City cites apartments for hundreds of violations
Five local apartment complexes and one owner of multiple rental properties were accused of unreasonably consuming city, public, and law enforcement resources.
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Mainstreet Property Group LLC is trying to bring crowdfunding to nursing homes. The Carmel-based firm launched a new round of private placement fundraising Monday using a website run by Oregon-based CrowdStreet Inc. and a mix of traditional advertising in central Indiana. The goal is to raise $500,000 to $2.5 million to help Mainstreet construct a $13.3 million nursing care and rehabilitation facility in Bloomington. Mainstreet CEO Zeke Turner said if the Bloomington “test case” is successful, Mainstreet can use crowdfunding to boost its annual construction of health care campuses from $350 million currently to $500 million. Mainstreet is offering to pay “accredited investors” annual dividends of 10 percent while paying itself a $635,000 development fee. Mainstreet hopes to sell the Bloomington facility by mid-2015, which could boost investor returns to 14 percent. Mainstreet’s crowdfunding experiment comes as the company is under scrutiny over allegations that Turner’s father, state Rep. Eric Turner, helped defeat a nursing home construction moratorium that most of Mainstreet’s competitors supported.
Anthem Blue Cross and Blue Shield has signed contracts with 1,400 physicians under its Enhanced Personal Health Care initiative, which pays doctors extra to help keep patients healthier and out of the hospital. The initiative, coupled with accountable care organizations Anthem is working to form with hospitals, is part of a broader push in health care called value-based purchasing. “The biggest challenge in health care today is finding a way to improve quality while reducing costs,” said Dr. David Lee, Anthem’s vice president of provider engagement and contracting. As part of the initiative, Anthem shares with doctors claims information Anthem gathers on its patients so doctors can target their efforts on the patients most in need. Anthem also pays doctors an extra $3.50 per month for each Anthem patient they manage. If overall spending on Anthem patients goes down and doctors document they provided high-quality care, Anthem shares some of the savings with doctors at the end of the year. The enrollment of doctors so far is a bit of a step back from the Quality Health First program Anthem previously operated to encourage physician management of patients’ overall health. That program had 2,200 physcians participating when Anthem pulled out of it in early 2013.
St. Vincent Health and the Cleveland Clinic have partnered in the opening of a new 8,000-square-foot kidney transplant center in Portage, Ind., to see patients before and after their transplant surgeries in Indianapolis. In a press release, St. Vincent noted that the average wait time for a kidney transplant in the Chicago area is six years, compared with 14 months at St. Vincent Indianapolis Hospital. Patients waiting for a transplant via another hospital system can transfer their wait times to St. Vincent. St. Vincent and Cleveland Clinic established their transplant partnership five years ago, focusing on kidney and pancreas procedures. Transplant surgeons working at St. Vincent’s 11-bed renal transplant unit in Indianapolis are employed by Cleveland Clinic.
Community Health Network opened a 65,000-square-foot, free-standing cancer center on the campus of Community Hospital South. The facility centralizes all the cancer care providers patients see—including physicians, radiologists, social workers, dieticians and financial counselors—so patients can make fewer visits to the center. Community hopes the center, which includes 16 infusion rooms, serves patients from as far away as Columbus, Seymour, Shelbyville and Greensburg.
STYRING: Utopian transit dreamers could railroad taxpayers
After years of trying, mass transit advocates have finally steered a central Indiana transit bill through the General Assembly. It authorizes county councils and, in some cases, township boards to approve ballot referenda imposing up to a 0.25-percent transit income tax.
Banks whittle down Indy-area branches
Since January 2013, banks have closed 35 branches in Marion County and surrounding counties but have opened only six new ones.
Mainstreet aims to help finance nursing home through crowdfunding
Mainstreet Property Group LLC plans to launch a new round of private placement fundraising on April 21 using a website run by Oregon-based CrowdStreet Inc. and a mix of traditional advertising in central Indiana.
Employee defection sparks battle between brokerages
Hylant Group says a former worker in its Carmel offices broke a non-compete agreement and poached clients for his new insurance-brokerage gig in Indianapolis.
Indianapolis office market shows rise in occupancy
The improvement was sparked by growing occupancy in the suburban office market, where the vacancy rate fell from 20.3 percent to 18.2 percent.
TinderBox woos executive away from Groupon
It’s a return to the city for David Kerr, who in the early 2000s ran Indianapolis software firm NoInk Communications alongside TinderBox cofounder and CEO Dustin Sapp.
Company news
Assembly Pharmaceuticals, a company with roots in Bloomington and San Francisco, has attracted an undisclosed amount of investment from New Jersey-based Johnson & Johnson Development Corp., Indianapolis-based Twilight Ventures, Zionsville-based Luson Bioventures, BioCrossroads Indiana Seed Fund II and private investors. Assembly is developing drugs that could cure chronic hepatitis B virus, or HBV, infection. Chronic HBV affects an estimated 350 million people worldwide, causing cirrhosis and liver failure and in some cases liver cancer. More than 600,000 deaths each year are attributable to HBV, which can be suppressed with lifelong therapy but which has no known cure. Assembly was formed in 2012 by Indiana University professor Adam Zlotnick and Dr. Uri Lopatin, who led HBV programs at Gilead Sciences and Roche Pharmaceuticals. Assembly has licensed intellectual property from the IU Research and Technology Corp. that was discovered in Zlotnick’s laboratory. Other co-founders of the company include IU chemistry professor Richard DiMarchi; Derek Small, president of Luson Bioventures; and William Turner, a former medicinal chemist at Lilly Research Laboratories.
Carmel-based nursing home developer Mainstreet Property Group LLC promised investors returns of 14 percent to 18 percent for investments in nursing homes it is now building around Indiana, according to a private document obtained by the Associated Press. Under its business model, Mainstreet arranges financing for its facilities, then leases the completed buildings to a private operator. The buildings are then sold to HealthLease Properties Inc., a real estate investment trust controlled by Zeke Turner, who is also CEO of Mainstreet. According to the document, Mainstreet was looking to raise $60 million to build 12 new nursing homes at a cost of $199 million combined. In the case of three nursing homes it planned, Mainstreet expected to sell each for roughly $20 million, collecting between $3.3 million and $5.3 million on each sale, which would represent profits of 16.5 percent to 26.5 percent. The document does not include expected sale prices for the other nine facilities. Some previous facilities appeared to have generated even larger profits. In the case of Wellbrooke of Westfield, a new health care facility Mainstreet completed last year, investors put in $750,000 and made a $4.5 million profit, according to the Associated Press. For eight nursing home sales to HealthLease detailed in the Mainstreet document, Mainstreet investors made $34 million on an investment of $14 million, for a $20 million profit.
Indiana University's trustees have selected a downtown Evansville site for a nearly $70 million health education and research center planned by IU's medical school and three other schools. The board of trustees approved the location Friday following a recommendation by IU President Michael McRobbie. The University of Evansville, the University of Southern Indiana and Ivy Tech Community College also plan to offer programs at the center that could draw some 2,000 health care students.
Indianapolis-based WellPoint Inc. has donated nearly $12.8 million to help defeat a ballot initiative that would give California regulators power to reject increases in health policy premiums, according to Bloomberg News, citing data provided by the California-based research organization MapLight. Premiums for family medical coverage in California have increased 185 percent since 2002, with average monthly premiums for single coverage at $572 in 2013, compared with $490 nationally, according to a report released in January by California HealthCare Foundation, an Oakland-based not-for-profit. The ballot initiative would require insurers to disclose publicly and justify proposed rate changes that affect individual and small employer customers. It would also give the state insurance commissioner authority to reject increases. About 35 states, including Indiana, have authority to approve or deny rate changes, according to the National Association of Insurance Commissioners.
Eli Lilly and Co. saw little effect on its stock price after a jury in a federal court in Louisiana ordered Lilly to pay $3 billion in damages to patients who took the diabetes medicine Actos. That decision had no practical impact on Lilly because the maker of Actos, Japan-based Takeda Pharmaceutical Co., had agreed to indemnify Lilly against any legal damages. Lilly sold Actos for Takeda in the United States from 1999 until 2006. The jury ordered Actos to pay $6 billion in damages after finding that the drug companies hid the cancer risks of Actos. Takeda and Lilly said they would appeal the judgment. Even without a successful appeal, legal experts told Bloomberg News the $9 billion in damages is likely to be reduced because it is out of proportion to the documented damages in the case.
Ohio-based ViaQuest Inc. has acquired the Indiana operations of TriStar Home Health and Hospice, a division of Louisville-based Trilogy Health Services. The acquisition includes seven home health care branches in Evansville, Fowler, Huntingburg, Lafayette and Muncie, and two in Terre Haute. The locations operate under one of three brand names: Vibrant Home Health Care, Care One Homecare Services and Serenity Hospice. The locations employ a total of 180 people. Financial terms of the deal were not disclosed.
Sweetener-maker Heartland to add up to 160 jobs
The Carmel-based company said it will invest $21.2 million to renovate and equip its 130,000-square-foot manufacturing facility on Indianapolis' north side.
Kokomo, like Indy, trying to sway suburbanites to move in
The mayors of Indy and Kokomo in late February gave remarkably similar state-of-the-city addresses, both focusing on the need to make their communities more desirable as places to live, not just do business.
Construction
-Capitol Construction has completed a 1,300-square-foot office build-out for The Joint at 1412 S. Rangeline Road, Carmel.
-Capitol Construction has completed a 2,000-square-foot office build-out for Steffey Insurance at 8365 Keystone at the Crossing.
Roundup: Scotty’s Brewhouse openings, Mo’s returning and more
The locally based chain is opening restaurants to the west and north of Indianapolis, within a week’s time, while Mo’s is returning downtown in a restaurant rebranding.
Attorney sues hundreds over use of Indy skyline photo
Attorney Richard Bell says he has found about 300 people using a photo on their websites that he took back in 2000. His aggressive litigation against them raises vital questions about fair use and theft in the Internet age.
Leases/leasing contracts
-Spartan Logistics leased 243,200 square feet of industrial space at Prologis Park 100 Building 22, 5645 W. 82nd St. The tenant was represented by Dallas Paul of Industrial Developers Ltd. The landlord, Prologis, was represented by Brian Seitz and Jake Sturman of JLL.
-Dollar Tree leased 10,200 square feet of retail space in Walmart Plaza, 2239 N. Morton St., Franklin. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.
-Fifth Third Bank renewed its lease for 3,200 square feet of retail space in Eagledale Plaza, 2802 N. Lafayette Road. The landlord, Sandor Development, was represented by Lloyd Otani of Sandor. The tenant represented itself.
-Avalon Group renewed its lease for 2,768 square feet at The Precedent Office Park, 9225 Priority Way West Drive. The landlord, Pace-Keystone Associates LLC, was represented by Kim Hartman and Tom Osborne of Colliers International. The tenant represented itself.
-LPL Financial LLC leased 2,489 square feet of office space at 8465 Keystone Crossing. The tenant was represented by John Crisp and Spud Dick of Cassidy Turley. The landlord, Corporate Park Development Inc., represented itself.
-Indiana State University Foundation Inc. leased 2,477 square feet of office space at 101 W. Ohio St. The tenant was represented by Jon Owens of Cassidy Turley. The landlord, West Ohio II LLC, was represented by Renae Breitbach of Amerimar.
-Sally Beauty renewed its lease for 2,000 square feet of retail space in Cherry Tree Plaza, 9709 E. Washington St. The landlord, Sandor Development, was represented by Jeff Roberts of Sandor. The tenant represented itself.
-Wingstop Indy LLC leased 1,709 square feet of retail space at 7411 N. Keystone Ave. The tenant was represented by Beth Patterson of Colliers International. The landlord, Heidner Property Management Co. Inc., represented itself.
-Sally Beauty renewed its lease for 1,605 square feet of retail space in College Park Plaza, 3443 W. 86th St. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.
-York Risk Services Group Inc. leased 1,550 square feet in Fidelity Keystone Office Tower, 650 E. Carmel Drive, Carmel. The tenant was represented by Mohr Partners. The landlord, Network Capitol LLC, was represented by Ashley Bussell and Ralph Balber of Newmark Knight Frank Halakar.
-Indy C's LLC leased 1,530 square feet of retail space at 10777 E. Washington St. The tenant was represented by Seth Biggerstaff of Veritas Realty LLC. The landlord, Indiana Properties Group LLC, was represented by Jacque Haynes of Cassidy Turley.
-Gamestop renewed its lease for 1,500 square feet of retail space in College Park Plaza, 3269 W. 86th St. The landlord, Sandor Development, was represented by Drew Kelly of Sandor. The tenant represented itself.
-Watson CPA LLC leased 1,076 square feet at Fidelity Keystone Office Tower, 650 E. Carmel Drive, Carmel. The landlord, Network Capitol LLC, was represented by Ralph Balber and Ashley Bussell of Newmark Knight Frank Halakar. The tenant represented itself.
-Troutman's Barber & Beauty Salon leased 1,037 square feet of retail space at Lafayette Center, 4233 Lafayette Road. The tenant was represented by Lisa Ruscetti of Evolution Development Group LLC. The landlord, Lafayette Center LLC, was represented by Greg Smith and Bill Marsh of Colliers International.
Lessons learned in the northern ‘burbs
IBJ’s experiment with place-based business news couldn’t have come at a better time—just as the fast-growing communities north of 96th Street began to emerge from the depths of the recession and look to the future.
Noblesville bakery-cafe setting up shop in Zionsville
Rosie’s Place, a popular downtown Noblesville café and bakery, plans to open a second location this year in Zionsville’s Village business district. Its expanded kitchen will serve as a production hub for Rosie’s wholesale goodies.
Small biz lending starting to thaw
More small businesses in Indiana are securing loans as owners learn to present their companies better and banks warm to small-business lending after years of hesitation.