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Keystone Towers in financial bind: Owner with grand plans faces foreclosure

The latest attempt to revive the 15-story Keystone Towers apartment complex appears to be in danger of derailing amid a threatened foreclosure and unpaid bills from contractors. The landmark complex at Allisonville Road and Fall Creek Parkway on the northeast side has been largely vacant since 2001, when previous owners defaulted on the mortgage and the property was sold at a sheriff’s sale. The apartment complex, built by local developer George Ginger in 1974 as the VIP Center, originally included…

Sides nearing peace on the Prairie: ‘Solomonic’ ending awaits Earlham, museum

Once the fine points of the deal with Indiana Attorney General Steve Carter are worked out, Earlham will hand over $91.5 million in cash and its interest in a jointly owned golf course worth another $2.5 million-much more than the $64.7 million take-it-or-leaveit offer the college made just before firing the museum’s CEO and dismissing nearly all its directors in June 2003. “We’re just trying to put this behind us,” Earlham board Chairman Mark B. Myers told IBJ after trustees…

BULLS & BEARS: How managing investments works from the top down

Another variation of the asset allocation and diversification theme that is common on Wall Street is what’s called a “topdown” investment strategy to manage a portfolio. Investors who practice this sort of money management are generally more concerned with the economic outlook and its effect on various “market sectors” than the business fundamentals of a particular company. The Standard & Poor’s 500 index is the most commonly used measuring stick for the investment performance of many mutual funds and money…

Zoo gets boost from marketing campaign: Attraction is drawing record crowds by luring more visitors from farther away

The Indianapolis Zoo’s attendance has increased 50 percent in the last decade, reaching record levels the last two years. More than 1.2 million people visited the downtown attraction last year. Zoo officials credit an aggressive advertising and marketing campaign in 2003 and 2004 for the most recent attendance jumps. The zoo hired Lodge Design Co. to help spread its message around central Indiana, but also asked the small, Indianapolisbased agency to help bring in more remote visitors, targeting those within…

GERALD BEPKO Commentary: Let’s celebrate everyone’s right to vote

Recently, our senior pastor at St. Luke’s United Methodist Church, Kent Millard, spoke with typical passion of the “externally focused life,” recalling the lessons of our faith that teach the importance of leading a life of service. Scripture references included well-known lines from the Gospel of Luke concluding with these words: “What does it profit them if they gain the whole world, but lose or forfeit themselves?” Similar words were used 40 years earlier, on March 15, 1965, in a…

New-technology veterans take hands-on approach: West Lafayette’s IN-vivo Ventures aids startups

Spinning out university research to form new companies is a tricky proposition. But the partners who formed West Lafayette-based IN-vivo Ventures believe they can show would-be academic entrepreneurs what’s behind the curtain. “If an entrepreneur is looking for funding, that’s not what IN-vivo’s about,” said co-founder Chad Barden. “What we are about is identifying good, strong commercial opportunities that lack a business focus, and inventors who lack the business expertise to take it to market.” Every day, scientists and engineers…

More condos planned for north Lockerbie: Mill No. 9 developers teaming up again to bring townhouses to Dinmont-owned land north of Michigan Street

North Lockerbie LLC, a subsidiary of Dinmont Development LLC, filed plans with the Indianapolis Historic Preservation Commission Jan. 27 to build brick townhouses on the land. The $20 million project, to be called Lockerbie Park, will be jointly developed by Dinmont and locally based Hearthview Residential. The development sits at the northwest corner of Michigan Street and College Avenue on land that in 2001 was slated for a multi-use project that would have included 100 condos, plus retail and office…

RETURN ON TECHNOLOGY: Do cell-phone calls trump talking person-to-person?

I’ve been watching the wireless revolution in business, and I’m fascinated by how people are fitting technology into etiquette. For example, in one recent meeting, I saw people jumping up and down like a Whacka-Mole game, scuttling from the room each time their cell phones commanded them to. The phones were muted, so nobody heard the rings, but it’s not conducive to coherence in a meeting to have people running in and out like the Secret Service at a state…

EYE ON THE PIE: County income taxes need simplification

How is anyone supposed to understand the tax maze created by our beloved General Assembly? For example, we have three local option income taxes. The revenue is collected by the state and sent back to the county where the taxpayer resides. These taxes enable counties to lower property taxes, pay for needed local services and lift themselves through the miracles of economic-development efforts. The idea is wonderful, but who can understand these taxes? First, there is CAGIT (the county adjusted…

Northwest has no interest in intrastate air service:

Supporters of intrastate air service who hoped Northwest Airlines would pick up flights ATA Holdings Corp. is discontinuing March 28 might be disappointed. “We have studied the service and do not believe that non-stop service from these cities into Indianapolis would be economically viable in the long term,” said Kurt Ebenhoch, spokesman for Minneapolis-based Northwest Airlines. Airport officials in Evansville, Fort Wayne and South Bend considered Northwest their best hope of restoring the turboprop service launched late in 2004 that…

Herff Jones considers global acquisition: Deal to buy George F. Cram Co. is in the works

Sources close to Indianapolis-based George F. Cram Co. said the 139-year-old maker of globes and maps is being sold to Herff Jones Inc., another local company with deep roots. Cram officials did not return phone calls seeking comment. But sources said Cram officials have indicated the sale is done. Officials for Herff Jones-an employee-owned maker of school-related items including caps and gowns, yearbooks and high school diplomas-said the deal is not yet imminent. “We’re in conversations, but we’re not ready…

NASCAR fuels C&R growth: Maker of custom racing parts diversifies from open-wheel roots

Though he’s only 45, Chris Paulsen is a grizzled veteran in racing circles. The storied mechanic has already been invited to take part in old-timer events at the Indianapolis Motor Speedway. But industry sources say Paulsen’s future is as wide open and promising as that of a schoolboy with a fresh diploma. The innovations that made him a household name in open-wheel have earned a following among NASCAR’s elite, and the insightful entrepreneur even talks of starting his own race…

Special Report: MURKY MISSION: Vague directive dilutes 21st Century Fund’s high-tech impact

When directors of Indiana’s 21st Century Research and Technology Fund convened in May 2003, they’d already doled out $70 million in state grants over three years to fund h i g h – t e c h innovation a n d w e r e preparing to u n l e a s h another $60 million. But you wouldn’t know it after reading minutes from that meeting. They show a rollicking debate broke out over the 21st Century’s Fund’s…

NOTIONS: On a morning blue, a Valentine’s wish for you Morning Blue By Austin Hetrick

My son, Austin, is in love. He doesn’t use those words, exactly-at least not with his old man. But he’s listening to moody music, meeting his love’s parents and taking her out to movies. Most telling: When I suggested he spend time with other teen-agers during our Christmas-week cruise, he said, “No, I’m taken.” Last weekend, Austin was listening to Jeff Buckley’s “Hallelujah.” Deeming it “a very sad song,” he was inspired to write a poem. “I’m not usually much…

Movie theater ads spark big-screen debate: Appeal of captive audience and demographics push advertising sales to record levels, prompting backlash

Ron Keedy can be found taking tickets, popping popcorn and sweeping floors at Key Cinemas on Indianapolis’ south side. There’s little Keedy won’t do to build customer loyalty at the two-screen cinema he owns. What he won’t do is sell advertisements to go along with the first-run, often offbeat films he shows. Keedy thinks movies are art, and there’s no place for commercial ads in the art his patrons pay to see. “Maybe I’m a purist,” Keedy said. “I feel…

CHRIS KATTERJOHN Commentary: Legislature has big responsibility

CHRIS KATTERJOHN Commentary Legislature has big responsibility We stand on the threshold of greatness. Wait; let me say that again. “We stand on the threshold of greatness.” Now, say it to yourself, making sure to insert a pregnant pause after the word “stand” and imagining you hear it in the booming radio voice of FDR. It’s one of those platitudes that could’ve been contrived by a speechwriter for any number of inaugural addresses, including those of Franklin D. Roosevelt, John…

BEHIND THE NEWS: Sales are sizzling at Steak n Shake Minting Managers Sticking with steakburgers

When shareholders of The Steak n Shake Co. gather for their annual meeting this week, expect a lovefest. Peter Dunn, who joined the company as president in September 2002 and added the title CEO last year, seems to be doing a bang-up job reinvigorating one of the nation’s oldest restaurant chains. Choose whatever measure you like: Since Dunn’s arrival at the Indianapolis-based company, Steak n Shake shares have appreciated 92 percent, whipping the 46-percent gain for the S&P 500-stock index….

ECONOMIC ANALYSIS: GDP figures demonstrate Fed’s rate hikes hit mark

Here’s something to try the next time you find yourself mingling with your friends at a party. Strike up a conversation about GDP. You know, GDP. Gross Domestic Product? It’s the total output of everything we produce in the economy. Oh, well, never mind. But even if it’s generally true that talk of GDP’s ups and downs elicits blank stares, some of us devour the news. That’s because the speed-up and slowdown of overall economic growth can affect the policies…