IU real estate students launch $4.2M private equity firm
All of the money in the fund came from investments rather than donations, meaning those involved expect a return on their input.
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Downtown’s Allen Plaza sold to local investment group
The building’s 58,800 square feet of office and retail space is now mostly vacant, following exits in recent years by Scotty’s Brewhouse, HomeAdvisor and third-party logistics company Backhaul Direct.
City planning to buy Drake apartment building from Children’s Museum
The Drake has been a often-discussed property since the museum said in mid-2019 the it planned to raze the 95-year-old building as part of a larger real estate effort to make space for additional exhibits and parking.
IBJ Podcast: Digging into Salesforce’s ‘restructuring’ and what it could mean for Indianapolis
The global tech giant revealed Wednesday that planned to lay off about 10% of its employees companywide and shrink its real estate footprint. But execs are mum on the possible ramifications for downtown’s Salesforce Tower.
One dead, one wounded in shooting outside Castleton Square
The shooting occurred just before 8 p.m. outside the state’s largest shopping center, the Indianapolis Metropolitan Police Department said.
Chick-fil-A at Circle Centre Mall closes
A Chick-fil-A location in Circle Centre Mall’s third-floor food court permanently closed on New Year’s Eve after 20 years in the location.
Blues lounge set to open at Circle Centre in former Burger Study space
On Tuesday, the Alcoholic Beverage Board of Marion County approved the transfer of a beer, wine and liquor restaurant license to lounge owner and operator Larry Jones.
Crunch Fitness plans Michigan Road location, the chain’s first in Indiana
Crunch Fitness plans to occupy part of former J.C. Penney location near the intersection of 86th Street and Michigan Road.
With new Chase bank rising in parking lot of former Marsh, 2 other branches to close
A new J.P. Morgan Chase & Co. bank branch is expected to open May 1 at the intersection of 62nd Street and North Keystone Avenue, but two nearby locations are slated to close in early 2023.
City seeks developer input on former Oaktree Apartments site
The city is seeking input from developers on how to revitalize the former site of a long-troubled apartment complex on the far-east side of Indianapolis, officials announced Wednesday.
Council committee OKs $16M in TIF funding under new policy
The redevelopment of the former Broad Ripple Kroger and the Fountain Square White Castle could be the first residential projects to receive tax-increment financing from the city without including affordable housing units.
CIB approves another $50M in funding for growing Pan Am Plaza project costs
The additional financial support will come from the Capital Improvement Board’s fund balance, which was bolstered in October with $50 million in revenue replacement funds through the federal American Rescue Plan Act.
MDC approves $25M in extra funding for Pan Am Plaza redevelopment
The approval allocates $25 million from the city’s downtown tax-increment financing district to pay for the acquisition of the basement level of the project from developer Kite Realty Group Trust, which plans to build an 800-room hotel and an addition to the Indiana Convention Center.
Indianapolis Children’s Choir to move from Butler, settle into former Tucker building
The 36-year-old local institution expects to spend about $4 million to purchase, renovate and expand the former F.C. Tucker office at 9111 Allisonville Road to house its day-to-day operations, classrooms and rehearsal spaces.
18th Street closing tap room, but plans to open distillery location
Hammond-based 18th Street Brewery opened its Indianapolis tap room one month before the pandemic stay-at-home orders of 2020.
Local firm acquires $104M industrial building on south side
While it’s not clear what the new owner plans to do with the building, the name of the holding company indicates uses as a cold-storage or pharmaceutical facility—or both.
Milhaus plans $5M renovation to turn former Harrison College building into new HQ
The Indianapolis-based apartment developer plans to vacate its current headquarters in the Fletcher Place neighborhood for a newly designed space that can house twice as many employees.
Industrial, home developers plan joint project by southwest-side neighborhood
Nearby residents object to the project, which would include 817,000 square feet of speculative industrial space across 56.7 acres and a residential section with 133 single-family homes and another 52 homes in a paired-patio design.
Council committee OKs $15.5 in TIF bonds for Cole Motor Redevelopment
The Cole Motor Redevelopment, which includes the former Jail II building and Arrestee Processing Center, is one step closer to receiving tax-increment financing.
Gallery Pastry to open restaurant in former Next Door building
The company will continue to have an event space and its catering operations along the Monon Trail, plus its Gallery Pastry Bar in downtown’s Wholesale District and Gallery on 16th in the Old Northside neighborhood.