City tourism officials said the venue could be a boon for new sporting events—something team owner Ersal Ozdemir indicated he’s hopeful will the the case.
The redevelopment of what is now an 18-acre manufacturing site downtown is expected to include apartments, a hotel, an office building and retail space—in addition to a 20,000-seat stadium. Keystone Corp. CEO Ersal Ozdemir said the project’s cost will likely top $1 billion.
Sojos Capital said it has already begun multiple upgrades to the property, including replacing the roof, changing HVAC units, interior and exterior painting, and additional security enhancements.
The slowdown in demand threatens a wide range of businesses that rely on a summer pickup in activity as Americans vacation, take road trips and just generally hit the road in bigger numbers for a wide range of activities.
The proposed $175 million project that could add more than 400 apartments to the area surrounding the Indianapolis City Market was chosen over two other bids from local development firms—both of which differed greatly from the winning proposal.
Americans trimmed their spending unexpectedly in May compared with a month before, underscoring how surging inflation on daily necessities like gas is causing them to be more cautious about buying discretionary items.
The producer price data captures inflation at an earlier stage of production and can sometimes signal where consumer prices are headed. It also feeds into the Federal Reserve’s preferred measure of inflation, the personal consumption expenditures price index.
Attendance is about one-third of what it once was, the schedule of practices and games has been shrunk from two weeks to one and some players can’t even fit that into their schedules.
Consumers likely have a lot of pent-up demand after more than two years of the pandemic. But they’re also facing some significant financial headwinds because of the highest inflation in decades. And COVID-19 remains a looming presence.
Some evidence in recent weeks had suggested that inflation might be moderating, particularly for long-lasting goods that were caught up in supply chain snarls and shortages last year. But that trend appeared to reverse itself in May.
The job growth in May was high enough to keep the Federal Reserve on track to pursue what’s likely to be the fastest series of rate hikes in more than 30 years.
Researchers predict an average of 33% of youths ages 16 to 19 will be employed each month from June through August this year, the highest such rate since 34% in the summer of 2007.
The Metropolitan Development Commission gave unanimous approval to The Alexander at the Crossing project despite heavy pushback from neighbors. The proposal will next be considered by the City-County Council for final approval.
The historically high number of unfilled jobs and the number of people quitting has forced employers to pay more to attract and keep staff. Those trends are driving solid wage gains for America’s workers, particularly those that switch jobs.
Local developer Keystone Corp. has drafted new plans for its long-simmering Alexander at the Crossing mixed-use project that includes 275 apartment units, plus retail and office space and a hotel. Some nearby residents are opposed to the project for its size and density, as well as for further commercializing 86th Street.
