MALONE: Project will boost dormant area of downtown
The real story is the work by council members and council consultants in renegotiating the financial risks from a worst-case-scenario framework.
The real story is the work by council members and council consultants in renegotiating the financial risks from a worst-case-scenario framework.
A technicality caused the City-County Council on Monday night to put off a final vote on the massive North of South mixed-use project slated to be built on 14 acres north of the Eli Lilly and Co. corporate campus.
Now that financing for Buckingham Cos.’ massive North of South project has the city’s blessing, the local developer is turning its full attention to construction of the 14-acre, mixed-use complex. The City-County Council last night approved the sale of $98 million in municipal bonds that will finance the bulk of the $155 million project. Construction […]
We understand the concern expressed by some on the City-County Council over Indianapolis’ role in financing the $155 million project, but there are compelling reasons to approve it.
-Financial Equity Associates, a Merrillville-based private investor, recently bought the 202-unit Bayhead Village apartments near West 38th Street and Bayhead Drive. The price wasn’t disclosed. It was the buyer’s third acquisition here since 2007 and the second in 2010. The buyer and seller, Apartment Investment and Management Co., were represented by Tikijian Associates.
-Doheny Indianapolis Properties LLC bought a 19,168-square-foot industrial building at 4937 Fieldstone Drive, Whitestown. The price wasn’t disclosed. The buyer was represented by Steve Beals of Lee & Associates. The seller, Valenti Held Real Estate Group, was represented by Michael Weishaar of Cassidy Turley.
-Gridiron Real Estate LLC bought a 12,000-square-foot office building at 4435 Southport Crossings Way. The price wasn’t disclosed. The buyer was represented by Spero Pulos of Lee & Associates. The seller, P&M Property Management LLC, was represented by Keith Turnbill of Re/Max Select.
-Velox Express Inc. bought a 5,235-square-foot office building at 243 S. Madison Ave., Greenwood. The buyer and seller, Perfectionheir Properties LLC, were represented by Cathy Richards of Lee & Associates.
Hoosier Village Retirement Center in Zionsville announced plans Monday morning for a $32 million project that will expand its campus and allow the center to add 50 full-time workers.
The city’s Economic Development Committee, which was set to vote on the downtown project’s $98 million bond financing package on Tuesday, chose to wait until February after making a few changes.
A scuffle inside a west-side senior living community ended with two stabbing victims and one arrest. Indianapolis police were called to Georgetown Woods Senior Apartments about 2:45 a.m. Tuesday and arrested someone trying to flee the scene. One of the victims said the incident started with an argument. The injuries were not serious, according to medics.
Approval would let city issue $98 million in bonds to finance its portion of the $155 million North of South mixed-use project set to be built on 14 acres north of South Street between Delaware Street and Virginia Avenue.
Rolls-Royce Corp.’s decision whether to move about 2,500 office employees to a former Eli Lilly and Co. downtown campus could hinge on three critical factors—parking, incentives and lease terms for the space.
The lead bank on the massive Legacy development along 146th Street in Carmel has put the note up for sale with an asking price of about $15 million—less than half what lenders have sunk into the project.
Police in Lawrence and Indianapolis caught a 19-year-old suspected of robbing and abducting a motorist Tuesday night. David Miller told police he had stopped his van at Harrison Point Apartments in Lawrence when he was approached by an armed man who ordered him out of the vehicle and demanded his cash. Then a second suspect showed up and ordered Miller back into the van, which they drove to a nearby bank. They then forced the victim to withdraw another $100 before setting him free and fleeing in his vehicle. Investigators tracked down the van in Indianapolis using the GPS feature on the victim’s stolen cell phone. After a short chase, police used a Taser to subdue and arrest Antonio Love, 19. They are still looking for the second suspect, who was not identified.
Another challenging year is in store for commercial real estate thanks to high unemployment, a still-struggling housing market and an unforgiving credit environment, Cassidy Turley plans to report Thursday at its annual State of Real Estate event.
Financing for construction of a $10 million, mixed-use building at 875 Massachusetts Ave. closed Dec. 22, allowing developers to proceed with the project after a funding snag nearly killed it.
Occupancy in the Indianapolis metro area grew last year to 90.8 percent, according to the latest annual market report compiled by apartment brokerage Tikijian Associates. The downtown market, in particular, boasted strong numbers.
Purdue University police are searching for a woman who disappeared after visiting her son on campus. Jinhua Liu, 52, was last seen about 5:30 p.m. Sunday at the Purdue Village Apartments. Liu had been staying with her son and daughter-in-law. The couple told police they left her at their apartment but she was not there when they returned at 9:30 p.m. Police say Liu may have been upset at the time she disappeared. No foul play is suspected.
Medical office likely will be the strongest sector, followed by apartments.
Police say they have arrested a suspect in connection with the death of a woman at a Beech Grove apartment complex. Braxton Vaughn, 25, the adoptive brother of the victim, turned himself in to police Wednesday morning and told them he killed Rachel Wurster, 25, at the Willow Glen Apartments near 9th Avenue and Thompson Road. He was arrested on a preliminary charge of murder.
An incomplete $150 million development that was supposed to feature 305 luxury condominiums along a 25-acre lake on the north side of Indianapolis has been placed in receivership.
An armed man matching the description of a serial robber has hit a Fishers gas station yet again. Fishers Police were called to the Circle K at 96th Street and Allisonville Road around 4:30 a.m. Thursday on a report of an armed robbery. The clerk told police a masked man dressed head to toe in black showed a gun and demanded money. The robber got away with an unknown amount of cash and fled on foot. He was last seen running toward the Cedar Cove Apartments. Officers from four other departments helped set up a perimeter in the area, but only found the suspect's mask.