Plenty of people are holding out
hope that Premier Properties USA Inc. can pull off its ambitious, $750-million Venu project at the southwest corner of 86th
Street and Keystone Avenue. But the odds aren't looking good. The company is facing an $80 million foreclosure on an Ohio
mall, a $10 million foreclosure on a Plainfield property and more than a dozen liens and lawsuits. And that's not all: Records
show the company hasn't paid many of its bills relating to Venu, and for its own headquarters in Woodfield Crossing. California-based
The Jerde Partnership, the lead designer on Venu, has filed a lien for $437,000. And locally based Schneider Corp. has filed
liens for about $70,000 in unpaid surveying work. Premier also owes millions for the buildout of its new headquarters. Locally
based Charles C. Brandt Construction Co. has filed a lien for $2.2 million, and locally based Barth Electric is seeking $172,000.
Read more 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.
Plenty of people are holding out
hope that Premier Properties USA Inc. can pull off its ambitious, $750-million Venu project at the southwest corner of 86th
Street and Keystone Avenue. But the odds aren't looking good. The company is facing an $80 million foreclosure on an Ohio
mall, a $10 million foreclosure on a Plainfield property and more than a dozen liens and lawsuits. And that's not all: Records
show the company hasn't paid many of its bills relating to Venu, and for its own headquarters in Woodfield Crossing. California-based
The Jerde Partnership, the lead designer on Venu, has filed a lien for $437,000. And locally based Schneider Corp. has filed
liens for about $70,000 in unpaid surveying work. Premier also owes millions for the buildout of its new headquarters. Locally
based Charles C. Brandt Construction Co. has filed a lien for $2.2 million, and locally based Barth Electric is seeking $172,000.
Read more here.
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The Fringe! Plus, the simple fact that there are so many local faves in such close proximity to each other.
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I remenber, watching the toll road, being built, through South Bend, when I was 10 years old. I believe, back then that it was estimated, that the toll road, would be paid for in 20 years and then it would be free. I am now 71, what happened? Since the power is in the people, by that, I mean that, we the people are in total control of everything. I, suggest that no one ever use the toll road again, let it go broke. We the people can control the price of everything, from groceries to gas, if we would just do it. If we don't pay the asking price, the sellers will lower the price and if we wait awhile, they will lower the price to what we accept as reasonable. I would like to know why a highway like interstate 94, is so well maintained, a much better highway, than the toll road, but has no tolls. I would also like to know why, a sitting governor, with a term limit, maximum of eight years, can lease, public property, for 75 years. Even though I have transponders in both of my trucks and will not be affected by the increase, I have been and will contine to avoid using the toll road. I make many trips from northern Indiana to Chicago, every year, and I prefer the better highway, I94!
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Coming from her background,she should be used to those kinds of advances! Menard probably figured it was ok to tuck a buck!
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I'm still waiting for the list of available, high quality apartments in the Village.
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This criminal masquerading as a lawyer obviously has serious issues. He’s been proven by his own testimony to be a pathological liar and probably has a personality disorder as he seems to be constructing a reality around himself. He places no value on truth, honesty or loyalty as evidenced by what he has done to his clients and his own family. And by the demands and lies he has made in court, it is evident he feels entitled to do and say whatever suits his purpose and everyone else is expected to nod obediently and believe him because he is, after all, Bill Super Lawyer; or BS lawyer for short. This millionaire wanna-be no longer owns anything of value; he squandered it and put everything he had into foreclosure. He has no money, house, car, boat or vacation home left to show for what he earned or what he stole. He’s just another loser without morals who will be doing time. I’m certain all of his courtroom shenanigans are antagonizing his poor victims. As Lamar said, his behavior and claims in court have been outrageous. The judge needs to be more than concerned; he needs to be judicial and end this nonsense.
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As for the excitment over the twisted skyscraper, you must have been reading another blog george because the one I read, while filled with curiosity and praise of that young mans ambition, was tempered with an overwhelming view of reality. I'm pretty sure that very few people on here actually expected that one to be built.
There's a difference between a tight market and digging yourself into a deep hole. I don't think Premier would have made this work in the best of scenarios, as it doesn't sound like they know how to manage money at all.
We've got plenty of evidence downtown showing that many of the projects you mentioned (Ralston Square, Paramount Towers, SODO) have a chance: The Cosmopolitan, Landmark of Lockerbie, The Maxwell, 3Mass, and 707 North East St. are all under construction. I don't know about you, but I see several cranes downtown.
Real players are doing just fine. They don't bite off more than they can chew, and the certainly don't rob Peter to pay Paul, over and over again.
I have no clue who that person is just FYI. The Helen that has posted is not me. Either someone has the same name as I or its a copy-cat trying to make me look bad or something.
Sad to see the bad news. I live and work in downtown and was still really excited about this project. I also wish SoDo would take a note from Venu's design and planning b/c it would really make that an awesome project.
As for Merrill Tower, I hope it does get built, but I am really not sure about the likeliness of this getting built. I am just not sure if this unproven development venture can get $67 Million in financing, especially in this economy.
JW Marriot and Penn Centre are both moving forward, by the way.
Venu sounded fabulous, especially with its LEED impact. Premier Properties got off to an impressive start with the Metropolis, but when I realized that Chris White was the same dirt-bag that left a lot of people holding the bag twenty years ago when he and his brother scammed folks with his exercise center in Castleton, well, the handwriting was on the wall for me. That's the day I knew that Venu was a pipe dream and Mr. White would never have the financial stamina to pull it off.
Not to mention his spending habits. Sounded like was living better than Paul Kite.
Cory, you rock. Keep up the good work.
Anyone who reads my posts can honestly tell the difference.
It's one thing if your last name is Simon or Eskenazi and you've built a successful company and created huge equity and given a lot of money away to schools and hospitals. People respect that level of achievement, and I don't begrudge them their luxuries.
A house of cards built on fast talk and outright deception is something else, and it's pretty clear which we're looking at here. When you take a risk and lose, there comes a point where it's necessary to face your losses squarely and deal with them instead of stringing people along.
I hope that a developer sees that highrise living is the next step in this area. Why a condo/apartment tower has not been proposed for Keystone at the Crossing is beyond me.
Every solid project should focus on a 20-30 year window, not a few quarters or a couple years. I understand Chris White is in hot water, but is every project so fragile in its design/investment phase that it gets tossed in the trash when we have a minor correction?