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THERE OUGHT TO BE A LAW: Hey dude, the boss is parking in my space!

I’ll admit it: Until recently, I thought “My Space” was simply where I stored “my stuff.” My bad, it turns out. Just ask that young staffer down the hall: The new place to see and be seen is MySpace, Facebook or one of the other online social communities. This summer, MySpace announced it had more than 70 million unique users in the United States-meaning nearly one in four Americans used the site, for a total of nearly 50 billion page…

Thoughts on Ralston Square?

Here are two renderings of the proposed Ralston Square project. The $60 million South Street project, named in honor of the original planner for Indianapolis, would feature a 150-room hotel, 55 condos, a 617-space parking garage and 41,000 square feet…

Court green-lights liquidation of Benicorp

Indiana Insurance Commissioner Jim Atterholt can begin liquidating the assets of Indianapolis-based Benicorp Insurance Co. after winning approval today from Marion County Circuit Court Judge Theodore Sosin. Sosin put Benicorp into receivership two months ago. Atterholt and his staff at the Indiana Department of Insurance took over Benicorp’s business as the company was three months […]

Abatement could anchor software headquarters

In exchange for promises to keep its headquarters here, Marion County is considering providing an eight-year property tax abatement worth $17,659 for local parking ticket software-maker T2 Systems Inc. According to a Department of Metropolitan Development filing, T2 Systems is promising to add 115 jobs to its current work force of 43 as well invest […]

Smulyan remains bullish on Emmis, radio

Despite slumping revenue, Emmis Communications Corp. Chairman Jeff Smulyan remains bullish on his company and the radio industry. Emmis this morning reported that revenue in the quarter ended Aug. 31 fell to $96.4 million from $99.9 million during the same period a year earlier. The decline was mostly due to softness at its New York […]

Central Library grand opening set for Dec. 9

Central Library downtown will reopen in a ceremony Dec. 9. The glass-and-steel expansion was to have opened two years ago, and is $50 million over budget due to faults discovered in concrete in the parking garage. Two lawsuits over the construction are pending. The project will house more than 700,000 books and audio-visual materials.

Butler snags $10M from foundation, alum

Butler University‘s $125 million fundraising campaign has received $5.3 million from the Richard M. Fairbanks Foundation and $5 million from 1975 graduate Frank Levinson, the university said today. The donation from Indianapolis-based Fairbanks is earmarked for science. Levinson, a technology entrepreneur, asked only that the university use his money to set the university apart from […]

Alcoa puts four Indiana sites up for sale

New York-based Alcoa Inc. said today it has resumed its attempt to sell its packaging and consumer unit, which includes the headquarters in Indianapolis and three plants in Crawfordsville. The Indianapolis operation on the northwest side in Park 100 includes a plastic bottle cap plant. Alcoa also said it is nearing a definitive agreement to […]

Emmis profit plummets on weak radio sales

Continued weak sales in its radio segment caused profit from continuing operations in Emmis Communications Corp.’s second fiscal quarter to plunge to 3 cents per share from 6 cents per share a year earlier, the Indianapolis media company reported today. Revenue in the quarter ended Aug. 31 also slumped, to $96.4 million from $99.9 million, […]

Penn Centre, in color

What do you think of the latest rendering of Penn Centre? The plans, designed by Browning Day Mullins Dierdorf, call for a 240-room Le Meridien hotel, 150-room aloft hotel,…

City denies Bush Stadium reports

The city has not decided whether to tear down Bush Stadium, spokeswomen for the mayor and the Department of Metropolitan Development said this afternoon, denying news reports. WTHR reported on its Web…

Penn Centre wins approval

The Indianapolis Historic Preservation Commission gave its unanimous approval last night for Penn Centre, a massive hotel, residential and restaurant development across from Conseco Fieldhouse. The next step is to add more…

Gold dealers seeing rush of new business

News of gold prices soaring above $700 an ounce is prompting people in the Indianapolis area to sell rings, necklaces and other jewelry, gold dealers say. Business has doubled in the past few weeks for Matt Dinger, who owns Lost Dutchman Rare Coins near Fort Benjamin Harrison. Part of the business surge is resulting from […]

Councilman Gray ordered to pay $43,514

A Marion County Superior Court judge has ordered a company owned by City-County Council President Monroe Gray to pay $43,514 in unpaid bills. The judgment resulted from a suit filed against Mid Regional Concrete Inc. by Charlotte, N.C.-based Sunbelt Rentals, formerly NationsRent Inc. Gray could not be reached for comment. The decision is the latest […]

Columbus plant to gain work from Ohio site

PMG Indiana Corp. will create 73 jobs at its plant in Columbus as a result of closing a plant it operates in Dayton, Ohio. The Columbus site employs 250 and turns out parts made from metal powder for domestic and foreign carmakers. PMG is owned by Plansee Mitsubishi Materials, which is based in Luxembourg. PMG […]

Office vacancy inches up

Downtown Indianapolis had a 15.5-percent vacancy rate for multi-tenant office buildings at the end of the third quarter, down 0.2 percent from the prior quarter, according to Colliers Turley Martin Tucker. Government and medical buildings are excluded from the data. The vacancy rate for suburban office space was 18 percent for the quarter, up 0.5 […]

Kissingers receive $400,000 severance

Bioanalytical Systems Inc. disclosed yesterday that it is taking a $400,000 charge due to the settlement agreement reached with founder Peter Kissinger and his wife, Candice. Peter Kissinger early last month stepped down as chairman and chief scientific officer of the West Lafayette contract research company. A year earlier he resigned as CEO. He remains […]

Natural foods company to create 1,000 jobs

A New York company specializing in natural and organic foods will build a national production and distribution site in Cambridge City in east-central Indiana. Really Cool Foods will spend $100 million to build the location and hire 1,000 permanent employees over the scope of the project, according to the Indiana Economic Development Corp. The location […]

A cleaner Canal

The city has agreed to pay a Kokomo company up to $423,000 to clean the Central Canal from 11th Street to the White River. The deal with biosolids management firm Merrell Bros….

Bridgestone unit signs big lease in Plainfield

Carmel-based BFS Diversified Products LLC has agreed to lease 226,000 square feet in a new building at Plainfield Business Center at Airwest. BFS is a subsidiary of Bridgestone Americas Holdings Inc. that manufactures building and roofing products, along with other items. The company will move into a building developed by Rosemont, Ill.-based Opus North Corp, […]