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Articles

Keystone Towers in financial bind: Owner with grand plans faces foreclosure

February 14, 2005

The latest attempt to revive the 15-story Keystone Towers apartment complex appears to be in danger of derailing amid a threatened foreclosure and unpaid bills from contractors. The landmark complex at Allisonville Road and Fall Creek Parkway on the northeast side has been largely vacant since 2001, when previous owners defaulted on the mortgage and the property was sold at a sheriff’s sale. The apartment complex, built by local developer George Ginger in 1974 as the VIP Center, originally included…

EYE ON THE PIE: County income taxes need simplification

February 7, 2005

How is anyone supposed to understand the tax maze created by our beloved General Assembly? For example, we have three local option income taxes. The revenue is collected by the state and sent back to the county where the taxpayer resides. These taxes enable counties to lower property taxes, pay for needed local services and lift themselves through the miracles of economic-development efforts. The idea is wonderful, but who can understand these taxes? First, there is CAGIT (the county adjusted…

Retail beginning to take hold on Michigan Road: Browning eyes 100 acres for retail or mixed-use

January 31, 2005

Browning Investments Inc. has nearly 100 acres under contract in the rapidly growing Michigan Road retail corridor. The locally based developer hasn’t yet cemented plans for the land, but they could include purely retail or a mixeduse development with multifamily, flex/office and retail components, said Vice President of Development James W. Browning. Most retail on the site would likely be highway-oriented, such as hotels or outlets of national chain restaurants, he said. The parcel, under contract from various owners, lies…

Partners bet on Capitol block: Shiel Sexton teams up with Gregory & Appel to redevelop old factory

January 24, 2005

An Indianapolis contracting company is deepening its near-north-side roots-and exploring another avenue of the real estate business-with a multimillion-dollar plan to renovate and rent out an 85-year-old building just blocks from its Capitol Avenue headquarters. Shiel Sexton Co. Inc. has agreed to spend more than $5 million on the 60,000-square-foot brick building at 1402 N. Capitol Ave., restoring the property to its former glory and transforming it from industrial to office use. The company also is seeking tenants for a…

Major sewer system renovations await federal approval: With waste pouring into White River almost every time it rains, Indianapolis is in dire need of sewage overhaul

January 3, 2005

The city’s long-term plan to prevent the flow of raw sewage into White River and its tributaries should receive federal approval soon, nearly five years after Mayor Bart Peterson introduced a proposal to fix the antiquated system. City officials expect to receive permission from the Environmental Protection Agency in April to proceed with a plan to construct tunnels, underground storage tanks and new sewers to capture raw sewage that would otherwise overflow into waterways during heavy rains. Peterson presented his…

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