Indianapolis Business Journal

Indianapolis leaders want more affordable housing in Marion County for low- and mid-income residents, but low-cost options often sunset after a period of years. Leslie Bonilla Muñiz reports that city officials and a wide range of neighborhood organizations think they have found an approach that can keep some properties affordable indefinitely: community land trusts. Also in this week’s issue, Susan Orr reports on the progress of private equity firm Monument Microcap Partners toward its goal of buying small firms and helping them grow. And Dave Lindquist explains how long delays at vinyl-pressing plants are affecting Indiana-based recording artists and music stores who cater to fans of the resurgent format.

More than 100,000 people are expected to come downtown for the festivities that begin this weekend for the College Football Playoff National Championship. Mickey Shuey reports that the stakes for Indy go far beyond the immediate economic impact. Also in this week’s issue, John Russell examines the latest numbers for hospital diversions in central Indiana as health systems strain to care for the surge in COVID-19 cases. And Emily Ketterer sheds light on the battle for a statewide policy on solar- and wind-energy projects, which often run into roadblocks in a mélange of local ordinances and public boards.

IBJ names its 2021 newsmakers and recaps the year's top headlines. Plus, Cook Medical set an audacious goal when it announced it would build a new manufacturing plant in Indianapolis using only contractors and subcontractors owned by a person of color, woman, a veteran or someone with disabilities. Barb Berggoetz explains how the company made it happen. Plus, Sam Stall writes that the home remodeling boom that started with the pandemic shutdown in 2020 gained steam in 2022, even as people were no longer so stuck at home.

Duke Energy, the largest electric utility in Indiana, wants to send much of its coal-fired generating fleet into early retirement by 2035 and switch to cleaner sources of energy. But as John Russell reports, some consumer groups, environmentalists and elected officials contend the progress isn’t nearly fast enough. Also in this week’s issue, Leslie Bonilla Muñiz explains how an unusual public-private collaboration is renovate a 160-unit affordable housing complex on the north-east side and keep it affordable for the next three decades. And Dave Lindquist has a roundup of the holiday season’s main attractions as cultural institutions vie for seasonal dollars.

A bill already under consideration by the Indiana Legislature orders that any worker who request a religious exemption to an employer’s vaccine mandate can automatically get one, “without further inquiry.” As John Russell reports, the bill raises thorny questions about the balance between a worker’s religious freedoms and the right of employers to keep workplaces safe. Also in this week’s issue, Mickey Shuey questions whether city tourism and sports officials properly vetted  a financially troubled developmental football association before it racked up some $1.4 million in unpaid bills in Indianapolis last spring. And Dave Lindquist explains how the College Football Playoff National Championship, set for Jan. 10 in Indianapolis, plans to make a big investment in local teachers.

Indianapolis is well behind peer cities in terms of land dedicated to parks. The vast majority of forested land in Marion County is privately owed. Leslie Bonilla Muniz explains how the Indiana Forest Alliance is trying to encourage protections for trees on private land so they’re not destroyed by future development, starting with an exhaustive study of forested land in the city. Also in this week’s issue, Dave Lindquist digs in to the new strategy for creating new restaurant concepts at Fishers Test Kitchen. And John Russell details plans by VillageMD, co-founded by a former Anthem Inc. executive, to use more than $5 billion invested by Walgreens to buy primary care medical practices across the country and open clinics inside Walgreens pharmacies.

Susan Orr explains how Indianapolis-area companies hope to take advantage of the big influx of federal infrastructure dollars, from huge corporations like Cummins Inc. and Allison Transmission Inc. to smaller ones like 120Water Inc. and BCA Environmental Consultants LLC. Also in this week’s issue, Leslie Bonilla Muñiz expands on plans by Indy Parks to add another 90 acres of public green space. And Leslie has an update on how IndyGo is moving ahead with the next two legs of its massive bus rapid transit project, after a messy state legislative session and pandemic-related problems threw a wrench in the timeline.

In a city filled with developers who can handle complex, multiuse projects, the businessman who came to Lafayette Square’s rescue is a relatively unknown 50-year-old from Argentina named Fabio de la Cruz. Mickey Shuey has a proper introduction and dives into his $200 million plan to transform the retail center into a cultural hub featuring a concert center, movie theater, hotel, apartments and a shopping village. Also in this week’s paper, Emily Ketterer explains how the federal $1.2 trillion infrastructure package will help Indiana. And John Russell has the feds’ latest report card on how well Indy-area hospitals are keeping patients from needing to return to hospitals after their initial treatment.

Twenty months into the pandemic, it has become clear that there won’t be a rush of white-collar workers back to the office once the threat has passed. Susan Orr digs into the wide range of responses from local companies to the question of maintaining a remote workforce. Also in this week’s issue, Emily Ketterer explores the rise in Indiana of the Delta-8 THC, which has effects similar to traditional marijuana and is being sold in shops across the state thanks to a legal gray area that many state officials would rather not talk about. And Leslie Bonilla Muñiz reports on long-awaited cleanup of the Black Mountain industrial site on Indianapolis’ near-east side.

Indiana’s tech sector is in a red-hot cycle of mergers and acquisitions, with momentum so strong that the number of deals during the first three quarters of 2021 has already eclipsed full-year 2020 and 2019 totals—and by a healthy margin. Susan Orr examines the reasons behind the boom. Also in this week’s issue, Emily Ketterer explains how state officials are working to preserve and grow Indiana’s position as a leader in auto production by leaning heavily toward electric vehicles and related tech. And Dave Lindquist looks behind the curtain at the Indianapolis Opera to learn more about how it’s shifting its strategy to be more flexible and reach a wider range of patrons.

Insurers in Indiana, like in much of the nation, are pushing hard to boost membership in thir Medicare Advantage plans, one of the fastest-growing segments in the industry. John Russell explains how they’re scrambling to sign up seniors before the Dec. 7 enrollment deadline. Also in this week’s issue, Emily Ketterer examines the pressure building in the Indiana Statehouse for legalizing marijuana. And Leslie Bonilla Muñiz details plans for the first Black-led Community Development Financial Institution in Indianapolis.

Indianapolis officials are gearing up to host the largest event the city has seen in months—the College Football Playoff National Championship. IBJ’s Mickey Shuey dives into the preparations, the schedule of community events and what will make Indy’s latest hosting gig unique. Also in this week’s paper, Leslie Bonilla Muñiz examines the recent increase in housing options for intellectually and physically disable residents, which advocates say still isn’t enough to meet demand. Susan Orr explains why accounting firms now are having trouble recruiting talent for what traditionally have been stable, good-paying, white-collar careers. And Sam Stall profiles Indianapolis entrepreneur, philanthropist and social activist Bill Oesterle, this year’s honoree for IBJ’s Michael A. Carroll Award.

The Indianapolis Motor Speedway has long been a proving ground for automotive innovations, and organizers of the Indy Autonomous Challenge say it's part of that tradition. Mickey Shuey explains what the track, the state and corporate supporters have to gain from the competition that lets computers drive race cars. Also in this week's paper, John Russell reports that AES Indiana is trying to recoup more than a million dollars it spent on power from outside its system from ratepayers. And Leslie Bonilla Muñiz details the challenge of moving most of Marion County’s criminal justice system from downtown Indianapolis to the new Community Justice Campus.

The nursing shortage has grown so severe in central Indiana that some hospitals are paying millions of dollars to hire short-term traveling nurses at fill gaps during the pandemic. John Russell explains how the expense of hiring traveling nurses has grown during the pandemic. Also in this week’s issue, Susan Orr reports on a startup from Telamon Corp. founder Albert Chen that sells collaborative robots, also known as “cobots,” that can work alongside humans. And Emily Ketterer explores charges from an ultra-conservative Indiana lawmaker that GOP leaders essentially have pushed him out of office by redrawing his district in a way that would deny him reelection.

The clock is ticking for Boone County officials to decide whether they’ll raise local income taxes to pay for a $45 million to $50 million jail expansion and justice center to alleviate overcrowding. In the meantime, Kurt Christian reports, some inmates are sleeping on temporary cots and some county employees are working out of storage closets. Also in this week’s issue, Leslie Bonilla Muniz details the nine greenway, trail and road projects that Indianapolis is planning to help connect the existing system and make it easier for bikers and pedestrians to get where they need to go. And Emily Ketterer reports that at least 490 Afghan refugees are expected to permanently resettle in Indiana in the coming weeks or months, and not-for-profit resettlement agencies are preparing to assist them.

Jim Irsay wants to share his massive collection of rare pop-culture memorabilia with the world. Mickey Shuey reports that the Colts owner has been having early conversations with Indianapolis and other cities about creating a museum to do just that. Susan Orr reveals that an Indianapolis-based investment brokerage has been ordered to pay more than $530,000 in fines and restitution as part of a settlement agreement over alleged rule violations. And Kurt Christian details a plan from Bedrock Builders for a $142 million, 274-acre, master-planned, multi-use development smack in the middle of the Noblesville’s Corporate Campus.

Eli Lilly and Co.’s antibody treatment for COVID-19 is back on the market, ending a two-month suspension by the FDA. John Russell reports that the drug cocktail is back in regulators’ good graces after proving effective against the delta variant. Also in this week’s issue, Kurt Christian reports that RE/MAX is suing one of its local franchisees for allegedly instructing his employees to join a national competitor so that he could later follow them and collect a recruitment bonus. And Mickey Shuey explains how city officials are trying to address the futures of the huge municipal buildings that largely will be vacated as agencies move to the new Community Justice Campus.