Jeans retailer Lucky files for bankruptcy, with Simon-affiliated group bidding to buy company
Lucky said it plans to close 13 stores and could shutter more during the bankruptcy process.
Commercial Real Estate
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Coworking chain taking over former restaurant space in Circle Centre
The lease will be COhatch’s second with Circle Centre landlord Simon Property Group. The firm previously announced plans to open a coworking space at Simon’s Hamilton Town Center in Noblesville.
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Rival Taubman says Simon has buyer’s remorse on mall merger
Taubman Centers said in a filing alleging illegal termination that rival mall landlord Simon Property Group knowingly assumed the risks of the pandemic at the time their $3.6 billion merger deal was announced.
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Carmel City Council OKs more than $27M for developer bonds, tax shortfall
The Carmel City Council approved bonds for four development projects and covered a property-tax shortfall at its Monday meeting.
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IndyGo running out of office space, but board members don’t agree on fix
IndyGo is investigating whether to purchase the former Harrison College site for millions of dollars to use as additional space—but some board members are not convinced doing so is a good idea.
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Articles
Cornerstone plans $15M medical project in Carmel, makes $60M in acquisitions
Cornerstone Cos. Inc.’s latest local project is a three-story, 40,000-square-foot medical office building along North Meridian Street for four tenants.
Novartis unit to build plant for targeted cancer drugs in Indianapolis
A subsidiary of Swiss drug giant Novartis AG announced plans Tuesday to build a targeted radioligand therapy plant at Purdue Research Park near Indianapolis International Airport.
Evangelical group buys former Howe Military Academy campus
The New York-based World Olivet Assembly announced it would use the 63-acre campus as educational facilities. Former property owner Howe Military Academy closed last year after 135 years.
Virus pummels commercial real estate, could end long boom
Office tenants are considering renting less space as more employees work from home, and the trend toward online shopping is accelerating, which could cut already weak demand for retail space in downtown areas and malls.
Westfield OKs $1.5M in bonds toward redevelopment of former concrete plant
The project, called Spring Mill Centre, aims to bring retail, industrial and office space—and possibly an assisted-living center for seniors—to the site.
Developer plans massive mixed-use project on western edge of Marion County
City planning staffers are opposed to the proposal for Tremont Town Center in its current form, but the 1.2 million-square-foot development with residential, retail and office space has support from key community figures.
Walmart picks area for distribution center that would dwarf most others
Plans call for the mammoth Hancock County facility to feature 146 docks and parking for 1,985 cars and up to 916 trailers.
Union 525 investors plan 160-unit downtown apartment project, parking garage
The investor group behind Union 525 is proposing another expansion to the tech incubator’s downtown Indianapolis corporate campus, this time with plans to construct a nine-story apartment building and a 700-space parking garage on an nearby lot.
Westfield council denies Shamrock Apartments proposal as last-minute agenda item
An $18 million apartment-and-retail project proposed near U.S. 31 and Main Street was turned down Monday night after Westfield City Council members debated whether a petition for the project should even be considered.
With boards covering windows, downtown businesses embrace artwork
Several business owners in the city’s central business district and others along Massachusetts Avenue have enlisted staff members and local artists to paint murals and messages on the plywood covering the facades of riot-damaged buildings.
Tuesday Morning to close two of three Indianapolis stores
The Dallas-based discount retail chain filed for Chapter 11 bankruptcy protection May 27, citing financial strains caused by COVID-19-related store closures.
Downtown’s Sugarfire restaurant sues landlord in rent dispute
St. Louis-based Sugarfire Smoke House has closed its downtown Indianapolis restaurant following ongoing issues with the building’s landlord.
Ambrose asks city to allow industrial uses on Waterside property
The development firm, which is in a legal dispute with the city over the property’s future, said the request followed “frequent requests for industrial space closer to downtown” by prospective buyers and tenants.
Last Indianapolis Bravo! restaurant closes permanently
The northwest-side location, in the Willow Lake East shopping center, was Bravo!’s last remaining Indianapolis location. Its parent company, Florida-based FoodFirst, filed for bankruptcy protection last month.
Iconic downtown Gold Building would turn gray under owners’ proposed revamp
Plans call for replacing the existing curtain wall on the 20-story office building with “crystal gray” panes developed by Minnesota-based architectural glass fabricator Viracon.
IBJ Podcast: What will restaurants, offices look like after economy reopens?
There’s precious little consensus about the necessary precautions, although most decision-makers agree that we won’t get back to “normal” until there’s a vaccine.
Chicago-style pizza chain Lou Malnati’s adding Broad Ripple, Carmel sites
Beloved in the Chicagoland area, the deep-dish chain confirmed to IBJ in March that it planned to enter the central Indiana market with several locations.
Indy-based Knowledge Services acquires Fishers building for new HQ
The company, which provides workforce management services, said it is investing $15.1 million overall to acquire and renovate the 165,000-square-foot building, where it will move 130 employees.
Retail landlords weigh tenant-relief requests
Local landlords say they’re willing to offer relief to some of their retail tenants who’ve been hit hard by coronavirus-related closures—but the amount of relief, if any, varies depending on circumstances.