Indianapolis Business Journal – May 17-23, 2019




In This Issue

Front Page

Bloomington-based Oliver Winery now sells in 27 states

Company’s emphasis on sweet wines has helped make Oliver the largest Hoosier winery (by far) and the 44th-largest in the United States.

New council in Westfield might curtail spending

A dramatic shakeup of the Westfield City Council could result in more scrutiny of development proposals that are part of Mayor Andy Cook’s vision for the growing city.

IDEM to hike permit fees for first time in decades

The cost of Indiana environmental permits on everything from incinerators to wastewater-treatment plants is just a fraction of what nearby states charge.

Top Stories

Speedway B&O Trail extensions could spur development

Redevelopment experts are confident the west side will see a jolt in property values and development opportunities as plans to extend a Speedway trail both east and west move forward.

Car-sharing company Turo makes local inroads

Similar to peer-to-peer home-sharing platforms, car-sharing apps help individuals make their vehicles available to others for a fee.

A third of Indianapolis City-County Council isn’t running this fall

Eight 0f 25 city-county councilors won’t be on the ballot this fall. And five members elected in 2015 have since resigned, retired or been promoted to higher office.

Genesys, city working toward deal on tax abatement issues

Genesys, which acquired Interactive Intelligence in 2016 and made extensive job cuts following the purchase, is working on the city to update its tax-incentive agreement after failing to comply with previous requirements.

New York firm sells south-side shopping center, buys north-side complex in Castleton

Nassimi Realty was a key player in two transactions totaling $15 million, offloading a retail center dominated by dollar stores and acquiring a complex directly east of Castleton Square Mall.

Local apartment development firm TWG changes leadership

Tony Knoble and Justin Collins have taken top positions at the development firm after the retirement of longtime execs Joe Whitsett and Dennis Dye.

Q&A with Kai Chuck, Westfield’s director of global strategy and business development

Chuck has more than a decade of experience working in international economic development.

Andrew Mallon chosen as first new CIB director in 28 years

Andrew Mallon, corporation counsel for the city of Indianapolis, was approved Friday morning as executive director of the Capital Improvement Board, replacing longtime leader Barney Levengood.

Maestro Urbanski to leave ISO after 2020-21 season

When he leaves, Krzysztof Urbanski will have been with the Indianapolis Symphony Orchestra for a decade, after joining in 2011 as the youngest artistic leader of any major American orchestra.


20 years after launch, nation’s first internet-only bank is on a roll

Fishers-based First Internet Bancorp has had strong double-digit percentage growth in recent years, while most banks are growing in the mid-single-digit range.

Facebook hires former PayPal team to create cryptocurrency option

Stock strategist who nailed 2018 says recession bell is ringing

Carmel-based bank opens Chicago office

Carmel-based Merchants Capital Corp. opened a mortgage production office in downtown Chicago last month.

STAR Bank to open Monument Circle office

Kokomo credit union merging into Financial Center First

Indianapolis-based Financial Center First Credit Union is building a branch in Kokomo and will complete a merger with Kokomo Heritage Federal Credit Union when the branch opens this fall.

Indiana bankers group launches insurance agency

The Indianapolis-based Indiana Bankers Association has created a bank-focused insurance agency called IBA Insurance Solutions.


Editorial: Fresh thinking on ex-offenders will strengthen our economy

Businesses, confronting an unemployment rate around 4 percent, are struggling to hire. Meanwhile, the formerly incarcerated, who face an unemployment rate about five times higher than the general population, need work to help sustain themselves and their families.

MICKEY MAURER: Taxpayers foot bill for doomed abortion laws

Legal costs stack up as legislature and governor repeatedly drag state into unwinnable court fights.

Paul Knapp: Battle over inner loop must shift to new phase

We’re calling for two important studies: one comparing the cost of a recessed reconstructed inner loop to an elevated reconstructed inner loop, and a second comparing the impact of each approach on downtown traffic.

Terry Spradlin: State gets ed funding right but remains too prescriptive

The unique learning needs of children are best addressed through local control by educators and locally elected school boards working with parents, students and the broader community they represent.

Charlotte Westerhaus-Renfrow: Why failing (successfully) is a good thing to do

Business leaders, managers and entrepreneurs should encourage intelligent failure to promote growth and innovation and to keep their organizations ahead of the curve.

Much at stake in the design of our downtown plazas

As the Indiana Pacers contemplate an outdoor space adjacent to Bankers Life Fieldhouse, it’s a good time to consider the design elements that make a successful plaza work.

KIM: Get off the ‘positional treadmill’ and you just might be happier

You know what’s worse than judging a book by its cover? Judging a book by its cover—then making financial decisions based on what you guess the book might tell you.

BOHANON & CUROTT: Foolish anti-subsidies goal fuels trumped-up trade war

It seems foolish for the USA to risk a worldwide economic downturn via a trade war in an attempt to persuade China to retreat from a foolish policy that harms mainly the Chinese.

Addiction touches all

Utility policy unvetted

In Brief

Upstart software firm plans 75 jobs at new downtown HQ

A software-as-a-service firm founded last year under the wing of Indianapolis-based venture studio High Alpha announced Tuesday that it plans to spend $1.4 million to establish a downtown headquarters.

Taziki’s restaurant chain opens 82nd Street spot, plans more Indy eateries

Alabama-based Taziki’s Cafe is the third operator of Mediterranean restaurants to begin scouting locations for Indianapolis-area eateries in recent months.

City approves new caps, rules for scooter-rental companies

The new rules cap the number of licenses for dockless shared-use mobility companies in Indianapolis and mandate that those companies deploy a certain number of scooters to different areas of the city.

Purdue scores $5M gift for business analytics center

A private equity firm executive and his wife have given Purdue University a donation to support the business analytics center in the Krannert School of Management, Purdue announced Tuesday.

Council OKs $7M in developer-backed bonds for Block 20 project

The project, known as Block 20, consists of developments on two sites near Mass Ave and is estimated to cost $40 million.


MIKE LOPRESTI: College baseball—it’s not just for Southern states

Indiana, Indiana State and Ball State are putting up impressive numbers as tournament time nears.