Eastgate Mall is up for sale, again
The owners of the eyesore formerly known as Eastgate Consumer Mall have put the property back on the market at an asking price of $3.5 million. Dallas-based JTL Capital LLC received…
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Development incentives scrutinized by tax panel
About 4.2 percent of gross assessed property value in Indiana-roughly $16 billion worth-is not taxed because it is in a tax-increment-financing district or covered by a tax abatement, both of which are intended to encourage economic development. The figures, which amount to $400 million of property taxes, were discussed yesterday by the Commission on State […]
Beilouny Luxury Properties carves out downtown niche: Propelled by its flagship 757 Mass Ave project, upstart local developer eyeing more mixed-use projects
When Ed Beilouny bought property at the southwest corner of Massachusetts and College avenues in 1977, many of his friends and family members thought he was crazy. The neighborhood wasn’t much to look at. In the eyes of some, it was downright dangerous. But Beilouny, who was born in New York, had a vision that would take 30 years to develop. The land is now home to the flagship building of Beilouny Luxury Properties, a privately held company that has…
EYE ON THE PIE: Property tax isn’t evil, it’s abused
There are two books I want to call to your attention. They are both written by Hoosiers and are both vitally important to Indiana at this time. But this column, again, must be about property taxes because that is the compelling issue of the day. One book is “I Never Worked a Day in My Life,” by Bill Haeberle, the retired IU business professor who has started and aided hundreds of businesses. The other is “Performance is the Best Politics,”…
Marsh drops abatement request
Marsh Supermarkets has withdrawn a request for a five-year tax abatement for renovation of the downtown O’Malia’s store. Marsh officials notified the city Tuesday, shortly after Property Lines reported on the…
Tax abatement on Aisle 5
Marsh Supermarkets is hoping for final approval next month of a five-year tax abatement worth about $50,000 for a renovation of its downtown O’Malia’s store. The company plans to invest $1.5 million…
Hotel tower planned by stadium, Lilly campus
After years of designing banks, churches and condo conversions, Prince/Alexander Architects Inc. is working
with unnamed partners on a plan to replace its headquarters with a $47 million, 24-story hotel and condo development called
West Merrill Tower.Downtown hotel towers in works
South-side developer J. Greg Allen is pitching a massive project along Pennsylvania Street downtown that includes hotel towers–one
28 stories, the other 17–to be built on property now used mainly for surface parking.Canal complex wins city incentives
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…
Tipton expecting mellow growth from Getrag plant
Tipton mayoral candidates say the $530 million transmission plant Chrysler Group and Germany-based Getrag Corporate Group are building near the town should provide job growth without disrupting the rural way of life associated with the community, according to the Kokomo Tribune. Getrag’s tax abatement request shows it intends to hire 1,088 Chrysler workers, and create […]
Australian Gold parent plans 55-job expansion
The Indianapolis-based parent of Australian Gold tanning lotions and tanning-salon-software-maker Helios said on Thursday it will expand operations here, creating 55 jobs. The parent, New Sunshine, said the $9.2 million expansion will result in upgrades to production facilities and computer equipment. A private equity fund affiliated with Stephen Hilbert purchased the businesses last year. They […]
Interactive poised to make incentives pay: Communications software-maker to add 637 jobs
Interactive Intelligence Inc. has come full circle. On May 2, Marion County’s Metropolitan Development Commission was slated to review a 10-year property tax abatement for the communications software maker. If the incentive is approved, Interactive Intelligence plans to use it to hire 637 people at an average of $32.50 per hour. According to its filings with the city, the company also will build a $15 million, 154,000-square-foot building next door to its current headquarters near Interstate 465 and West 71st…
Carmel electric power marketer to expand.
Alliance for Cooperative Energy Services announced today that it will add 25 jobs to the 113 employed at its Carmel headquarters and spend $4 million to update equipment. Fifteen electric power cooperatives own the wholesale energy risk management and transaction executive firm, which was founded in 1999. The state is giving ACES up to $188,000 […]
Broadbent’s new era: Veteran real estate firm known for strip centers prepares for new headquarters, new leadership
The distinctive black-and-white façade of the Zipper Building at Washington Street and Virginia Avenue is gone, stripped away like ceiling tiles from an old bedroom. Replacing the unusual exterior of the three-story structure will be a more traditional brick and stone look-and a new moniker bearing the name of owner The Broadbent Co. Broadbent, the longtime developer of retail strip centers including Castleton Plaza, Clearwater Crossing and Fashion Mall Commons bought the downtown building last October and is set to…
Hill Rom to create innovation center, 80 jobs
A global innovation center staffed with engineers and technicians will be opened in Batesville by Hill Rom, the health care division of Hillenbrand Industries Inc., the company said this afternoon. Hill Rom Innovation Center will be the company’s hub for international research and development teams designing medical equipment. Hill Rom received as much as $2 million […]
UPDATE: Incentives helped PrincetonOne choose Indy
Its past work with Eli Lilly and Co. and the presence of central Indiana’s universities led executive search firm PrincetonOne to commit to adding 200 jobs in Indianapolis, the company said today. And $2.1 million in city and state incentives didn’t hurt, either. The city offered PrincetonOne $55,600 in tax abatements, and the […]
Indalex expansion to create 62 jobs in Connersville
Indalex Inc. of Lincolnshire, Ill., said today it will expand its aluminum extrusion plant in Connersville. In exchange, the company received government incentives worth nearly $3.4 million. Indalex plans a 100,000-square-foot addition to its plant to make room for a 6,000-ton extrusion press. The expansion is expected to generate 62 new jobs and $22 million […]
Valparaiso medical, office park could employ 450
A developer has asked for tax abatements on a medical complex and office buildings he hopes to build in the Eastport Centre industrial park in Valparaiso, according to The Times of Munster. George Uzelac envisions the project, which has been approved by the city’s Redevelopment Commission, to include six buildings employing 450. City economic development […]
BREAKING: ExactTarget poised to add 100 jobs
Economic development officials are expected to announce tomorrow morning a $2.15-million package of incentives for fast-growing e-mail marketing software-maker ExactTarget, which plans to add about 100 jobs. Formed in 2000, ExactTarget ranked 56th on Inc. magazine’s 2006 list of the 500 fastest-growing U.S. firms. Sources say the company, which already employs 160, will expand […]
West Lafayette research firm plans to add 130 jobs
Med Institute Inc., a medical research company in Purdue Research Park, is asking for tax abatements from the West Lafayette Economic Development Commission on $15 million in equipment in order to add 130 positions to the 130 it now has. The jobs would be created over several years, according to the Journal & Courier of […]