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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…

Fantasy football leagues concern employers

The kickoff of the National Football League season this month has many central Indiana employers fearful that fantasy will
encroach on reality. The fretfulness revolves around the start of the fantasy football season, where fans draft real players
onto make-believe teams and track their individual performances via organized Web sites.

Fieldhouse must fend off Louisville arena rival

Although the opening of a 22,000-seat arena in Louisville is still three years away, officials here are already bracing for
a raid on Indianapolis and Conseco Fieldhouse events. Several Indianapolis interests will be watching Aug. 20 as the Louisville
Arena Authority unveils designs for the arena along the Ohio River.

Inventory tax repeal still being hailed as good decision: Amid rising property taxes, economic development officials and brokers say taxing inventory was bad policy

With the state in an uproar over soaring property taxes, some have wondered whether phasing out Indiana’s business inventory tax was a good idea. The phase-out process began in 2002 before completely eliminating the inventory tax this year, taking with it roughly $380 million in tax revenue shared annually by local governments. Supporters of the move insist lawmakers made the right decision. And they say Indiana has become more attractive to business as a result. Marion County property-tax bills were…

A&E: ShadowApe visits Vonnegut’s ‘Monkey House’

This week, a Harrison Center art opening, a visit to the “Monkey House” and an improv nightcap. If, today, you stop into the Harrison Center for the Arts (1505 N. Delaware St.) to see the multi-artist exhibition “Unusual Animals,” the experience will be very different than if you popped in, as I did, during its First Friday opening. For starters, there won’t be as many gummy bears and animal crackers (opening night snacks are matched to the show’s theme). Second,…

Farmers’ markets are blossoming in Indiana: Consumer demand for local produce increasing; sellers see bigger profits without the middleman

On summer Saturdays, Ross Faris starts work at 4:30 a.m., packing up zucchini, peaches and other produce for the trek to farmers’ markets in Broad Ripple and Zionsville. Then he stands in the 90-plus-degree heat, answering questions about heirloom tomatoes or new varieties of peppers, greeting regulars and loving every minute of it. “It’s just a rewarding experience,” Faris said. “I can’t tell you how many people appreciate what we do here.” Faris, owner of Indianapolis-based Your Neighbor’s Garden, is…

Skillman goes Classic: Greenwood car dealership flies under local radar while gaining attention of auto collectors nationwide

Tucked away behind hundreds of shiny new cars on the west side of U.S. 31 just south of Greenwood Park Mall is a showroom that includes some of the rarest-and highest-priced-cars in the country. The double doors to a building that looks like every other at Ray Skillman’s car dealership complex open to rows of pristine pieces of history. As eclectic as the man who opened the dealership 18 months ago, the collection of cars includes Packards alongside Pontiacs and…

Lots of empty new houses on market, expert says

Forty-six percent of new houses in the nine-county Indianapolis area are unoccupied-barely an improvement from the 49 percent of early this year. The figure were compiled by Market Graphics, a Nashville, Tenn., firm that researches housing stock in 30 Midwest and Southern cities. Market Graphics owner Edsel Charles said ongoing problems with mortgage foreclosures appear […]

UPDATE: Steak n Shake looks to cut store hours

Hours could be pared at as many as 25 percent of Steak n Shake Co. stores in order to cut labor costs, an official of the Indianapolis-based restaurant chain told analysts in a conference call late yesterday. An experiment with 12 stores showed that closing doors during certain periods rather than staying open around the […]

Open thread: What’s happening?

Your Friday gift: An open thread to discuss whatever real estate topics are on your minds. Fashion Mall? MSA? Penn Centre? The new BMW ad on this blog? We’re classin’ it…

Steak n Shake reports more sales troubles

The Steak n Shake Co. late this afternoon reported that same-store sales slid 4.3 percent in its third fiscal quarter, which ended July 4. It was the eighth straight quarter same-store sells fell. The Indianapolis-based diner chain said total sales increased 2.1 percent, to $154 million. Profit was $124,000, compared with $7.3 million in the […]

Judge puts Benicorp Insurance into receivership

A Marion County judge has appointed the Indiana Department of Insurance as receiver of Benicorp Insurance Co. to protect the ailing company’s 52,000 policyholders, the department announced today. Marion Circuit Judge Theodore Sosin appointed Insurance Commissioner Jim Atterholt to oversee the transfer of Benicorp customers to Minnesota-based UnitedHealthcare and, potentially, to liquidate Benicorp’s assets. Indianapolis-based Benicorp has […]

Blog: Simon defending Fashion Mall turf

At least one local real estate broker thinks Simon Property Group’s plan to expand the Fashion Mall is a competitive dig at the nearby Venu mixed-use project. Simon said yesterday it would add 150,000 square feet to the Fashion Mall. The long-rumored addition of a second level on the west side of the property will […]

Remote casino operator targeting Indy

Kenilworth Systems Corp. announced today that it plans to open cafes where patrons can bet at casino tables via laptop computers while drinking coffee-and it wants to launch one of its first locations in Indianapolis. The New York company also said it hopes to open Roulabette Cafes in Boston, Chicago, New York City, Silicon Valley, […]

Simon defending Fashion Mall turf

At least one local broker thinks Simon’s plans to expand the Fashion Mall are a competitive jab at Premier Properties, which is planning a mixed-use development called Venu southwest of the intersection of…

Hillenbrand profit slides 31 percent due to slow growth

Batesville-based Hillenbrand Industries Inc. reported today that profit in its third fiscal quarter slumped 31.3 percent, to $35.7 million. Profit of 57 cents per share fell short of the 68 cents expected by analysts surveyed by Thomson Financial. The maker of health care equipment and caskets blamed the decline on disappointing growth in its North […]

Massive pipeline project could spark legal brawl

Plans by Rockies Express Pipeline LLC to build a gas pipeline through Shelby County probably will result in court action, Shelby County Commission President Tony Newton said this week. The 1,679-mile project, which has prompted heated opposition in Shelby, Morgan and Johnson counties, is intended to carry Colorado gas to Ohio. The 42-inch line currently […]

Blog questions McRobbie’s role in ChaCha

A blog that follows Silicon Valley gossip is implying that new Indiana University President Michael McRobbie had a conflict of interest when IU formed a partnership with Carmel-based ChaCha Search Inc. The blog, ValleyWag, said the deal appears suspicious because McRobbie had a long history as an IU information technology and research executive before becoming […]

Kite funds from operations rises nearly 11 percent

Funds from operations, a common measure of real estate investments trusts, increased 10.7 percent in the second quarter for Indianapolis-based Kite Realty Group Trust. The $11.7 million was driven by strong performance in its core operations, the shopping center developer said this afternoon. Progress also continued on development and redevelopment projects, it said, adding that […]

Fort Harrison exec to focus on rapid transit

Ehren Bingaman will quit his job as executive director of the Fort Harrison Reuse Authority at the end of the month to coordinate rapid transit in the Indianapolis area. Bingaman will become the first executive director of the Central Indiana Regional Transportation Authority, which was created by state statute in 2004 to coordinate and define […]