Articles

Mass Ave condos in the works: High-end, 10-story project in trendy cultural district has 46 units, retail space

Log one more entry into the crowded field of downtown condo projects. But developers of a 10-story development at Massachusetts Avenue and New York Street think its location and amenities will reel in high-end buyers. The condos, dubbed Three Mass Ave, will be developed by a three-way partnership of Halakar Properties Inc., Pillar Investments LLC and architect Wayne Schmidt. “We want to make sure that this is a classy building that fits in with the historic nature of Mass Ave…

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Commercial real estate brokers can now file liens: New law to help resolve commission disputes

Commercial real estate brokers have a new weapon in disputes over unpaid commissions. A state law that goes into effect July 1 gives them the right to file a legal claim against property, known as a lien, when they think they’re due commissions that haven’t been paid. Previously, their only option was to take the more drastic step of filing a lawsuit. “Where it’s less than a $50,000 commission, it’s just not practical to file a lawsuit to recover fees,”…

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Conrad high-rise condos sell fast: Only 4 of 15 residences left; biz leaders among buyers

Eli Lilly and Co. President John Lechleiter is among the wealthy buyers who have snapped up all but four of the 15 private residences perched atop the Conrad Hotel downtown. Lechleiter will be on the 23rd floor, one level from the top. Pete Piazza, president of Piazza Produce Inc., will be on the 22nd. And insuranceindustry executive Jack Mead will be on the 21st. The 15 residences fill the top six floors of the new $100 million tower. They start…

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Illinois Building in danger?: Preservationists fear for landmark’s future; owner mum on its fate

After sitting vacant for at least three years, the Illinois Building at the southeast corner of Market and Illinois streets is gaining attention as one historic preservation group tries to forestall any plans that might include tearing it down. The Historic Landmarks Foundation of Indiana added the building to its “10 Most Endangered” landmarks list earlier this year. The group said it’s ringing the alarm bells due in part to what Landmarks employees are hearing. “We have heard from a…

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Stringtown-the next downtown success story?: Trio of real estate investors are betting on the burg

Drive around the roughly 50 blocks of Stringtown, a small, working-class neighborhood on the city’s near-west side, and you’ll come across some cute, rehabbed, two-bedroom houses for rent. But there are also signs of neglect-boarded-up houses with siding falling off, cars up on blocks, and broken windows. In the neighborhood just west of White River and the Indianapolis Zoo, a few real estate investors are wagering that the tight-knit district is ready to blossom. The burg stretches from the river…

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Crown Hill nearing new deal: About 70 acres expected to sell for $5.2M

An announcement on new development for 70 acres of woodlands held by Crown Hill Cemetery and Funeral Home may come within weeks, bringing to a close a controversial land deal that some environmental and neighborhood groups hoped to stall. Crown Hill leadership is talking with three developers that have submitted competing proposals for mixed-use projects, cemetery President Keith Norwalk said. He declined to name the developers or provide details on their proposals but called an announcement “fairly imminent.” The price…

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CD-burning kiosks debut: Four years of work on the line for local media-technology company

As the after-work rush of customers came into a south-side Karma music store on a recent Wednesday, some wandered up to a new kiosk and gave it a whirl. It was the public’s first look at CD-burning technology, developed by local entrepreneurs, that allows customers to pick songs and immediately burn a CD mix before leaving the store. If consumers like the kiosks, backers hope to sell video games, movies and even concert tickets through the terminals, which could be…

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