IBJNews

Stonegate Mortgage to relocate growing firm to Indianapolis

Back to TopCommentsE-mailPrintBookmark and Share

Stonegate Mortgage Corp. will move its growing operation to Indianapolis in the next few months after a deal to expand in Fishers fell through.

Six months ago, the company unveiled plans to add 300 jobs by 2015 as it moved its headquarters into 29,000 square feet of office space on Crosspoint Boulevard, overlooking Interstate 69.

But Stonegate leaders were not able to negotiate an acceptable lease there. Instead, officials announced Thursday that the company has signed a deal to rent office space in the Precedent office park in Marion County.

The job-creation plans remain unchanged, Indianapolis economic development officials said in a news release. In fact, Stonegate already has begun hiring.

Develop Indy will support a local property tax abatement request to replace the 10-year, $760,000 abatement the town of Fishers had offered. Indiana Economic Development Corp. already offered Stonegate as much as $3.7 million in performance-based tax credits and $50,000 in training grants based on its job-creation plans.
 
 

 

ADVERTISEMENT

  • No Ones Fool
    As both Fishers and Carmel has found in the past, concessions to these type of mortgage operations are fleeting and havent delivered the benefits promised.
  • bidding war
    This location is just off 96th street, so barely in Indianapolis. Stonegate apparently played it smart in getting the two jurisdictions in a bidding war for property tax benefits.
  • Great news
    This is great news for Indianapolis. The city needs to focus on getting businesses to locate to the city (preferably downtown, but I'll take anywhere in the city limits). The time has come to recognize that suburbs aren't everything to everyone, and businesses belong int he urban core. Thanks for the great news, Stonegate!

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. I am not by any means judging whether this is a good or bad project. It's pretty simple, the developers are not showing a hardship or need for this economic incentive. It is a vacant field, the easiest for development, and the developer already has the money to invest $26 million for construction. If they can afford that, they can afford to pay property taxes just like the rest of the residents do. As well, an average of $15/hour is an absolute joke in terms of economic development. Get in high paying jobs and maybe there's a different story. But that's the problem with this ask, it is speculative and users are just not known.

  2. Shouldn't this be a museum

  3. I don't have a problem with higher taxes, since it is obvious that our city is not adequately funded. And Ballard doesn't want to admit it, but he has increased taxes indirectly by 1) selling assets and spending the money, 2) letting now private entities increase user fees which were previously capped, 3) by spending reserves, and 4) by heavy dependence on TIFs. At the end, these are all indirect tax increases since someone will eventually have to pay for them. It's mathematics. You put property tax caps ("tax cut"), but you don't cut expenditures (justifiably so), so you increase taxes indirectly.

  4. Marijuana is the safest natural drug grown. Addiction is never physical. Marijuana health benefits are far more reaching then synthesized drugs. Abbott, Lilly, and the thousands of others create poisons and label them as medication. There is no current manufactured drug on the market that does not pose immediate and long term threat to the human anatomy. Certainly the potency of marijuana has increased by hybrids and growing techniques. However, Alcohol has been proven to destroy more families, relationships, cause more deaths and injuries in addition to the damage done to the body. Many confrontations such as domestic violence and other crimes can be attributed to alcohol. The criminal activities and injustices that surround marijuana exists because it is illegal in much of the world. If legalized throughout the world you would see a dramatic decrease in such activities and a savings to many countries for legal prosecutions, incarceration etc in regards to marijuana. It indeed can create wealth for the government by collecting taxes, creating jobs, etc.... I personally do not partake. I do hope it is legalized throughout the world.

  5. Build the resevoir. If built this will provide jobs and a reason to visit Anderson. The city needs to do something to differentiate itself from other cities in the area. Kudos to people with vision that are backing this project.

ADVERTISEMENT