Groundbreaking nears for $7.5M Fletcher Arts project
Developer and architect Craig Von Deylen is finalizing plans for a mixed-use project called Fletcher Arts just west of the intersection of Virginia Avenue and East McCarty Street.
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North of South financing clears first hurdle
The Metropolitan Development Commission has approved an $86 million city loan to help fund the $155 million mixed-used development near the downtown campus of Eli Lilly and Co. The project still needs approval from the City-County Council.
Keystone plans mixed-use project on Madison Avenue
A local developer is planning a $2 million mixed-use project for a vacant parcel along Madison Avenue just south of downtown.
New renderings just in: Buckingham’s North of South
The local developer Buckingham Cos. just filed detailed plans of its $150-million North of South development, including street-level renderings of most of the proposed buildings.
Teens crash stolen cars after chase
Two teenagers driving stolen cars led police on a chase along U.S. 40 in Hancock County early Monday. The pursuit started in Greenfield near the Washington Village apartments, when police noticed five teenagers in two stolen cars. After a 4-mile pursuit, the drivers crashed the cars near Washington Street and German Church Road. The Hancock County Sheriff's Office says the youths ranged in age from 15 to 17. None had a driver’s license and two of the teens were on probation wearing ankle monitors. One teenager was arrested and two others were taken to the hospital to be checked out.
Start of downtown North of South project in flux
The developer of the $150 million mixed-use project in downtown Indianapolis had hoped to start construction by the end of the year. But delays in getting the project zoned properly likely will move the start date back.
Ex-boyfriend arrested in arson deaths
Lawrence police have charged Joshwa Carlisle, 22, with two counts of murder and one count of arson in the deaths of his ex-girlfriend, Tracie Shannon, 25, and their 9-month-old daughter, Juliana. Shannon and her daughter were found dead Sept. 19 after a fire at Hunt Club Apartments in the 5000 block of Old Colony Road. A Marion County coroner ruled that Shannon died of smothering and the infant died of smoke inhalation. Investigators determined that fires were intentionally set around both victims.
Sales/acquisitions
-EMK Property Investors, Greenwood, bought Presidential Estates Apartments at 1808 Century Way, behind St. Vincent Hospital. The 255-unit complex was listed for $6.75 million. The sale price wasn’t disclosed. Tikijian Associates represented both the buyer and seller, Greystone Bank. The new owner hired Indianapolis-based Barrett & Stokely to manage the property.
-Conesero Property LLC bought a 4,821-square-foot industrial building at 4761 Industrial Parkway. The price wasn’t disclosed. The buyer was represented by Fritz Kauffman of Cassidy Turley. Kauffman also represented the seller, Industrial Space Management Corp.
-M Street Church of Christ bought a synagogue at 5879 Central Ave. The price wasn’t disclosed. The buyer was represented by Collette Owen of CMO Real Estate. The seller, Shaarey Tefilla Congregation, was represented by Ralph Balber and Ashley Bussell of Halakar Real Estate.
Trail Side project faces another hurdle
A $10 million apartment and retail building planned for 875 Massachusetts Ave. was supposed to have broken ground by now. But difficulty in closing the sale of tax credits that will be used to finance the project could cause the deal to unravel.
What happened to Di Rimini architect?
Where was the architect when the developer made 35 departures from the approved plans? Where was the architect when the city cited the developer for multiple code violations?
Sales/acquisitions
-MultiTech Realty LLC bought a 32,000-square-foot industrial building at 946 Western Drive. The price wasn’t disclosed. The buyer was represented by Jason Speckman of NAI Olympia Partners. The seller, Nistem Precision Inc., was represented by Luke Wessel of Cassidy Turley.
-Platinum Group LLC bought a 348-unit apartment complex at 4100 N. Post Road. The price wasn’t disclosed. The buyer was represented by Scott Herider of Lee & Associates. The seller, Oaktree Apartments LLC, was represented by Rick Vidrio and Rick Brace of Hendricks Partners.
Woman shoots home intruder
A woman told Indianapolis police she shot a man after he tried to break into her east-side apartment Thursday night. The woman said she shot the man after he kicked down her door at Teal Run Apartments near 21st Street and Mitthoeffer Road about 9 p.m. The man, who lives in the same complex, was taken to Wishard Hospital in critical condition, but is expected to survive.
EDITORIAL: Building safety requires oversight
The saga of the Di Rimini apartments is a cautionary tale, and one Indianapolis officials would do well to heed.
Carjacking suspect chased down
A carjacking on the east side of Indianapolis led to a 7-mile police chase along East 38th Street late Tuesday night. Police said an undercover officer saw the crime happen in the Spanish Oaks Apartments near 38th and North Mitthoeffer Road. The undercover officer tried to make an arrest, but the carjacker sped off. The officer was able to stop the chase near 38th and Keystone Avenue. The accused carjacker was arrested.
Di Rimini violations reveal holes in process that relies on trust
Brazen violations of city design guidelines and state building codes by the developer of the Di Rimini apartments cast a spotlight on what is essentially an honor system of regulation for developers once they win approval for their projects.
Downtown apartment developers take divergent paths to financing
J.C. Hart Co. spent more than a year securing a $5 million bank loan to expand an existing project; Buckingham Cos. turned to the city to finance its ambitious project just north of the Eli Lilly and Co. campus.
MAURER: Have patience with profits
To create a disciplined investment philosophy, I evolved “The Ten Essential Principles of Entrepreneurship You Didn’t Learn in School.”—Over the course of 10 columns, I will feature each of these essential principles. This is the eighth installment.
EDITORIAL: A last chance for City Market
We like the changes afoot at City Market. But if the latest attempt to reposition it doesn’t work, the city should consider mothballing the beloved old building until its surroundings become a benefit rather than a liability.
Owner of city apartment complex files Chapter 11
The owner of a 518-unit apartment complex on the northwest side of Indianapolis is seeking Chapter 11 bankruptcy protection as it disputes the amount of its mortgage debt with its lender.
Greenfield apartment market heats up with sales, development activity
The Hancock County community is drawing interest because of recent hiring in the area and a strong population of seniors.