Locally based Flaherty & Collins Properties has laid off several employees after losing a management contract for properties in Indiana, Ohio and Michigan. The move comes after California-based AIG Sun America elected to consolidate its property management operations, said Mark Conover, a Flaherty spokesman. The layoffs affected fewer than 10 people, a small portion of […]
John Sebree is launching Watermark Residential as a partnership with the owners of Carmel-based Thompson Thrift, a development and construction firm best known for its retail strip center projects. Thompson Thrift was eager to diversify its business, and apartments are as attractive as ever: The subprime mortgage meltdown has reduced the volume of new single-family homes, and the condo market also is hurting. Meanwhile, apartment occupancy rates are sky high in many markets, including Indianapolis, and the prospects for rent…
A local developer plans to spend up to $45 million building a “north village of downtown” on several parcels it has assembled
near the Central Library. Buckingham Cos. plans to build apartments, offices, restaurants and retail space-all surrounding
its headquarters in the three-story Stokely-Van Camp building at the southeast corner of Meridian and St. Joseph streets.
Executives at locally based Duke Realty Corp. fielded questions for years about what was taking so long with Anson, a $1.4 billion residential, retail and industrial development along Interstate 65 in Whitestown. Not anymore. A string of blockbuster new tenants including MedcoHealth Solutions Inc. and Amazon.comInc. have fired up interest in the 1,700-acre project, particularly its industrial component known as Allpoints at Anson. Together, the companies plan to invest more than $175 million-Medco is building an automated pharmacy and Amazon…
A local firm has begun renovations on an historic 12-story former bank building at 129 E. Market St. Crown Property Group bought the J.F. Wild & Co. building from…
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…
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.
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…
Indianapolis-based Flaherty & Collins said it has sold its Central Park Metropolis apartment complex in Plainfield to the Chicago investment group Becovic for $29.5 million. The property has 264 units, bringing the price to $111,000 per unit.
Jaron Garrett hasn’t developed anything like the 25-story tower he’s proposing. And he doesn’t come close to having the financial
muscle to pull off the $30 million project on his own. But Garrett is determined to sell his vision of transforming a downtown
eyesore at Washington and Pennsylvania streets into a twisting glass-and-steel apartment tower.
A new apartment and retail complex along the canal has won a 10-year tax abatement worth $2.7 million. The Cosmopolitan on the Canal project, by locally based Flaherty & Collins Properties, is…
A high-profile local firm that quietly negotiated last fall to salvage the stalled redevelopment of the Market Square Arena
site abandoned its plans when the city decided instead to solicit new proposals early this year.
A 140- to 160-room boutique hotel straddling the Central Canal has been added to the mix of proposals to develop a nearly one-acre parcel the state owns but wants to lease out for development. Four groups submitted plans by an April deadline, but details were not released until May 1. IBJ reported the specifics of two of the proposals April 16. The newly released plans from Wichita, Kan.-based LodgeWorks LP are by far the most ambitious, calling for the state…
The winning bidder for a prime piece of state-owned land on the west side of downtown hopes to break ground later this year on a residential and retail complex. The project would replace a shabby parking lot on a triangle-shaped block that is now anchored by The Bourbon Street Distillery and Musicians’ Repair & Sales. The U-shaped, 0.75-acre property at 340 N. Capitol Ave. touches Indiana Avenue, Capitol Avenue and Vermont Street. The development likely would include condos above a…
Justin Williams and Meredith Barrett grew up on the south side, but that’s not where they’ll live after getting married in September. They’re looking for an apartment downtown. It’s the only neighborhood they’re considering. “I love being right in the middle of everything,” said Williams, 25, a server at P.F. Chang’s China Bistro in Circle Centre. Barrett, a 22-year-old nurse at Wishard Hospital, said she “just likes to be able to walk everywhere.” The couple is part of a growing…
State and city officials have begun evaluating four groups that want to develop an acre of prime real estate along the Central Canal downtown. The property, which covers about a third of the block stretching from Ohio Street to New York Street, will feature canal-level retail-a requirement of all potential developments there. It also could be home to a hotel or condominium complex, based on plans from two local developers. Two other groups also are in the running for the…
A who’s-who of local firms is planning bids to redevelop the Market Square Arena site with mixed-use projects that would depart
sharply from previous efforts focused on residential. New plans are expected to include retail , offices, apartment units
and condos backed by high-profile local developers that didn’t bid before.
Firms that oversee large, upscale apartment complexes used to be able to set the bar high when reviewing potential tenants’ credit histories. Many would turn away applicants with accounts in collections, foreclosures or outstanding medical debts. But even as more people come back to rental housing, landlords are finding they can’t be as picky as in the past because more and more Indianapolis-area residents bring with them credit baggage from unpaid medical bills or home foreclosures. “Maybe 70 percent of…
A local developer plans to build a $33 million, four-story apartment and retail complex on the Central Canal just north of
Michigan Street. Flaherty & Collins Properties has the three-acre parcel under contract from American United Life Insurance
Co.
City leaders are sticking to their guns: They want a residential tower on the former Market Square Arena site downtown. And they want developers to start construction before they ask potential residents to buy. The idea is to eliminate the stumbling block that derailed previous redevelopment efforts, but observers say the requirement will make it difficult to line up financing-unless the city kicks in some money. Mayor Bart Peterson hasn’t ruled that out, but he remains resolute on one point:…
