three developers are vying for the chance to build a four-story, 250- to 300-room hotel connected to the new $974 million midfield terminal and garage at the Indianapolis International Airport.
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$1.7M invested in failed firm not authorized, sources sayRestricted Content

September 25, 2006
Chris O'Malley
Trade groups that host the Indianapolis Auto Show and represent 600 car dealers in the Legislature stand to lose $1.7 million they loaned to a local debt-collection agency--loans that sources said were made without the knowledge of the groups' boards or membership.
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Minority-owned contractor Mezzetta Construction downsizes dramaticallyRestricted Content

September 25, 2006
Anthony Schoettle
Mezzetta Construction Inc., one of the city's largest minority-owned businesses and a contractor on the Lucas Oil Stadium project, is downsizing its staff and auctioning off its office and construction equipment while struggling with financial difficulties.
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Noblesville mega-mall begins lining up retailers: Area brokers say space is likely to lease wellRestricted Content

September 18, 2006
Jennifer Whitson
J.C. Penney, Best Buy and Bed Bath & Beyond plan to open stores in the $100 million open-air mall Simon Property Group Inc. and a partner are planning to build in Noblesville, retail brokers say. In addition, Grand Rapids, Mich.-based Goodrich Quality Theaters Inc. is in preliminary talks to open a cinema in the project, owner Bob Goodrich confirmed. Simon and another Indianapolis-based developer, Gershman Brown & Associates, announced plans for the nearly 1-million-square-foot Hamilton Towne Centre a year ago....
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NOTIONS: Dear philanthropist: Make me a daydream believerRestricted Content

September 18, 2006
Bruce Hetrick
Last month, I picked up my boys in Fort Wayne, drove north on Interstate 69, hooked a left at Interstate 94, and got off at the Portage, Mich., exit. There, we whiled away the weekend at a family reunion. The grownups ate too much, caught up on gossip and puttered around the lake in the speedboat. The teenagers, whom we rarely saw, did X-Box battle in the basement. On Sunday, after the kids had surfaced for lunch and the grandparents...
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BEHIND THE NEWS: A Marsh without Marshes? Expect family to exit soonRestricted Content

September 18, 2006
Greg Andrews
Marsh Supermarkets Inc. has filed hundreds of pages of documents with the Securities and Exchange Commission in recent weeks, but none gets to the crux of the matter: Will a Marsh remain atop Marsh Supermarkets if Boca Raton, Fla.-based Sun Capital Partners completes its $88 million buyout of the Fishers-based company? Marsh spokeswoman Myra Borshoff Cook said executives haven't been asked to step down so far. "They won't know anything until the deal closes," she said. But keeping a Marsh...
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Housing bubble on holdRestricted Content

September 18, 2006
Jennifer Whitson
The inventory of central Indiana homes for sale is piling up, but the backlog so far hasn't caused prices to fall, according to experts and industry statistics.
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  1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

  2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

  3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

  4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

  5. Look at the bright side. With the new Lowe's call center, that means 1000 jobs at $10 bucks an hour. IMS has to be drooling over all that disposable income. If those employees can save all their extra money after bills, in five years they can go to the race LIVE. Can you say attendance boost?

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