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MSA condos co-developer calls it quits: CTE 2nd partner to abandon $140M project; remaining firms expect new designs in June

May 30, 2005

With a deadline looming for a redesign of Market Square Towers, another of the project’s developers has pulled out and has filed a claim on the property for $3.2 million it says it’s owed by Market Square Partners. Chicago-based Consoer Townsend Envirodyne Engineering Inc. filed the lien April 8 to secure its claim on money the company said it spent on design and engineering services and other preliminary project work. CTE, whose representatives once served as the public face of…

City to land more aircraft mechanics: Lease calls for Republic to add 186 jobs

June 13, 2005

Republic Airways Holdings plans to add nearly 200 aircraft maintenance jobs at Indianapolis International Airport, based on employment projections in a lease the carrier recently signed for a new hangar. The Indianapolis-based regional carrier that employs 114 mechanics here “agrees to use commercially reasonable efforts to achieve average employment of 300 full-time Indiana resident employees at the facility … at an average salary of $18 per hour during the first year,” states a lease signed April 15 with the Indianapolis…

Trouble brewing at Market Square: Confidence wanes as partners bail

June 13, 2005

Deciding who will build and pay for a new sports stadium and expanded convention center has drawn plenty of scrutiny in recent months, diverting attention from the redevelopment struggle in our midst: the so-far illfated attempt to erect housing and retail space at the former Market Square Arena site. Though the stadium drama is yet to play out on the west side of downtown, it’s time for some answers regarding this high-stakes east-side project. The project team picked by the…

VOICES FROM THE INDUSTRY: Indiana must not let TDL opportunities elude its grasp

June 13, 2005

Unlike some other Hoosier economic initiatives, much of the required infrastructure to rapidly advance TDL into significant growth is already in place. More Interstate highways cross the state An economic development analyst determining the physical advantages of Indiana might initially be challenged. Indiana has no oceans. No mountains. No temperate climate. But the Hoosier state does possess one singular unmatched physical plus: It is the state geographically closest to the bulk of most U.S. major markets. For more than a…

State eyes inland ports to bolster TDL: ‘Dry’ hubs under consideration in 3 parts of the state could be boon to transportation, distribution, logistics

June 13, 2005

The construction of intermodal hubs in Indiana could add thousands of jobs to the state’s transportation/distribution/logistics industry, an area targeted by officials as an economic pillar to pursue. The General Assembly gave the Indiana Ports Commission the authority two years ago to build the hubs-“dry ports” where cargo is transferred between train and truck. While the projects remain in the planning stages, supporters cite Indiana’s central location as a primary factor to build the facilities. At least three locations are…

BEHIND THE NEWS: Frick, master of megadeals, ready to dial back intensity

June 20, 2005

Attorney David Frick says Anthem Inc.’s $20.8 billion purchase of Well-Point Health Networks was the toughest deal he ever negotiated-and that’s saying something. This is the same guy who helped broker the 1983 deal selling the Indiana Pacers to Mel and Herb Simon, eliminating the risk the franchise would go elsewhere. The same guy who served as the city’s chief negotiator in the deal that brought the Baltimore Colts to Indianapolis in 1984. Anthem-WellPoint was even tougher, Frick says, in…

Taking the pulse of life sciences: Experts weigh in on whether Indiana is keeping up in the economic development race

June 27, 2005

IBJ: Is Indiana gaining ground against other states in the race to grow as a life sciences hub? What are some specific benchmarks that underscore your opinion? JOHNSON: Indiana is gaining ground, but Indiana already starts on really very substantial ground. There are a lot of outside validations of that and I think it’s important for this audience to hear a couple of them because there is nothing like having people on the outside pay attention to what we’re doing…

SPORTS: NBA’s delayed-entry rule, Michelin’s move and more

July 4, 2005

So much news, so little space. Item: The NBA and its players’ association enter into a new collective bargaining agreement that will increase the age for draft eligibility to 19, or to one year after an athlete’s high school class has graduated. Reaction: Perhaps the NBA and its players’ association believed they were tossing those involved in college basketball a bone by raising the age limit. If so, it is a bone that likely will stick in the throats of…

MSA redevelopers set to make another run at tower: Project takes on new moniker as it rolls out redesigned condominium plans

August 1, 2005

With a new name, new floor plans and a new marketing team, the developers of the former Market Square Arena site are gearing up to make another go at building a high-rise condominium tower on the east side of downtown. Developers hope the new designs, crafted with the assistance of Chicagobased Mesa Development LLC, will jump-start the tower, now more than a year behind schedule and saddled with a lien from a former key player. The first phase of One…

Counties, cities welcome food/beverage tax: Suburbs see extra funds as way to balance budgets

August 1, 2005

Several suburban cities and counties that have approved new food and beverage taxes view the windfall as a panacea for their budget woes. Six of the seven counties surrounding Marion County, excluding Morgan, have OK’d the 1-percent surcharge to help fund a new stadium for the Indianapolis Colts and Indiana Convention Center expansion. Morgan County councilors turned down the measure at a June meeting. The legislation, approved during the past session, directs counties to contribute half the food and beverage…

Deal giving edge to unions muddies midfield contracts: Non-union contractors question whether bidding on project is worth the trouble

August 15, 2005

A construction agreement that requires union wages, work rules-and union workers-at the midfield terminal project has big and small businesses alike concerned they’ll be shut out of all but the tiniest contracts on the $300 million building. Unless Janet South’s painting firm Deco Group agrees to accept those terms, she’d only qualify for projects of $75,000 or less-the threshold at which the agreement kicks in. That limitation, contained in the project labor agreement attached to the midfield terminal, contrasts with…

Centre Properties, state nearing agreement: Retail center at 96th and Allisonville closer to reality after years of legal wrangling

August 15, 2005

Indianapolis-based Centre Properties LLC is beginning to move dirt on 96th Street just west of Allisonville Road, a sign that a battle over developing part of a 220-acre site may be nearing an end. In late March, Centre dropped a lawsuit it had filed in mid-2004 against the Indiana Department of Natural Resources over the agency’s reversal of a permit granted to Centre. That permit would have allowed Centre to fill in 15 acres of White River floodway to build…

Special Report: Buying blind: Lack of oversight leaves state in dark on real estate deals The state of Indiana knows how much it’s spending to lease property statewide -nearly $40 million a year. But it doesn’t know if that’s too much.

August 15, 2005

The state of Indiana knows how much it’s spending to lease property statewide -nearly $40 million a year. But it doesn’t know if that’s too much. State contracts for third-party real estate services give government officials few safeguards to ensure they’re paying a fair price for office, laboratory and storage space outside of state-owned buildings, those in the industry say. And state administrators have no control over seven-figure commissions paid to two Indianapolis real estate brokers in the past decade,…

BEHIND THE NEWS: Obstacles facing Marsh cast questions over Atlas project

August 15, 2005

Marsh Supermarkets Inc. ended rampant speculation when it announced last September that it was buying the former Atlas grocery site at 54th Street and College Avenue and would build an Arthur’s Fresh Market there. Or did it? Nearly a year after Marsh officials unveiled their plans, the former Atlas building slated for demolition remains standing, surrounded by a chain-link security fence. “We were pretty sure construction would have started by now,” said James Garrettson, president of the Meridian Kessler Neighborhood…

Sourwine planning to sweeten its local office offerings: Second-generation real estate firm has two new buildings in the works that could nearly double its holdings

August 15, 2005

When Jim Sourwine was 4 years old, he would sit outside the closed door to his father’s home office and play with his toy cars. Barred from entering the adult-only world, sounds of paper shuffling and adding machine clacking piqued his interest in his family’s real estate business. “I wanted in,” Sourwine recalls. By the time he was old enough to file and wash windows for the firm, his father had moved Sourwine Real Estate Services out of his home…

VIEWPOINT: Signs of economic recovery all around us

August 15, 2005

After weathering some difficult times over the last few years, there are encouraging signs that central Indiana has turned the corner on its road to economic recovery. The Indianapolis metro area added 22,000 jobs in the year ending in March-a 2.4-percent increase-and in May, the Indiana unemployment rate dipped below the national average for the first time since December. All signs point to continued modest growth. Patrick Barkey, IBJ contributor and Ball State University economist, says, “We should expect to…

Condo wave a ripple locally: Shelved conversions show area not following in national footsteps

August 15, 2005

Condominiums are hot. Apartments are not. In many cities, that current market truism among would-be renters has led to a wave of conversions of apartment complexes to condos. But not in Indianapolis. To date, only a handful of apartment complexes have successfully made the leap from rental to for-sale, notably Lion’s Gate at 86th and Meridian and Ladywood Estates near Emerson Avenue and 56th Street. Much of the reason has to do with the affordability of single-family housing in the…

IMS mulls hotel: Convention-level facility connected to track would diversify Speedway’s revenue stream

August 22, 2005

Sources close to the Indianapolis Motor Speedway say management is working on plans for a convention-level hotel on a 16-acre lot just south of the track’s 16th Street entrance. Under consideration is a multilevel hotel connected to the track via a skywalk and a new set of track-side suites and condos near turn two where the Brickyard Crossing Inn sits. The inn would be torn down to make room for the suites and condos, which will better complement the new…

Museum deflects pork perceptions: Policy wonks decry grant of $12.5M in transportation funds

August 22, 2005

“Why are taxpayers in California and Texas and Massachusetts paying for a museum in Indianapolis?” David Boaz, executive vice president of the Washington-based Cato Institute, wrote on the think tank’s Web site in May as the bill was coalescing. The Children’s Museum of Indianapolis landed the grant under the $286 billion transportation bill signed by President Bush this month. The grant was included in the bill courtesy of Rep. Julia Carson, D-Indianapolis. “Congress constantly uses the Department of Transportation’s budget…

Ethanol fuel pumps may debut here by ’06: Still no place for the masses to buy E85, despite interest in the alternative to gasoline

August 29, 2005

Even though Indiana is one of the nation’s biggest growers of corn-the key ingredient in cheaper-than-gasoline ethanol-not a single ethanol pump is available to the average motorist in the Indianapolis area. That twisted irony in a day of record gasoline prices may soon be no more, with a handful of central Indiana gas stations likely to start offering an ethanol alternative-known as E85-by yearend, according to proponents of the fuel. “I hope by Christmas to have a couple in the…

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Articles

MSA condos co-developer calls it quits: CTE 2nd partner to abandon $140M project; remaining firms expect new designs in June

City to land more aircraft mechanics: Lease calls for Republic to add 186 jobs

Trouble brewing at Market Square: Confidence wanes as partners bail

VOICES FROM THE INDUSTRY: Indiana must not let TDL opportunities elude its grasp

State eyes inland ports to bolster TDL: ‘Dry’ hubs under consideration in 3 parts of the state could be boon to transportation, distribution, logistics

BEHIND THE NEWS: Frick, master of megadeals, ready to dial back intensity

Taking the pulse of life sciences: Experts weigh in on whether Indiana is keeping up in the economic development race

SPORTS: NBA’s delayed-entry rule, Michelin’s move and more

MSA redevelopers set to make another run at tower: Project takes on new moniker as it rolls out redesigned condominium plans

Counties, cities welcome food/beverage tax: Suburbs see extra funds as way to balance budgets

Deal giving edge to unions muddies midfield contracts: Non-union contractors question whether bidding on project is worth the trouble

Centre Properties, state nearing agreement: Retail center at 96th and Allisonville closer to reality after years of legal wrangling

Special Report: Buying blind: Lack of oversight leaves state in dark on real estate deals The state of Indiana knows how much it’s spending to lease property statewide -nearly $40 million a year. But it doesn’t know if that’s too much.

BEHIND THE NEWS: Obstacles facing Marsh cast questions over Atlas project

Sourwine planning to sweeten its local office offerings: Second-generation real estate firm has two new buildings in the works that could nearly double its holdings

VIEWPOINT: Signs of economic recovery all around us

Condo wave a ripple locally: Shelved conversions show area not following in national footsteps

IMS mulls hotel: Convention-level facility connected to track would diversify Speedway’s revenue stream

Museum deflects pork perceptions: Policy wonks decry grant of $12.5M in transportation funds

Ethanol fuel pumps may debut here by ’06: Still no place for the masses to buy E85, despite interest in the alternative to gasoline