Downtown heliport’s exit could clear way for redevelopment
The Indianapolis Airport Authority on June 18 agreed to work with city officials to find a new use for the 4.9-acre property at 51 S. New Jersey St.
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23-story apartment tower proposed for downtown Indianapolis
If built as proposed, the tower would be the tallest structure to be built downtown since the 28-story 360 Market Square building was completed in March 2018.
Sources: Rolls-Royce planning to vacate two-thirds of its downtown campus
The United Kingdom-based aircraft engine manufacturer is expected to jettison about 270,000 square feet of office space on its 2.2-acre campus at 450 S. Meridian St. About 3,000 people worked in the company’s downtown offices prior to the pandemic.
Instant-delivery firm GoPuff quietly expanding roster of Indy fulfillment centers
Philadelphia-based GoPuff, a fast-growing company that entered the Indianapolis market in 2018, currently operates three micro-fulfillment centers here and plans to open two more.
Owner of Carmel’s Clay Terrace files for bankruptcy
Washington Prime Group, which filed for bankruptcy Sunday, said it may end up selling some or all of its properties as part of its restructuring. The company also owns several other local retail centers.
Outdoor-storage firms prepare to scout for land amid growth
The number of properties focused on or allowing outdoor storage is limited—and there’s little indication that that will change anytime soon.
Family farm sells for $10.6M, paving way for 250 acres of industrial developments
Opus Development Co. plans to develop up to four buildings on the land in the Mount Comfort corridor, including a 862,000-square-foot distribution facility for Atkins Nutritionals.
Longtime developer Chambers named Indiana secretary of commerce
Brad Chambers, who founded Indianapolis-based powerhouse development firm Buckingham Cos. in 1984, will take his new position July 6. He’ll succeed Jim Schellinger, who stepped down abruptly in March after 5-1/2 years on the job.
Twin Aire waits to see what Community Justice Campus will bring
Seven months before the bulk of the campus opens southeast of downtown, neighborhood residents are waiting to see if the promise of accompanying redevelopment comes to pass.
With Pittman family suits settled, developments in Carmel, Zionsville to proceed
The five children of late heart surgeon and real estate developer John N. Pittman have reached a legal agreement after years of fighting over the management of their father’s estate. As a result, The Bridges in Carmel and The Farm at Zionsville can proceed.
Holladay Properties proposes $25.5M in new Westfield warehouse projects
South Bend-based Holladay Properties is asking the city of Westfield to grant it a tax abatement to offset the costs of developing three speculative buildings in NorthPoint Industrial Park.
Up to $250M investment planned for former Angie’s List site
Preliminary plans call for the construction of new office structures, multifamily properties, retail space and parking garages to fill in most of the site, now known as Elevator Hill.
Garage Food Hall adds to tenant roster, plans room for more
The Garage Food Hall, part of the $300 million Bottleworks development on Mass Ave, has 17 tenants, with two more opening next month. The hall expects to create even more tenant space once pandemic restrictions end.
A 33-year-old Simon becomes force inside family company
Eli Simon, whose grandfather and great-uncles founded Simon Property Group more than a half-century ago, is quietly emerging as a key executive in the retail real estate empire.
Real Estate Weekly: News notes, 05/11/21
These news notes appeared in IBJ’s Real Estate Weekly on May 11, 2021.
Punch Bowl Social to reopen downtown location next week
The 23,000-square-foot restaurant-and-entertainment venue, part of a Denver-based chain, has been closed since March 2020, eliminating 91 jobs.
Bates-Hendricks seeing flurry of commercial development
The neighborhood just south of downtown has been one of the city’s emerging residential hot spots the past several years—and commercial developers are taking notice.
Hamilton Town Center multiplex to reopen as luxury theater
Michigan-based Emagine said it expects to reopen the Noblesville theater this summer. The theater’s previous operator filed for bankruptcy last year.
Real Estate Weekly: News notes, 05/04/21
These news notes appeared in IBJ’s Real Estate Weekly on May 4, 2021.
Simon no longer managing day-to-day operations at downtown’s Circle Centre mall
Property management firm JLL sent a letter, dated April 21, to tenants to inform them that it had taken over mall management and said it is in the process of hiring a general manager for the property.