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VOICES FROM THE INDUSTRY: Delays to development projects cost everybody money

October 27, 2008

Here’s a common scenario: A developer gets approval on zoning and planning permits to build a business on a piece of property. The business has signed an agreement to either lease or buy the building once it’s completed. The owner of the business then begins making plans to open the new facility. The developer, meanwhile, goes to work to prepare the property for construction, which includes everything from figuring out the utilities, access road, curbs, sidewalks and landscaping. Working with…

‘BE PICKY’: LESSONS LEARNED

October 27, 2008

At Bjava Coffee & Tea, owner Bj Davis stocks the joint with as many local products as she can find, regularly auditions different roasters, and tries not to sigh when her customers order the spiced macchiato to go-even though she says it’s best drunk from an open bowl, for the “aromatics.” Davis is picky when it comes to taste, which is all the more impressive considering that she didn’t even drink coffee until she began working part-time in a coffee…

For funding, developers may need to think outside box: Amid tight credit markets, getting a project built often takes alternative financing sources, creative approaches

October 27, 2008

Although the spigot of bank financing has slowed to a trickle, money to fund commercial development projects remains available from alternative sources. Just ask David Amick, executive director of Premier Capital Corp., a local lender that uses federal funds to help finance expansions. “We’ve got money to lend,” he said. “I’ve got that [message] hung on the door.” The fragile credit markets have nearly diminished the ability of companies to borrow. But lenders such as Amick insist the money is…

Lenders foreclose on at least 20 properties in mortgage scheme

October 20, 2008

Charter Homes recruited and paid buyers to take out inflated mortgages on dozens of central Indiana homes it built, promising to manage the properties as rentals and make payments for the owners, current and former Charter business partners say.

Commentary: Turmoil raises questions about toll road

October 13, 2008

On Aug. 28, the investment bank UBS downgraded its rating on the Australian investment bank, Macquarie Group. UBS noted that Macquarie faced the threat of a declining asset base, which it leverages to fund Macquarie’s dividend payments. UBS also posited that Macquarie may be inadequately capitalized. Macquarie Group should be familiar to Hoosiers as one of the two entities that leased the Indiana Toll Road in April 2006 for 75 years. To lease the toll road, Macquarie invested $385 million…

ECONOMIC ANALYSIS: We may be in a recession, but don’t expect calamity

October 13, 2008

It will be some months before we know for sure, but I would wager today that the United States is in a recession. Our unemployment rate is at right about the 50-year average, productivity is up, and living standards never have been higher. Even so, the economy likely has been pushed into recession because uncertainty about credit will dramatically slow hiring and production the next few months. Demand for goods also will be affected. This is financial-market mayhem spreading to…

Hot Shotz takes over Bennigan’s

October 7, 2008

A closed Bennigan’s restaurant in Fishers is now home to Hot Shotz. The local restaurant’s previous location, near 96th Street and Gray Road, was destroyed in a fire on June 28. The new…

Nervous banks cut off some borrowers, tighten reins on others

October 6, 2008

Local companies that rely on credit have seen their borrowing power shrink and in some cases disappear as a deep freeze
in the nation’s credit markets drives fears of a broad economic slowdown. A handful of businesses, including
a Greenwood security firm and an Indianapolis contractor, already have shut down after credit dried up,
and others are on the ropes as troubled banks seek to limit their loan exposure.

Commentary: Downtown reflected in shoeshine

October 6, 2008

Snake was proprietor of the shoeshine stand at Cento Shoes on South Meridian Street and, like he said, he could “make your shoes shine like new money every time.” For over 27 years, he applied his spit and polish with lively commentary on any subject you chose. He was a downtown historian and authority on the local scene. Snake suffered from a variety of ailments, but it was arthritis that finally sent him into retirement. While watching him fold that…

IU makes plans to hatch more businesses: Incubator in Bloomington hopes to duplicate success of local Emerging Technologies Center

October 6, 2008

Ground should be broken late this month or in early November, with completion expected by summer. Cost of the 40,000-square-foot facility-4,000 square feet smaller than the one here-is estimated in the $8 million to $10 million range. While it may be a bit smaller in size, the scope is broader. The new incubator will promote both life sciences companies and information technology firms. That goal differs from the mission of the existing IU Emerging Technologies Center on 10th Street, which…

VC firm raises $116M for second fund after knocking first one out of park

September 29, 2008

Thanks to hefty 35-percent gross returns on its $60 million first fund, locally based Centerfield Capital Partners LP has
raised nearly twice as much for its second. This month, the venture capital firm closed on $116 million from a variety of
investors. As before, Centerfield’s 50 limited partners include major Hoosier institutions. But this time, numerous big banks,
insurance companies and pension funds from outside state lines were also investors.

Simon Property Group exploring overseas markets

September 29, 2008

Simon Property Group Inc. has been readying its balance sheet and sizing up buyout targets in hopes of capitalizing on
a worldwide markdown on shopping-center owners.

City Securities’ strategy: Stay true to your roots: State’s oldest investment bank avoided Wall St. woes

September 22, 2008

In recent days, as some of Wall Street’s most storied institutions teetered, the mood at Indiana’s largest and oldest investment firm was almost serene. City Securities Corp. managers tracked news tickers and consulted CEO Mike Bosway, who was on vacation in Ireland, via his BlackBerry. But their biggest concern wasn’t the financial underpinnings of their own company. It was tumbling stock prices, which depressed the value of the portfolios of their 15,000 clients. Bosway saw no need to rush home…

Tough economy touching all industries, but some are hurting more than others

September 22, 2008

Stock markets are falling, jobs are disappearing, and the outlook for the economy seems grim. Banks, real estate developers,
retailers and manufacturers are taking the worst hits, but all types of businesses in central Indiana are hurting. From health
care to technology, education to philanthropy, every industry is trying to take the setbacks in stride.

VOICES FROM THE INDUSTRY: State buildings to go green thanks to executive order

September 15, 2008

Green construction projects in Indiana are becoming more the norm than the exception. More office buildings, schools and universities and even residences are being designed and constructed to improve environmental efficiency. And now, new and renovated state buildings will be a whole lot greener, too. Gov. Mitch Daniels signed an executive order this summer establishing the Energy Efficient State Building Initiative, mandating that all new state buildings be designed, constructed and operated for maximum energy efficiency. This is significant for…

BEHIND THE NEWS: Cautious streak helps Duke weather tumultuous times

September 15, 2008

Duke Realty Corp. has stayed largely out of the headlines this year, which in an economy like this is a pretty good sign. Another Indianapolis developer, Lauth Property Group, has shed more than half its 450-person work force, and Premier Properties Inc.- perhaps the city’s most daring developer-lurched into bankruptcy court. Meanwhile, Duke, which specializes in suburban office and industrial development, keeps on chugging. To be sure, the company isn’t immune to broader economic slowdown. In April, it laid off…

Crane tech park moves ahead with development

September 8, 2008

An area long considered one of the most promising sites in the state for economic development is finally getting traction. A year ago, the budding WestGate @ Crane Technology Park barely had opened its first building. Now the park, which is next to the secretive Naval Surface Warfare Center at Crane in southwestern Indiana, anticipates […]

Earthwave tracking down customers: Broad Ripple firm sees growing demand for high-tech fleet-management system

September 8, 2008

When thieves made off with a piece of construction equipment from a west-side job site last month, they were in for a surprise. Little did they know that it contained a GPS tracking device developed by Earthwave Technologies in Broad Ripple. The system traced the skid-steer loader’s exact route to a rural Bedford residence, enabling police to recover it within days of the heist. “I called the sheriff’s department down there and, sure enough, it was right in the barn,”…

‘Rollcrete’ might provide alternative to pricey asphalt

September 8, 2008

Cities and counties are looking for alternatives to asphalt as the price soars for the oil-based material and threatens
to bring paving projects and contractors skidding to a halt. The city of Indianapolis may have just found
one viable alternative that goes down like asphalt: roller-compacted concrete, or "rollcrete."

An unorthodox design: Massive church construction project in Carmel features unique architecture

September 8, 2008

The golden dome that sits atop Holy Trinity Greek Orthodox Church under construction in Carmel provides a curious sight for those in central Indiana. But what is even more unusual about the massive structure underneath the dome is a Sixth Century Byzantine design like no other in the world. “There’s no design like this in history, and it’s never been built before,” said San Francisco architect Christ [pronounced Chris] Kamages, designer of the church. His CJK Design Group specializes in…

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Articles

VOICES FROM THE INDUSTRY: Delays to development projects cost everybody money

‘BE PICKY’: LESSONS LEARNED

For funding, developers may need to think outside box: Amid tight credit markets, getting a project built often takes alternative financing sources, creative approaches

Lenders foreclose on at least 20 properties in mortgage scheme

Commentary: Turmoil raises questions about toll road

ECONOMIC ANALYSIS: We may be in a recession, but don’t expect calamity

Hot Shotz takes over Bennigan’s

Nervous banks cut off some borrowers, tighten reins on others

Commentary: Downtown reflected in shoeshine

IU makes plans to hatch more businesses: Incubator in Bloomington hopes to duplicate success of local Emerging Technologies Center

VC firm raises $116M for second fund after knocking first one out of park

Simon Property Group exploring overseas markets

City Securities’ strategy: Stay true to your roots: State’s oldest investment bank avoided Wall St. woes

Tough economy touching all industries, but some are hurting more than others

VOICES FROM THE INDUSTRY: State buildings to go green thanks to executive order

BEHIND THE NEWS: Cautious streak helps Duke weather tumultuous times

Crane tech park moves ahead with development

Earthwave tracking down customers: Broad Ripple firm sees growing demand for high-tech fleet-management system

‘Rollcrete’ might provide alternative to pricey asphalt

An unorthodox design: Massive church construction project in Carmel features unique architecture