Indianapolis Business Journal

This week, IBJ unveils the Corporate 100, its annual list of the largest public and private firms in the state, as well as the highest-paid executives. Also in this week’s issue, Mickey Shuey explores possible outcomes for the former Diamond Chain Manufacturing site now that the plan for the $1.5 billion Eleven Park has been thrown into disarray. And Dave Lindquist outlines Indiana’s new “happy hour” law and the hospitality industry’s hope that it will create more interest in after-work drinks.

One hundred years after the U.S. Olympic Swimming Trials were held in Broad Ripple, Indianapolis again will have a major role in assembling America’s team. The nine-day trials start on June 15 at Lucas Oil Stadium, and IBJ has a 32-page guide to the event, the Hoosiers competing for spots on the team and the support from Indy’s corporate community. Also in this week’s paper, Daniel Bradley unpacks Westfield’s 8-year, $186 million infrastructure plan. And Dave Lindquist introduces us to two former chefs from famed brunch spot Milktooth who are striking out on their own with a combined restaurant, bakery and market in Speedway.

The latest edition of IBJ’s annual Innovation Issue explores the Fourth Industrial Revolution—known in business as Industry 4.0—as Indiana companies invest heavily in connected devices, robots, automation and more. Susan Orr reports that much of the current focus is on tying tech adoption and tech training more closely together. Taylor Wooten has a case study in adopting robotics from Indianapolis-based Circle Beverage. Mickey Shuey explains how wearable technology is improving safety and productivity. And John Russell details how Eli Lilly and Co. will use the latest advances in automation at its planned $9 billion campus in Lebanon dedicated to turning out in-demand drugs.

The Health and Hospital Corporation of Marion County will break ground this summer on a multiyear, $170 million facilities improvement plan. Taylor Wooten reports that work includes investment in multiple health care providers in a campus along 38^th Street the city’s east side. Also in this issue, Mickey Shuey digs into the designs of pro soccer stadiums in nearby cities to get a handle on what a new stadium in Indy would offer. And Dave Lindquist explores the popularity of music group tribute acts for bands such as ABBA, Queen and The Beatles, which are popping up with greater frequency on calendars for some local venues.

The Indianapolis Motor Speedway Museum is in the midst of a $64 million overhaul that will help it catch up to the latest standards in education and visitor experience. Mickey Shuey has the inside story on the museum’s first renovation since it opened in 1976. Also in this week’s issue, John Russell gets the lay of the land in Indiana’s booming nuclear medicine sector. And Dave Lindquist details development of the $170 million Fishers Event Center, which will become the home of the Indy Fuel, Fishers Freight and Indy Ignite.

After not featuring an exhibit of chimpanzees in more that 35 years, the Indianapolis Zoo plans to showcase the primates in a big way with a $25 million habitat opening this month with 21 animals. IBJ’s Dave Lindquist details how the zoo is trying to break new ground with the exhibit. Also in this week’s paper, John Russell explains how new federal regulations could affect dozens of toxic coal ash ponds across the state. And Daniel Bradley examines how Fishers officials are changing the admission process for Geist Waterfront Park after the $16 million attraction whiffed on its visitor projections in its first year of operation.

Less than two weeks ago, everything that we had assumed about the future of pro soccer in Indianapolis and the creation of a publicly owned downtown stadium for the Indy Eleven soccer team received a swift kick between the stitches. Mickey Shuey details the city’s shift in strategy and how the Indy Eleven stadium deal fell apart. Also in this week’s issue, John Russell explores the shortages of Eli Lilly and Co’s new diabetes and obesity drugs. And Susan Orr explains how Eleven Fifty Academy is shifting its focus from coding and cybersecurity to artificial intelligence.

Indiana’s strategy for economic development and job creation has emerged as a key issue in the Republican gubernatorial primary—and the future of the state’s still-developing LEAP district in Boone County could be at stake in the outcome. Mickey Shuey details the differing takes on LEAP’s development. Also in this week’s issue, Daniel Bradley reports on a proposal to allow adults to stroll downtown Noblesville with alcoholic drinks. And Dave Lindquist digs into the genesis of the I Made Rock ‘N’ Roll music festival, dedicated to the legacy of Black rock artists.

A pilot program that has sought to put Indianapolis renters on a more even playing field with their landlords in eviction cases faces an uncertain fate with the end of federal COVID-19 funding. Taylor Wooten examines the murky future of one of the few tools city officials have to address Indianapolis’ high-frequency of evictions. Also in this week’s issue, John Russell asks officials at health system Ascension whether its latest round of restructuring will result in the sale or closure of its operations in central Indiana. And Mickey Shuey gauges the pressure facing the downtown office market.

The deal announced this month that landed Indiana its largest-ever capital investment commitment was two years in the making—a journey that saw state and federal officials travel overseas to make the case that Indiana would be the best fit for the $4 billion investment. Mickey Shuey has the inside story behind negotiations with South Korean chip manufacturer SK Hynix. Also in the week’s issue, restaurateur Thomas Main explains the staying power of his highly regarded eatery Tinker Street. And we have all of the honorees in IBJ’s Forty Under 40 Class of 2024, featuring up-and-coming leaders in the business, government and the not-for-profit worlds.

One advantage to breaking up IUPUI and letting Indiana University establish its own campus is that Indianapolis could gain a top-tier research university. Right now, IUPUI is one step below that designation, but IU officials are confident that will change thanks to investments its making in IU Indy and changes in the ranking system. That could mean more funding, more research and more reasons for top faculty to locate in the city, Plus, read the latest on SK Hynix's decision to spend nearly $4 billion to locate a microelectronics plant at Purdue University and about chip packager NHanced's plans for expanding outside Crane Naval Warfare Center and in Bloomington.

Hendricks Commercial Properties is close to finalizing the deals that will lead to its planned $600 million redevelopment of Circle Centre Mall downtown. Mickey Shuey explains how its track record with other major projects in the city—including Ironworks and Bottleworks—helped persuade city officials that Hendricks was right for the job. Also in this week’s issue, Dave Lindquist has the story of Fred Kaufman, a veteran of the early days of fast-food franchising who has come out of retirement to lead two Rally’s restaurants. And Susan Orr explains how a 26-year employee of Chase Bank in Indianapolis was such an influence on the co-founder of a New York City startup that he named it after her.

Purdue University has its sights set on turning some mostly undeveloped land on the northeast portion of IUPUI into the heart of its new Indianapolis satellite campus. But its aspirations go well beyond the real estate. Mickey Shuey outlines the plan to draw more students interested in engineering and business, including through new degree programs. Also in this week’s issue, Daniel Bradley serves up the story of a Mexican restaurant group in Fishers that already has 15 locations. And Susan Orr explains how local businesses are preparing for the inevitable disruptions that will come with the solar eclipse on April 8.

Dozens of music events are locked in for a particularly packed summer concert season in central Indiana, but WonderRoad and All IN—two multiple-day festivals that debuted in 2022 and returned in 2023—have not announced plans for 2024. Dave Lindquist takes stock of summer calendar. Also in this week’s issue, John Russell has the story on the activist investor that’s pushing for big changes at Elanco Animal Health, the CEO’s ouster and a board shakeup. And Daniel Bradley has more on the fight in Carmel over park impact fees that are charged to developers and used to support park construction.

Indianapolis has a case of Caitlin Clark fever, and local basketball fans hope she’ll be a massive headache for WNBA teams for many years to come. As IBJ’s Mickey Shuey reports, Clark could be the balm for what ails the Indiana Fever franchise (which is widely expected to pick Clark in the league draft) and an elixir for all of Indianapolis. Also in this week’s paper, Dave Lindquist explains why craft beer, once a prime driver of Indy’s food and beverage scene, is no longer a growth industry. Susan Orr provides a peek at how area businesses seek to capitalize on April's total eclipse.

In the past five years, shares of Eli Lilly and Co. have increased in value by 508%. This is not news to the pharma giant’s 43,000 employees, nearly 90% of whom have at least a few shares—and some worth tens or hundreds of thousands of dollars. John Russell explains how Lilly is enriching employee stockholders and is using its runup to retain talent. Also in this week’s issue, Susan Orr reports that the state’s focus on attracting data centers to Indiana is starting to pay off. And Mickey Shuey shares his wide-ranging conversation with Indianapolis Motor Speedway President Doug Boles about ticket sales for this year’s Indy 500, whether a return of Formula One is on the horizon, and Roger Penske’s continued investment in the track.

With a new mayor and a completely new city council in Westfield, developers have resumed submitting projects to a city they say they’ve avoided for the past four years. Daniel Bradley explains how fresh faces have cleared the recent impediments to growth in Westfield. Also in this week’s issue, Taylor Wooten unpacks the challenges in Indianapolis of consolidating and relocating several city-county government departments to the same building in downtown’s core. And Mickey Shuey profiles Mel Raines, who in June will become CEO of Pacers Sports and Entertainment.

In case you missed the images of Tyrese Haliburton emblazoned across the largest hotel in Indianapolis or Larry Bird handing Haliburton a basketball in a highly symbolic gesture to open All-Star Weekend festivities, the internationally televised basketball bonanza is all about the new face of the Pacers and the breakout star of the 2023-24 season. IBJ sports columnist Derek Schultz has more on the symbiotic relationship between Haliburton and his new hometown. Also in this week’s issue, Susan Orr details the lawsuits filed against Cummins Inc. after it agreed to pay $2 billion late last year to settle allegations of Clean Air Act violations. And John Russell explains how the Indiana Donor Network is beefing up to meet a surge in demand for transplants and reduce wait times.