Indianapolis Business Journal

Tucked into the two-year state budget approved this year is $89.5 million to design and build a 5,000-seat arena at IUPUI, which is soon to be the Indiana University-Indianapolis campus. IBJ reporter Mickey Shuey reports that it was the Indiana Sports Corp. and the city that sought the arena, not the school, and they hope it will be another reason sports organizations host their events in Indianapolis. Also, reporter Dave Lindquist explains what's new at the revamped Stutz complex downtown.

In the latest edition of IBJ’s Innovation Issue, our reporters focus on the core Hoosier industries of farming and food production. Susan Orr explains how the state is primed to reshape the agbioscience industry. Peter Blanchard expounds on four ways Purdue University is driving breakthroughs in agricultural science. And John Russell focuses on the growing demand for renewable energy crops. Plus, profiles of movers and shakers, including NanoBio Designs, Inari and True Essence.

India-based tech giant Infosys lit up Indianapolis like a fireworks show in 2018, spotlighting plans for a $245 million, 141-acre campus and jobs for 3,000 local employees. As IBJ’s Susan Orr reports, the reality five years later is considerably dimmer. Also in this week’s issue, Mickey Shuey unpacks the economics of buying corporate suites at Indianapolis Motor Speedway, including the costs to suite holders and the potential returns. And John Russell examines the possible ramifications of a new state law that aims to help Hoosiers get more affordable prescription drugs.

Some hoteliers are skeptical of the Hogsett administration’s plan to finance and own an 814-room hotel on Pan Am Plaza, saying it would have a significant and unfair advantage in the competition for convention business. As Mickey Shuey reports, the mayor’s office maintains that the deal is necessary to keep Indianapolis’ hospitality industry competitive. Also in this week’s paper, Dave Lindquist has a preview of VeeCon, the celebrity-studded convention set for May 18-20 that aims to put Indianapolis at the intersection of business, marketing and innovation. And you can soak in the stories of local entrepreneurs in IBJ’s annual list of the 25 fastest-growing companies in the Indianapolis area.

Indianapolis officials are trying to capitalize on construction of the $4.3 billion IU health hospital complex on downtown’s north side with a new tax-increment financing district that could spur more investment in the area. Mickey Shuey has more on the district, which was approved last month.  Peter Blanchard explains how the business community benefitted from this year’s legislative session through tax relief, tax credits and other financial incentives. And this week’s Focus section features a new technology that lets corn plants signal when they’re in distress.

As Indianapolis Mayor Joe Hogsett seeks a third term, he’s facing opposition from a faction of his own party for the Democratic nomination. Taylor Wooten outlines the choice primary voters face between Hogsett’s two-term record and the vision of state representative Robin Shackleford. Also in this week’s issue, John Russell explains how the Goodman Campbell Brain and Spine physician group has rebounded from its split from IU Health. And Dave Lindquist profiles science fiction and fantasy author Maurice Broaddus, who has been hired by Marvel Comics and publisher Smart Pop to write stories featuring the character Black Panther.

Most folks agree that the state can play a role in helping educate workers for high-skilled jobs and help employers find the right fits for their workforces. But, as Peter Blanchard reports, Indiana legislators have hit some walls as they debate the best ways to do it. Also in this week’s issue, Daniel Bradley outlines the plan to build high-end housing for Purdue University’s retired alumni right on the school’s campus. And we introduce you to the members of IBJ’s Forty Under 40 Class of 2023, our 31^st annual collection of young-but-accomplished business, community and not-for-profit leaders.

The race for the Republican nomination for Indianapolis mayor is widely expected to come down to two candidates: Abdul-Hakim Shabazz and Jefferson Shreve. As Taylor Wooten reports, the big question is whether the straight-talking populism of political pundit Shabazz can overcome the deep pockets and measured approach of businessman Shreve. Also in this week’s issue, Susan Orr details the state investigation against a financial advisor and several related Indianapolis-based businesses. Investors say they have not been able to collect returns that they’re owed. And Dave Lindquist profiles chef Abbi Meriss, the co-owner of Fletcher Place’s lauded Bluebeard and a six-time James Beard Foundation Award semifinalist.

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.