Jaron Garrett hasn’t developed anything like the 25-story tower he’s proposing. And he doesn’t come close to having the financial
muscle to pull off the $30 million project on his own. But Garrett is determined to sell his vision of transforming a downtown
eyesore at Washington and Pennsylvania streets into a twisting glass-and-steel apartment tower.
Greenfield was up to about $150 million in sales by 2000, when the Greenwalt family sold its commercial construction firm. Founder Max Greenwalt then went to work with his sons Jeff and Lynn at the development company. About the same time, Greenwalt Development tweaked its mission to focus on senior-living communities and medical office projects-scaling back the size of the firm in the process. The leaner company now has $15 million in annual revenue and nearly $14 million in projects…
Many of the banners touting free rent and other promotions have disappeared from Indianapolis-area apartment complexes. The concessions no longer are necessary as more Hoosiers look to rent, and they stay in apartments longer. Market observers say a big reason for the uptick is the subprime housing crisis and a resulting slowdown in new-home construction. “People are staying longer because it’s a little more difficult to purchase a home,” said Alexandra Jackiw, president of Buckingham Management LLC, a subsidiary of…
Indianapolis-based Flaherty & Collins said it has sold its Central Park Metropolis apartment complex in Plainfield to the Chicago investment group Becovic for $29.5 million. The property has 264 units, bringing the price to $111,000 per unit.
After unwrapping his luggage from its seal of shrink-wrap, Mark Long reviewed his notes for the upcoming seminar. He hardly needed them. Long, CEO of Indiana University’s Research and Technology Corp., has spoken many times about how academics transfer their research discoveries to the market. But this was the first time he ever delivered the speech in Siberia. The audience-a group of business and academic leaders-ultimately could help Hoosiers access a treasure-trove of Russian technologies. “They have a lot of…
In the top drawer of an old desk in the basement of Westfield Town Hall, there is a small steno-style notebook filled with fraying, hand-written pages. It’s where town planners kept track of building permits for more than a decade starting in the 1960s. This was a tiny town then, where most people knew all their neighbors and permits were organized by last names. Westfield is a lot different today. New developments are appearing all over the growing town, which…
David Flaherty and Jerry Collins left comfortable vice president gigs at a local real estate firm to strike out on their own in 1993. Roughly two years passed before the two former Revel Cos. executives received another paycheck. But the gamble eventually paid off handsomely. Indianapolis-based Flaherty & Collins Properties has become a nationwide player in apartment housing, with a staff of 412, a development pipeline of $500 million, and more than 13,500 apartment units under management. Flaherty and Collins…
Richard and Wendy Horn have had their share of separate real estate successes. Now, they’ve combined their corporate talents as a husband-and-wife team to lead an upstart senior housing developer. Richard joined The Stratford Cos. in May 2006 as chairman and CEO, and has since moved its headquarters from St. Louis to Indianapolis’ north side in Parkwood Crossing. He is known within commercial real estate circles as a former veteran of Duke Realty Corp., where he enjoyed a two-year stint…
The Lafayette Square neighborhood is known for its aging mall and the ongoing struggle to keep tenants there and in the surrounding sea of strip centers. But some advocates want to promote a success story: the demographic diversity that has given rise to a plethora of ethnic eateries in the area. Visitors who take a trip through some of the retail centers and outlots off West 38th Street can find the ubiquitous pizza, gyros and sushi-along with more unusual Ethiopian,…
A strong demand for student housing downtown is driving a $40 million plan for a high-rise apartment tower a couple of blocks
east of the Central Canal. The developer, a partnership of Fishers-based Paramount Realty Group and Indianapolis-based Alboher
Development Co. Inc., hopes to build the 16-story Paramount Tower on a OneAmerica parking lot.
A state legislative commission studying Indiana’s tax woes said today that it thinks the government should trim property taxes 50 percent for most homeowners. The bipartisan commission also wants to reduce taxes by 25 percent for other residential property like apartments and second homes. It would balance these cuts with increases in local option income […]
What started as Jim Brothers’ search for an assisted-living facility for his mother could end up as the region’s most comprehensive retirement “resort.” The president of The Bradford Group, an Indianapolis residential developer, has been working several months to get the zoning he needs for Copper Leaf. The 177-acre community on the east side of McCordsville would be home to 400 to 600 residents and sport a nine-hole public golf course. About 30 acres would be set aside for restaurants,…
Westfield hopes to draw business farther north New development could reduce residential tax rates Judge and Ging Jones moved to Westfield more than a decade ago to escape the congestion and crowds of Carmel. They wanted to live in a safe, friendly community with good schools where they could leave their doors unlocked during the […]
HANCOCK COUNTY Developer auctioning lots A Greenfield residential and commercial developer has come up with a creative way to deal with the housing slowdown: auction its undeveloped lots. R&F Development on Jan. 26 will auction five lots in four of its subdivisions, at reserve prices ranging from $15,000 to $20,000. Some of the lots fetched […]
Back when they arrived in 1996, there were lots of open spaces and taxes were low, Jones said. “Overall, it was a good place to live,” he said. Jones said he still loves living in Westfield, which is 20 miles north of Indianapolis. But he admits things are changing, which is a double-edged sword. Eight years ago, according to the U.S. census, Westfield had just 9,300 people. Now, it’s a rapidly growing city with a population of 24,000, an increase…
Seen one of these signs? There are plenty around town. Here are a few notable projects slated for Metropolitan Development Commission hearings: Locally based Herman & Kittle Properties Inc. is proposing…
Center Township Trustee Carl Drummer and his predecessors have stockpiled more than money over the years. The trustee’s office
also holds a portfolio of mostly undeveloped properties worth at least $10 million. Several key parcels have been on the trustee’s
books-and off the tax rolls-for decades. Drummer has made some progress in finding uses for the properties since an IBJ special
report first questioned his holdings in November 2006. But it would have to be measured in inches. The most…
I cringed when I heard the news: Indiana is second to last when it comes to being green. We’re supposed to be America’s heartland. But instead of being known for the life sciences, economic initiatives or even our corn fields, we’re getting recognized for our dirty air and water. Last year, Forbes conducted a study to find the greenest states in the country. Vermont, Oregon and Washington topped the list. At the bottom: Alabama, Indiana and West Virginia. While Indiana…
Plans are taking shape for a $9-million, four-story building that would replace a one-story, township-owned structure at 875 Mass Ave. Center Township Trustee Carl Drummer plans to lease the property to Riley Area…
It’s a busy week for real estate news. Here are a few headlines:
Circuit City closes Clay Terrace store
Carmel’s high-end lifestyle center Clay Terrace has an empty big box. Virginia-based Circuit…
