Q&A with Isaac Bamgbose: ‘There’s definitely a need and a niche in the market that isn’t being met’
His New City Development firm’s first major project, announced in 2022, is a $300 million, 125-acre development called Hobbs Station in Plainfield.
Commercial Real Estate
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Country singer Clayton Anderson says his Indianapolis bars will be lively
After living in Nashville, Tennessee, for more than a decade, Anderson said he’s seen “Music City” thrive because of popular bars in Nashville’s Lower Broadway entertainment district. Now he wants to try to do the same thing in Indianapolis.
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Plans moving ahead for dual-branded hotel on south end of downtown Indy
The Avid focuses on price-conscious leisure and business travelers. Candlewood Suites serves extended-stay customers and offers units with kitchens and free laundry.
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Lawrence mattress maker plans showcase store, retail center in Fort Ben area
Foamcraft says it’s eyeing other locally based tenants for the development ranging from an ice cream shop to a coffee shop to a bakery.
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Trump administration creates uncertainty regarding federal office buildings, leases
Brokers representing building owners have generally refrained from discussing the issue publicly, either because of the fluidity of the situation or because their companies carry government leasing contracts.
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Articles
Coffee-to-cocktails concept taking over Broad Ripple Starbucks location
The move by Thieves, a bar that’s operated since 2020 at 915 Broad Ripple Ave., means doubling its space, broadening its menu and expanding its hours of operations.
Indiana-based Shoe Carnival to convert more stores to Shoe Station brand
Shoe Carnival said it will transition 175 stores to the Shoe Station banner over the next two years, with the first 50 to 75 stores being completed in the first fiscal year.
Bryan Herta Autosport plans to move headquarters to Brownsburg
The company, which has two Indianapolis 500 wins under its belt, plans to invest $2.1 million in upgrading the new facility.
Purdue acquires Indiana Avenue property for campus needs
Purdue University in Indianapolis is continuing to add to its downtown footprint, spending $4.5 million to acquire another property for its growing city campus.
Maven Space to close after relocation plan falls through
Indy Maven Founder Leslie Bailey said in a social media post that unspecified challenges “made it impossible to move forward” with a lease for a new co-working and social hub.
Parkwood Crossing—central Indiana’s largest office park—gets new name
Philadelphia-based Rubenstein Partners has rebranded the office park to reflect its location as an entryway into Carmel.
Overhaul of downtown office complex to bring another new hotel brand to Indy
In addition to Marriott’s Moxy, the owners of downtown’s fourth-largest office complex also have secured a deal for a Bar Louie restaurant on the ground floor.
Devington Plaza’s proposed developer withdraws plans, but still interested in site
The developer behind plans to overhaul the 36-acre Devington Plaza shopping center on the east side of Indianapolis is going back to the drawing board.
IBJ Podcast: Third-gen Indy hotelier on industry ups and downs, $43M Ball State project
Greg Schahet shares financial war stories from moments in the last three decades when it seemed like the hotel industry had turned upside-down.
City staffers seek more details on contentious Devington Plaza revamp, recommend denial of rezoning
The company’s current proposal calls for a two-phase, $100 million overhaul including more than 500 apartments, 35,000 square feet of retail and restaurant space, townhouses and a hotel.
With InterContinental and Aloft now open downtown, what’s next in the hotel pipeline?
More than $1 billion in hotels and associated projects is under construction or set to begin in the next 12 months. Another several hundred million dollars’ worth of investment is under consideration or in the planning stages.
Circle Centre restaurant Nada to close
Nada opened in 2016, taking over 8,500 square feet previously occupied by Circle Centre Mall anchor tenant Nordstrom.
Devington Plaza task force unveils ideas as residents, developer look for path forward
The neighborhood proposal comes as the group pushes New York-based Skysoar Capital Partners to reconsider its plan for the nearly abandoned site.
Local Scouting America council set to sell Indy headquarters, western Indiana camp
The Crossroads of America Council is selling the properties in hopes of securing financial stability after several years of losses.
Hendricks fine-tuning plans for $300M first phase of Circle Centre revamp
The developer behind the planned overhaul of Circle Centre Mall could start construction work on the $600 million project by the end of this year.
Gray Brothers plans to close Mooresville cafeteria, sell building for $10M
Third-generation owner Jason Gray told IBJ plans for after the sale—including when and where the beloved restaurant will reopen—are still in the works.
Kite Realty sees quarterly rise in revenue, profit
The Indianapolis-based retail real estate investment trust reported fourth-quarter funds from operations that met analyst expectations.
Simons’ downtown hotel, entertainment project gets green light for forgivable $25M city loan
Specific details for the loan, which could be forgiven if the Simon family’s development affiliate meets certain terms, are expected to be finalized in coming months.
Planned practice center aims to help Fever keep up with WNBA competitors
Six other WNBA teams have opened or announced plans for dedicated practice facilities. Fever parent Pacers Sports & Entertainment, which is majority-owned by Herb Simon and his family, plans to invest $78 million in the Fever facility.