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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 […]

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 […]

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 […]

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 […]

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, […]

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 […]

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 […]

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 […]

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 […]

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 […]

Indianapolis-based Simon Property Group said today that it plans to build 150,000 square feet onto the Fashion Mall next year and lure 20 additional tenants. Most of the expansion-100,000 square feet-will be added to the second level on the west side, Simon said. Nordstrom will occupy a total of 130,000 square feet on two levels. […]

Lawrence Utilities LLC, the private operator of the water and sewer system for the city of Lawrence, filed for Chapter 11 bankruptcy protection today. An attorney for the Lawrence-based utility, George Hopper, said the action was taken to protect the utility’s investment in the system and combat soaring legal bills stemming from its ongoing skirmish […]

Indianapolis-based Duke Realty Corp. is pulling out of Cleveland, but says it is committed to the Cincinnati area despite plans to sell about 2.3 million square feet of existing office space and drop an office tower project there. The city will remain in the top four of 19 markets where Duke does business, said Ken […]

Standard & Poor’s and A.M. Best have downgraded debt of Conseco Inc. after second-quarter earnings released by the Carmel-based insurer Monday evening disappointed investors. Standard & Poor’s bumped senior debt ratings and counterparty credit ratings to B+ from BB-. A.M. Best cut its rating to B+ from B++. Conseco said its loss widened to $64.5 […]

A federal judge in South Bend this month will weigh whether lawsuits filed by independent contractors against FedEx Corp. in two dozen states should be combined. About 150 independent contract drivers, designated by FedEx as part-time employees, seek to be classified as full-time workers, according to Bloomberg. That would entitle them to benefits and paid […]