Local industrial sector ‘healthier than it’s ever been,’ expert says
The red-hot Indianapolis industrial real estate sector is nearing all-time records in vacancy, construction and absorption, newly-released market reports obtained by IBJ show.
The red-hot Indianapolis industrial real estate sector is nearing all-time records in vacancy, construction and absorption, newly-released market reports obtained by IBJ show.
Robert Scannell, 66, founded Scannell Properties in 1990, following his departure from Duke Realty the same year.
Town officials in 2008 began an aggressive play to turn the world-famous oval into an economic engine that runs year-round by creating a retail and entertainment district along Main Street.
Four projects totaling about $85 million, including three already under construction, will bring apartments, offices and retail space to a key stretch of Green Street.
The suites-style facility slated for Arbuckle Park is part of the town’s effort to create an identity for downtown through new spaces for living, working and playing.
Speedway President Doug Boles said there are two main issues preventing the track from incorporating a hotel into the outside infrastructure of Turn 2. But could the project be revived?
Town officials hope the project, which will feature 220 apartment units and could cost $60 million, will transform its downtown into a hub of residential and retail activity.
Two local developers are teaming to build a $50 million mixed-use project adjacent to the Indianapolis Motor Speedway that would anchor the town’s revitalized Main Street.