Urban development

City gives OK for $60M apartment building on canal

April 18, 2012
Scott Olson
Investment Property Advisors agreed to reduce the size of the apartment building from 26 stories to 10 stories and from 485 units to 319 units to help gain support from the city.
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Decision on Broad Ripple garage delayed again

April 17, 2012
Scott Olson
The two-week continuance granted to remonstrators on Tuesday by the Metropolitan Board of Zoning Appeals follows a previous seven-day delay. The board is set to consider a zoning variance for the $15 million project on May 1.
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Plan envisions hot growth for downtown IndianapolisRestricted Content

April 14, 2012
Cory Schouten
A study commissioned by the office of Mayor Greg Ballard envisions a much more densely populated, walkable downtown core stretched by several blocks and supported by another Circle Centre mall's worth of retail and enough new office space to double the size of Chase Tower.
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North-side neighborhood groups pursuing Fall Creek revitalizationRestricted Content

April 14, 2012
Destination Fall Creek calls for restoring the waterway's recreational value and redeveloping 60 acres of adjacent property.
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City approves design of $45M downtown project

April 12, 2012
Scott Olson
Plans call for the vacant, two-story former Bank One Operations Center at the northwest corner of Washington and East streets to be converted into a five-story apartment building with office or retail space on the first floor.
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Effort to save Rivoli Theatre faces another delay

April 10, 2012
Tom Harton
The theater, at 3155 E. 10th St., has the potential to be a catalyst for further redevelopment of the corridor if the not-for-profit that owns it can win complete control of the 1927 structure and stabilize it.
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City narrows field of contenders vying to develop Mass Ave parcel

March 31, 2012
Cory Schouten
A midrise mix of apartments and first-floor retail is the most likely replacement for a 1.45-acre Mass Ave parcel occupied by the Indianapolis Fire Department.
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Mass Ave project surrounding Barton Tower gets state OK

March 27, 2012
Tom Harton
A partnership of Flaherty & Collins Properties and Insight Development Corp. was awarded rental housing tax credits by the state that will be sold to finance construction of a 61-unit, $11.5 million apartment project at 555 Massachusetts Ave.
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Developer scales back plans for tower along Central Canal

March 20, 2012
Scott Olson
The firm behind a proposed downtown apartment tower designed for college students has slashed its height from 26 to 10 stories to improve its chances of winning city approval.
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Irvington apartment, streetscape projects clear hurdles

March 20, 2012
Tom Harton
Two significant construction projects are closer to starting in Irvington, where the district’s East Washington Street commercial corridor is bouncing back even as one of its key buildings faces demolition.
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Ozdemir emerges as powerhouse in Indianapolis real estateRestricted Content

March 17, 2012
Cory Schouten
Keystone Group, Turkish immigrant Ersal Ozdemir's 10-year-old development firm, is orchestrating some of central Indiana’s most ambitious projects, including a $15M Broad Ripple parking garage and the $60M million mixed-use Sophia Square in Carmel.
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Deal rekindles $45M downtown projectRestricted Content

March 17, 2012
Cory Schouten
Former partners in Kosene & Kosene Development have settled a legal dispute that jeopardized redevelopment of the vacant former Bank One Operations Center downtown. Milhaus Development has until May 1 to begin construction.
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Speedway's plan for roundabout hits snag over billboard

February 27, 2012
Scott Olson
The Speedway Redevelopment Commission is threatening eminent domain against Clear Channel Outdoor Inc. because the billboard company won't relinquish its lease rights at a key intersection.
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Pan Am Plaza redevelopment brewingRestricted Content

February 25, 2012
Anthony Schoettle
The two entities that control the future of Pan Am Plaza have come to an agreement that could lead to the redevelopment of one of the most valuable parcels downtown.
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CityWay designed to integrate retail, housing, hotel, YMCARestricted Content

February 25, 2012
Marc D. Allan
Architects were told to push the envelope and integrate. Be mindful of where you are in the city and integrate well.
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City aims to erase surface parking for developmentsRestricted Content

February 18, 2012
Cory Schouten
Several downtown surface parking lots are targeted for redevelopment, with a couple already well on their way to being filled with a mixture of commercial and residential projects.
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Downtown officials outline future plans for Georgia Street

February 13, 2012
Anthony Schoettle
The three-block stretch that served as the Super Bowl Village will complement, not compete with, traditional downtown gathering places such as Monument Circle, officials said.
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Foundation finds buyer for 16th Street buildings after 6-year search

February 7, 2012
Tom Harton
Two brothers purchased the pair of connected buildings at the northwest corner of 16th and Alabama streets and will use the property for a 50-seat café and the offices for Nottingham Realty Group.
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New mixed-use project holds promise for building across street

January 31, 2012
Tom Harton
An 82-year-old downtown commercial building that’s had trouble luring tenants is suddenly positioned to thrive courtesy of an $85 million mixed-use project planned for a site right across the street.
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Purchase lifts effort to develop MSA siteRestricted Content

January 28, 2012
Kathleen McLaughlin
A community development corporation linked to the city of Indianapolis has bought the 1.87-acre parking lot that borders the former Market Square Arena site, a move that some say could be the catalyst to finally redeveloping the entire vacant site.
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Apartments rev up residential revival downtownRestricted Content

January 28, 2012
Cory Schouten
An apartment building spree downtown is getting fresh fuel with an $85 million mixed-use development that will be anchored by a Marsh grocery.
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Marsh to anchor massive new downtown development

January 24, 2012
Cory Schouten
A local developer plans to build a Marsh grocery store and hundreds of apartments in an $85 million project that would replace a block and a half of surface parking lots in the northwest quadrant of downtown.
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Brugge owners eye downtown buildings for brewery, eatery

January 10, 2012
Tom Harton
Owners of Broad Ripple’s Brugge Brasserie want to bring a new restaurant concept to the Massachusetts Avenue district downtown, where they also plan to relocate the craft brewery that supplies beer to Brugge.
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Near-east-side Super Bowl efforts go beyond the big game

December 28, 2011
Francesca Jarosz
For a Super Bowl-related initiative to revitalize Indianapolis’ near-east side, the hardest work will come after the Feb. 5 game.
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Transit plan may boost real estate investmentRestricted Content

December 17, 2011
Chris O'Malley
A proposed $1.3 billion transit system might bring redevelopment to urban neighborhoods. Yet transit proponents have surprisingly little to say about how much the system could generate in new real estate investment.
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  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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