Indianapolis Business Journal

Downtown’s vibrancy has been dulled a bit by some national post-pandemic trends, including a decrease in office workers, an increase in homelessness and crime, and the continued decline of downtown malls. Taylor Wooten polls the candidates for Indianapolis mayor on how they would deal with those challenges, and more. Also in this week’s issue, Dave Lindquist details how local restaurants are refining food preparation and the customer experience now that more people are ordering through mobile apps. And John Russell explains how the potential for turning cow manure into natural gas is gaining more converts in Indiana’s energy sector.

Indiana legislators are considering a bill would prevent local communities from banning pet stores from selling dogs, cats and rabbits from any source other than a shelter or not-for-profit animal rescue group. Peter Blanchard reports the battle over the bill pits the Humane Society of the United States against national retailers such as Petland and Fishers-based Uncle Bill’s Pet Centers. Also in this week’s issue, John Russell has the story of a Fishers-based biotech company that’s trying to improve animal health with microbes that live inside the digestive tract. And Daniel Bradley has a preview of the 70-acre Geist Waterfront Park, opening late this month.

Susan Orr reports that the failures of both Silicon Valley Bank and Signature Bank earlier this month have venture investors and startups in Indiana and elsewhere rethinking how and where they bank—and that’s creating a business opportunity for other financial institutions. Also in this week’s issue, Dave Lindquist explains how a Zionsville musician turned his passion for making sausage into the fast-growing meat supplier Old Major Market. And John Russell examines how BioCrossroads, the organization that promotes Indiana’s life sciences industry, is rethinking its mission after 20 years.

The kind of train derailment that forced a mass evacuation in East Palestine, Ohio, is rare, but every city and town with freight tracks running through it must consider the possibility. In Indianapolis, derailment of a train carrying hazardous chemicals downtown would be a massive emergency affecting tens of thousands of people and the city’s economy, Mickey Shuey reports. Also in this week’s issue, Peter Blanchard explores findings that marginalized populations in the Indianapolis area have been enjoying a bigger share of economic gains. And Susan Orr reports that Steak n Shake has shaken a prolonged slump and returned to profitability as it focuses on self-service ordering.

Founded 25 years ago, Cunningham Restaurant Group is on the verge of opening its 40^th eatery and 16^th distinctive restaurant concept, ranging from crowd-pleaser Bru Burger to downtown’s Vida, which is the only central Indiana restaurant to earn AAA’s Four Diamond Award. Dave Lindquist pulls back the curtain on the next phase of its expansion plans. Also in this week’s issue, Peter Blanchard reports that the Indiana Economic Development Corp. has been paying a huge premium for the farmland its buying in Boone County for the LEAP Lebanon Innovation and Research District. And John Russell explains the debate brewing over how Indiana utilities will pay for transitioning to green energy.

The new headquarters site of Elanco Animal Health is buzzing with construction activity, but not everything at Elanco is quite as upbeat. John Russell reports that revenue has fallen in the last year and the firm’s share price has evaporated by two-thirds in the past 18 months. Also in this week’s paper, Susan Orr reports that Indianapolis-based Republic Airways and its flight school have sued dozens of former students the airline says failed to commit to fly with Republic after graduation. And Daniel Bradley outlines the changes in store for three northern suburbs with new mayors on the way.

The announcement last fall that the Indy Fuel minor league hockey team would move to Fishers and be the anchor tenant for an 8,500-seat arena was the culmination of two decades of vision and work by the team’s founder Jim Hallett. Mickey Shuey has the details from the long courtship between Hallett and Fishers. Also in this week’s issue, Taylor Wooten explores legislation that could mean fewer former prison inmates are dropped off in Indianapolis without a housing plan after they are released. And Daniel Bradley reports that the first phase of development for a long-awaited project at the southern gateway to Zionsville is set to begin after years of legal wrangling between members of the Pittman family.

This week's issue focuses squarely on the challenges facing downtown. John Russell and Mickey Shuey detail the dichotomies of downtown at its latest crossroads, with more than $9 billion in development either under way or in the pipeline while many office workers choose to work remotely. Mickey Shuey and Taylor Wooten look at the persistent perception that downtown is one of the most dangerous parts of the city and whether the latest crime statistics square with that belief. And Daniel Bradley gets the perspective of people who live downtown—a population that many believe will be vital to downtown’s future success as it transition to more of a residential center.

Neighbors of the Marion County Fairgrounds are calling for an outside audit of the Fair board based on allegations of misused public funds for political purposes. Taylor Wooten has the story. Also in this week’s issue, Sam Stall examines the growing problem of construction-site theft. And Dave Lindquist shines a spotlight on the rise of the Brown County Music Center, which is building a reputation for its pristine sound and hospitable vibe for national acts.

Compensation has long been a taboo topic around most watercoolers, but that’s changing as more states are forcing companies to disclose salaries. Susan Orr explains how firms in Indiana are getting caught up in this wave of transparency. Also in this week’s issue, Peter Blanchard reports that legislators are considering diverting some $6 million in state and local tax revenue annually to state-certified technology parks. And Daniel Bradley has the story behind Westfield-based Sogility, which is pursuing its deceased founder’s dream of creating an international chain of high-tech soccer training facilities.

Anonymous million-dollar gifts are becoming more common in Indiana’s philanthropic community, which rings alarm bells for public interest groups fearing potential fraud or dark-money abuses. John Russell reports that state legislators could give another layer of privacy to donors. Also in this week’s issue, Susan Orr details the legal disputes between owners of downtown’s Pier 48 Fish House & Oyster Bar. And Peter Blanchard explains why supporters of higher speed limits for trucks in Indiana face a steep uphill climb.

Purdue University claimed five of the top 10 gifts last year made by individual donors to Indiana not-for-profits, totaling more than $70 million. John Russell has an exhaustive accounting of the 54 largest donations—and the benefactors—in Indiana in 2022. Also in this week’s issue, Mickey Shuey lays out the plans to pour at least $10 million into shoring up the overpasses by Union Station. And Dave Lindquist explains how former Indiana Fever star Tamika Catchings is growing as an entrepreneur, community leader and philanthropist.

Dr. Siva Nalabotu opened the first VetCheck Clinic in 2018 in Fishers with the novel approach of using an urgent-care model for pets. Daniel Bradley reports that VetCheck already is expanding nationwide with a franchising model. Also in this week’s issue, Peter Blanchard reports that an Indiana House member is reviving an effort to make changes to the business personal property tax that would give some small-business owners a windfall while reducing local government revenue. And John Russell details an effort by a group of physicians and business leaders to create a new medical school in Indiana with a focus on global health.

Ashley Flowers of Audiochuck already has become a major national player in podcasting with her chart-topping series “Crime Junkie.” Dave Lindquist reports that she’s now interested in also focusing on publishing, television and film opportunities. Also in this week’s issue, John Russell examines the sudden cooling of the SPAC craze, with many fledgling companies shutting down and returning money to investors while others trade well below their IPO prices. And Peter Blanchard reports that advocates of legalizing online casinos in Indiana have earned the backing of an up-and-coming lawmaker who has been tapped to chair the House Public Policy Committee.

IBJ reveals its list of 2022 newsmakers this week, a list topped by Purdue University President Mitch Daniels and Indiana University President Pamela Whitten. Eight other central Indiana leaders also made the list. Profiles of all 10 newsmakers are part of IBJ's The Book (formerly the Book of Lists), which was delivered with this week's mini-issue of IBJ. The Book also recounts the biggest stories of the year.

Could Indiana eliminate its individual income tax and still bring in enough money to pay for state government and schools? Would it boost the state's economy by attracting companies and workers? IBJ reporter Peter Blanchard explores the concepts as Indiana lawmakers pursue a blue-ribbon commission to study the state's tax structure. Also, an ice cream shop in the Mass Ave Cultural District is serving as a model for employing people with disabilities. And reporter Dave Lindquist talks to a young local artist who has drawn several pages of a Batman comic.

More than three years after Indiana lawmakers passed legislation to issue digital driver’s licenses, the effort to bring mobile credentials to Hoosiers appears to be stuck in neutral. Peter Blanchard reports that there’s no longer a timetable or even a cost projection for the program. Also in this week’s issue, John Russell features OPYS Physician Services, an Indianapolis firm that’s helping to meet the medical staffing demands created by physician burnout in rural areas. And Susan Orr has an ominous report from the frontlines of consumer behavior: Savings accounts are drying up and credit-card balances are again on the rise.

Simon Property Group is getting a leg up on the emerging trend of online-only retailers moving into brick-and-mortar stores, a strategy that analysts say could have a big payoff for the Indianapolis-based shopping mall giant as it looks to develop new tenants. Mickey Shuey has more on its partnership with Chicago-based Leap Services. Also in this week’s issue, Peter Blanchard has a preview of the 2023 Indiana Legislature and its four-month, budget-writing session. And Dave Lindquist connects with media mogul Jeff Smulyan about his new book, a career retrospective titled “Never Ride a Roller Coaster Upside Down.”