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ECONOMIC ANALYSIS: Convention centers as economic development

It was more than 50 years ago that suburban growth began to explode and central cities haven’t been the same since. Businesses have gradually followed new housing and population growth out to the fringes of one urban area after another over the decades, to the detriment of many a downtown. The trend continues unabated and the central business districts in some large and medium-size cities have yet to recover. Their vibrant, dominant role in economic activity is just a memory,…

Failed deals raise questions: Standard Management calls off two health services acquisitions, delaying strategic shift

Standard Management Corp. lost a large chunk of potential revenue and raised more questions about its future when it recently revealed the end of deals to buy two health services companies. The deals’ collapse stifles attempts, at least for now, to shift the company’s business focus from life insurance to providing medical services. And it’s caught the attention of regulators who are giving the company a close look. The India n a p o l i s holding company stated…

Area deals reach new pinnacle: Anthem’s $22.7 billion purchase of Wellpoint heads busy year for acquisitions

In 2004, Indianapolis had plenty of both, crushing all previous local merger-andacquisition records. IBJ tracks business deals larger than $5 million involving area companies in which financial terms are available. Last year, there were 56 of them, worth a grand total of $31 billion. Anthem Inc.’s massive $22.7 billion acquisition of Wellpoint Health Networks Inc. led the pack. Before 2004, $17 billion was the most M&A activity Indianapolis had ever seen in a single year. All by itself, Anthem’s deal…

BULLS & BEARS: Another three-peat past should mean better times

In my July 26 column, I speculated whether investors would suffer a threepeat in 2004 of negative five-year returns in the stock market. I pointed out that the five-year stretches that ended in 2002 and 2003 were losers and, unless the stock market had a great second half, 2004 likely would mark another losing period. Returns for the Standard & Poor’s 500 have been monitored and recorded for posterity since 1928. In those 76 years, there have been 73 five-year…

Partners bet on Capitol block: Shiel Sexton teams up with Gregory & Appel to redevelop old factory

An Indianapolis contracting company is deepening its near-north-side roots-and exploring another avenue of the real estate business-with a multimillion-dollar plan to renovate and rent out an 85-year-old building just blocks from its Capitol Avenue headquarters. Shiel Sexton Co. Inc. has agreed to spend more than $5 million on the 60,000-square-foot brick building at 1402 N. Capitol Ave., restoring the property to its former glory and transforming it from industrial to office use. The company also is seeking tenants for a…

New plan, player for tower: Facing deadline, developer hopes design shift lures buyers

Developers struggling to meet the pre-sale threshold for high-rise condos on the Market Square Arena site have tapped a Chicago firm to formulate a more marketable mix for the first phase. Mesa Development LLC is working with the team on a fee basis, said Terry Parrott, manager of Market Square Partners, which was chosen nearly a year ago to build twin 29-story, 225-unit condominium towers and 175,000 square feet of retail space on the four-acre site formerly occupied by Market…

CHRIS KATTERJOHN Commentary: Help celebrate our 25th year

You, too, can be published in IBJ. As part of our 25th anniversary celebration, we’re inviting readers to submit their thoughts on how Indianapolis has changed over the last 25 years. The best-written and most compelling submission will be included in our IBJ silver anniversary commemorative publication, enclosed for subscribers with their April 25 issue. Here are the details: Keep your essay between 500 and 800 words, and send it to us at [email protected]. Or log on to www.ibj.com, and…

BEHIND THE NEWS: Stay tuned: Gregg sale may be prelude to IPO

Out-of-towners are charging into Indianapolis to scoop up another one of our marquee companies. It’s an oft-told story, but this time it might just have a happy ending. Finance experts say Los Angelesbased investment firm Freeman Spogli & Co.’s purchase of an 80-percent stake in H.H. Gregg may position the electronics-and-appliance chain to grow faster than if it remained a familyowned company. Under the deal, veteran investment banker Robert Shortle said, “You still have the company headquartered here, the vast…

Wild over wilderness: Alaska conservation effort keeps Galyan’s founder busy

But Galyan’s name still carries weight like one of his old store’s GoLite Gust backpacks. Galyan-thesalesman-turned-fund-raiser managed to attract 30 outdoorsmen last week to dine in a bistro that carved vegetables into unmanly shapes. Then he convinced them to fork over cash to help protect 40 million acres of land-in southwest Alaska. “I’m Pat Galyan, of former Galyan’s fame,” he told an audience that ranged from the CEO of a window company to a top-dog lawyer who told his tablemates…

RETURN ON TECHNOLOGY: Testing is secret to worthwhile Web site tinkering

I’ve just been reading yet another article giving advice for building commercial Web sites. It’s by a recognized authority named Saul Carliner, at Boxes and Arrows (www.boxesandarrows.com), itself a pretty venerable site for Web-site builders. The article draws parallels between brick-and-mortar retail stores and Web sites. For example, Carliner recommends that your site give some personal customer attention, because that’s how retailers like Nordstrom have become so successful. Store success, Web success. The implication is simple. Except that it’s not….

A business decision: Appointee: Finances, not tax woes, led to reconsideration

Harold Calloway said his sudden decision last week to decline his appointment as Indiana’s next insurance commissioner boiled down to a reluctance to leave the business he built from scratch. His change of heart had nothing to do with several state-income-tax warrants filed against him and his wife, Frankye, according to Calloway. All the warrants have been satisfied or paid, according to state records. Gov. Mitch Daniels announced late last month that he had picked Calloway, 58, to become the…

EYE ON THE PIE: Airline and transit service linked

“So, what do you think about our new governor?” State Rep. Roberta Righteous asked as we met for breakfast. “No comment,” I said, studying the menu. “Until we have his financial program on the table and a chance to think about it, any judgments are premature.” “But he’s already set a tone,” the longterm representative replied. “Other than an injudicious inaugural reference to barn-building in an overwhelmingly urban state, there’s nothing to commend or condemn. The administrative changes he has…

Indy heart care offerings expand once again: St. Francis polishes cardiac and vascular center

Furniture movers and technology testers have taken center stage as St. Francis Hospital and Health Centers prepares to become the latest Indianapolis provider to flex its cardiac care muscle. On March 1, St. Francis will accept the first patient for a $70 million Cardiac Vascular Care Center addition to its south campus. The new center will include an operating room with the latest electronic connections to patient information among other selling points. One item it won’t provide is a conclusive…

Terminal move might spur land rush: Midfield project to free choice real estate

Overshadowed by the $974 million midfield terminal project is a potential economic development bonanza: the reuse of the existing terminal and surrounding land at Indianapolis International Airport. More than 120 acres along Interstate 465 that today hold parked cars might someday house hotels, shipping operations or even a light-rail station after the midfield terminal opens in about three years. Another 54 acres representing the terminal and its immediate surroundings will be available for aviation uses from air freight to corporate…

Incubator shakeup puts prez under fire: Rose-Hulman Ventures in turmoil after resignations

But outside his camp, others at Rose-Hulman are calling for Midgley’s scalp. They fear the man who replaced Samuel Hulbert in July is another George Armstrong Custer. A pair of sudden resignations at nationally renowned business incubator Rose-Hulman Ventures provoked the skirmish that now threatens to become an all-out assault on Midgley’s leadership. “We cannot trust him,” said a Rose-Hulman dean who spoke on condition of anonymity. “This is by far not the only time I have felt this way,…

Tsunami relief could hurt fund raising at home: Local agencies hope charitable response doesn’t come at their expense

Philanthropic response to last month’s tsunami has mounted along with the death toll, as citizens worldwide open their hearts and their checkbooks to help southeast Asia recover. In the United States alone, international relief organizations have raised more than $400 million, observers estimate, and pledges are still flowing in. But the impressive charitable effort-perhaps second only to the outpouring of support that followed the 9/11 terrorist attacks-has some fund-raisers worried that causes closer to home will suffer. “Sept. 11 taught…

STATEHOUSE DISPATCH: Daniels needs Dem. votes to pass budget measure

Lawmakers were treated Jan. 18 to what Hoosiers have quickly become accustomed to seeing from the new governor: a well-conceived strategy perfectly executed. Gov. Mitch Daniels, a Republican, delivered a compelling State of the State address, reminding the audience at the Statehouse-and in living rooms in all 92 counties-of the marching orders they gave him in November. He detailed the daunting but not insurmountable short-term problems Indiana faces, and outlined how bright he believes the future can be in just…

Retail shop owner launches fashion magazine: High-end audience drawing myriad advertisers; model could be used to launch other publications nationwide

Mark Koplow doesn’t wait for his customers to come to him. And instead of relying solely on mainstream media channels to carry his company’s message, he has created his own. Koplow, who owns Raleigh Limited, a high-end men’s clothing store at Keystone at the Crossing, two years ago began publishing a targeted, free magazine aimed at the same clientele his store serves. Raleigh Limited Magazine is published twice a year and mailed to 15,000 homes and businesses on the store’s…

Indiana IPOs break out of recent slump: Kite Realty, Republic Airways, Adesa among 5 state firms to test public waters

Hoosier-based companies registered five initial public offerings last year, a robust number considering not a single Indiana business went public in 2003. The uptick could signal the state’s economy, as well as the nation’s, is on the mend. Nationally, 233 companies raised $43 billion collectively to go public on the major U.S. stock exchanges in 2004, a 195-percent increase in the number of IPOs over 2003. And the performance could be even stronger this year, said Richard Peterson, a market…

ECONOMIC ANALYSIS: Understanding factors in public-sector job growth

There is nothing like a war and a recession to increase the size of government payrolls. Yet the hiring behavior of the public sector in the last four years has been unusual, when compared with previous recessions. The data tell us much of the growth in recent years has come from state and local governments. But they do not tell us why. There has been much stronger job growth in the public sector than in the private sector in the…