News from the city's development industry has been grim lately. Duke Realty Corp. joined the layoff
parade this week, dropping 45 employees (including 20 locally). In January, Lauth laid off 80 employees, including 54 at its
Indianapolis headquarters, then dropped dozens more in March. Premier Properties USA Inc. laid off more than 40 employees
at the end of March. Many in the business expect there could be more pain before the economy improves. “I’m seeing things
I’ve never seen before,� Lauth CEO Bob Lauth told me for a recent story. “We’re still incredibly bullish on this company and our people, but I am not bullish on the
short term from an economic perspective.� Duke resorted to layoffs after reducing its projection for 2008 development starts from $1.3 billion to between $750 million
and $1 billion. Will things get better or worse from here?
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Welcome to Property Lines, Indy's source for neighborhood real estate news. Your host is Scott Olson, IBJ's real estate beat
reporter. Edited by Cory Schouten.
News from the city's development industry has been grim lately. Duke Realty Corp. joined the layoff
parade this week, dropping 45 employees (including 20 locally). In January, Lauth laid off 80 employees, including 54 at its
Indianapolis headquarters, then dropped dozens more in March. Premier Properties USA Inc. laid off more than 40 employees
at the end of March. Many in the business expect there could be more pain before the economy improves. “I’m seeing things
I’ve never seen before,� Lauth CEO Bob Lauth told me for a recent story. “We’re still incredibly bullish on this company and our people, but I am not bullish on the
short term from an economic perspective.� Duke resorted to layoffs after reducing its projection for 2008 development starts from $1.3 billion to between $750 million
and $1 billion. Will things get better or worse from here?
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Laura-the festivals and tastings are free. What does is strengthen the sense of community with activities. What are those empty lots doing for the Village? it's sad you can't see the good that this progress can do for the area. No one is requiring anyone to shop there. I guess you'd rather see a Dollar store move in or no, we'd rather see the property stand empty b/c change is out of the question.
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Read down to the part about Brizzi. Someone needs to subpoena his "purchases" of Red RockPictures and Cellstar and his corresponding bank records, I mean c'mon, I'd like to see his alcohol usage records, too. http://diana-vice.blogspot.com/2011_01_01_archive.html
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Wonder if my neighborhood can advertise our "retention" pond and act like it is a beach too?
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a new record at the '11 salebration until they realized that it was a futile effort to get their crapwagon moter and crapwagon car up speed. And then they just quietly slunk off into the night and never spoke of it again. Nothing to see here folks.
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millions for putting a company's bumper sticker on one of its Lolas. But you gotta take what you can get.
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build senseless new strip malls and office complexes next door
to vacant strip malls and office complexes. There's no demand
for these developments (look on the west side 56th street/Lafayette Road),
just greedy developers and cheap land with no one to stand in their way.
Of course we'll blame the sluggish economy and not the fact that
we allow senseless over development to happen in the first place. It's the
same situation in the housing market. Don't get me wrong. I feel bad for
anyone who's losing a job. I wish we'd learn a lesson from this over
development and not entirely blame the economy.
this would spur redevelopment of existing structures, and force retailers and other users to ditch their prototypes and adapt to the real estate that exists.
The reason developers lay off workers is because they grow with cheap money-and shrink when that disappears. Thanks for inflating land and building prices for the last 10 years FED-now all these REITs and other developers own properties not worth what they paid.
Good day for all those with a bunch of cash looking to swoop in on the deals!!!!
Lafayette and the 65 north ramp: New strip mall 95 percent empty and
Bada Boomz struggling to stay open. 56th Street across from Eagle
Creek Park: another fairly new strip plaza 40 percent empty (never had
occupants). 56th and Guion, another new strip plaza, 95 percent open.
Lafayette Road just south of 56th street, another strip plaza with vacancies.
Now land is for sale on both sides of Lafayette Road near 56 Street for
massive development. There are no new housing developments in that area to
support this. I would never call homeowners greedy. I would call them uneducated in
what they can afford and blame a mortgage industry that allows them to
purchase what they cannot afford.
@smart: Let's not be like the fascistic cities of the world like London and Portland which artificially restrict development based on geography. It is restrictions like these that catapult land values to astronomical levels and drive out lower-income people, or cause them to move into hovels. Let's instead wait for more common sense monetary policy to come from the Fed(well, if you've got the time at least...) and in the mean time reduce the tax burden in Marion County, stop subsidizing highway commuters from the suburbs, allow real transit options to flourish, and lower crime in the central city. That is the real way to stop sprawl and create a more urban city.
When the building is done it will look like a commercial building with storefront windows and doors built up to the street.