Property Lines - Scott Olson

Welcome to Property Lines, Indy's favorite source for neighborhood real estate news. Your host, IBJ real estate beat reporter Scott Olson, can be reached at solson@ibj.com.
Real Estate & Retail

Outlook grim for Venu

March 13, 2008

Venu RenderingPlenty 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.
Comments powered by Disqus