Rendering for Mass Ave project
What do you think of the proposed replacement for a one-story, township-owned structure on Mass Ave? (Click for a larger version.) The $9 million plan, proposed by…
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Merrill Tower moving west
Developer Stephen Alexander isn’t fazed by a zoning setback for his $67 million West Merrill Tower. The Metropolitan Development Commission denied his request to vacate an alley…
Housing slump puts Gramercy project in Carmel on hold:
The deteriorating housing market and Carmel’s plans to build more roundabouts have led The Buckingham Cos. to put the brakes on its ambitious Gramercy development project. The $500 million project set to begin in the spring now has no timetable. But when construction ultimately commences, it likely will begin with the commercial and retail portions rather than the home-building portion, as was originally planned, said Clyde Lee, a spokesman for the local developer. “They have revised the plans,” Lee said….
Right time for REITs?: Some predict beaten-down sector is ready for another winning streak
For seven years, real estate investment trusts delivered returns that clobbered the overall stock market. Then, last year, the winning streak came to an end. Between January 2007 and January 2008, REITs as a whole lost 24 percent of their value. An index of the companies took a bigger hit than most every other sector. Among local REITs, Duke Realty Corp. was the hardest hit, with its stock price falling 44 percent, from about $41 to $23, during the one-year…
What’s old is new again
On this nasty Friday, I’ve got a few updates on previous posts. Hope everyone has a nice weekend. Here goes:
What was Flagstar thinking?
Flagstar Bank has added yet…Latest real estate headlines
It’s a busy week for real estate news. Here are a few headlines:
Circuit City closes Clay Terrace store
Carmel’s high-end lifestyle center Clay Terrace has an empty big box. Virginia-based Circuit…Trustee eyes $9M development
Plans are taking shape for a $9-million, four-story building that would replace a one-story, township-owned structure at 875 Mass Ave. Center Township Trustee Carl Drummer plans to lease the property to Riley Area…
Trustee inches toward redeveloping property portfolio
Center Township Trustee Carl Drummer and his predecessors have stockpiled more than money over the years. The trustee’s office
also holds a portfolio of mostly undeveloped properties worth at least $10 million. Several key parcels have been on the trustee’s
books-and off the tax rolls-for decades. Drummer has made some progress in finding uses for the properties since an IBJ special
report first questioned his holdings in November 2006. But it would have to be measured in inches. The most…VOICES FROM THE INDUSTRY: Green building should be the norm, not the anomaly
I cringed when I heard the news: Indiana is second to last when it comes to being green. We’re supposed to be America’s heartland. But instead of being known for the life sciences, economic initiatives or even our corn fields, we’re getting recognized for our dirty air and water. Last year, Forbes conducted a study to find the greenest states in the country. Vermont, Oregon and Washington topped the list. At the bottom: Alabama, Indiana and West Virginia. While Indiana…
New developments coming soon
Seen one of these signs? There are plenty around town. Here are a few notable projects slated for Metropolitan Development Commission hearings: Locally based Herman & Kittle Properties Inc. is proposing…
Westfield hopes to draw business farther north
Westfield hopes to draw business farther north New development could reduce residential tax rates Judge and Ging Jones moved to Westfield more than a decade ago to escape the congestion and crowds of Carmel. They wanted to live in a safe, friendly community with good schools where they could leave their doors unlocked during the […]
HANCOCK COUNTY
HANCOCK COUNTY Developer auctioning lots A Greenfield residential and commercial developer has come up with a creative way to deal with the housing slowdown: auction its undeveloped lots. R&F Development on Jan. 26 will auction five lots in four of its subdivisions, at reserve prices ranging from $15,000 to $20,000. Some of the lots fetched […]
Westfield hopes to draw business farther north: New development could reduce residential tax rates
Back when they arrived in 1996, there were lots of open spaces and taxes were low, Jones said. “Overall, it was a good place to live,” he said. Jones said he still loves living in Westfield, which is 20 miles north of Indianapolis. But he admits things are changing, which is a double-edged sword. Eight years ago, according to the U.S. census, Westfield had just 9,300 people. Now, it’s a rapidly growing city with a population of 24,000, an increase…
Hancock developer’s plan matures: Copper Leaf would be region’s largest, most comprehensive senior housing
What started as Jim Brothers’ search for an assisted-living facility for his mother could end up as the region’s most comprehensive retirement “resort.” The president of The Bradford Group, an Indianapolis residential developer, has been working several months to get the zoning he needs for Copper Leaf. The 177-acre community on the east side of McCordsville would be home to 400 to 600 residents and sport a nine-hole public golf course. About 30 acres would be set aside for restaurants,…
Panel favors steep homeowner tax cut
A state legislative commission studying Indiana’s tax woes said today that it thinks the government should trim property taxes 50 percent for most homeowners. The bipartisan commission also wants to reduce taxes by 25 percent for other residential property like apartments and second homes. It would balance these cuts with increases in local option income […]
West-side group promotes ethnic eateries: Will visitors see gems among strip malls?
The Lafayette Square neighborhood is known for its aging mall and the ongoing struggle to keep tenants there and in the surrounding sea of strip centers. But some advocates want to promote a success story: the demographic diversity that has given rise to a plethora of ethnic eateries in the area. Visitors who take a trip through some of the retail centers and outlots off West 38th Street can find the ubiquitous pizza, gyros and sushi-along with more unusual Ethiopian,…
High-rise in works near canal
A strong demand for student housing downtown is driving a $40 million plan for a high-rise apartment tower a couple of blocks
east of the Central Canal. The developer, a partnership of Fishers-based Paramount Realty Group and Indianapolis-based Alboher
Development Co. Inc., hopes to build the 16-story Paramount Tower on a OneAmerica parking lot.Westfield on verge of development boom: At least four major projects in works in growing town
In the top drawer of an old desk in the basement of Westfield Town Hall, there is a small steno-style notebook filled with fraying, hand-written pages. It’s where town planners kept track of building permits for more than a decade starting in the 1960s. This was a tiny town then, where most people knew all their neighbors and permits were organized by last names. Westfield is a lot different today. New developments are appearing all over the growing town, which…
‘Aggressive moves’ feed Flaherty & Collins’ growth: Local apartment developer gaining national foothold
David Flaherty and Jerry Collins left comfortable vice president gigs at a local real estate firm to strike out on their own in 1993. Roughly two years passed before the two former Revel Cos. executives received another paycheck. But the gamble eventually paid off handsomely. Indianapolis-based Flaherty & Collins Properties has become a nationwide player in apartment housing, with a staff of 412, a development pipeline of $500 million, and more than 13,500 apartment units under management. Flaherty and Collins…
Ex-Duke exec, wife tackle senior housing: Horns have nationwide plans for The Stratford Cos.
Richard and Wendy Horn have had their share of separate real estate successes. Now, they’ve combined their corporate talents as a husband-and-wife team to lead an upstart senior housing developer. Richard joined The Stratford Cos. in May 2006 as chairman and CEO, and has since moved its headquarters from St. Louis to Indianapolis’ north side in Parkwood Crossing. He is known within commercial real estate circles as a former veteran of Duke Realty Corp., where he enjoyed a two-year stint…