An investment group led by Indiana Pacers owner Herb Simon and his family said Thursday it plans to spend at least $300 million to construct a 13-story luxury hotel and connected 4,000-seat theater on the property after demolition of the existing century-old building.
Pride Investment Partners, Hancock Health and energy cooperative NineStar Connect collaborated on the purchase of the 20.4-acre site through a joint venture called HealthStar Partners.
The plan is likely to prove controversial among economists, including many Democrats. Experts on both sides of the aisle tend to argue that government limits on rent discourage new development by making it less lucrative.
Macy’s said Monday it will focus on its own turnaround effort, a plan that includes closing 150 Macy’s stores over the next three years and upgrading the remaining 350 stores.
Town leaders spent nearly 15 years planning McCord Square, which they envision as a town center for a community that needs a place to gather. Residents are beginning to move into two 111,000-square-foot, four-story apartment buildings called The Jackson and The Lucas.
Sahm’s Hospitality Group plans to resurrect its Sahm’s Tavern concept by taking over an Irvington address that’s been a taproom for two different Indianapolis craft breweries.
Orange chicken and Frappuccinos will be sold from standalone locations near the intersection of North Keystone Avenue and East 62nd Street.
The 746,672 square-foot Sephora facility is a build-to-suit project that will occupy the entire acreage assembled by VanTrust for Avon Landing’s second phase.
Fishers-based Vibenomics has signed a deal with home improvement retailer Lowe’s, which is using Vibenomics digital advertising technology in its more than 1,700 stores nationwide.
Crews with Pennsylvania-based Wolfe House & Building Movers LLC on Tuesday will move “The Green Building” from 102 S. Union St. to a temporary site directly east of its current location before eventually moving it to a new long-term spot.
Restaurateur Carla McDaniel opened the original Mambo’s Cheesesteak Grill at Indianapolis City Market in 2015.
Boston-based chef Paul Wahlberg founded Wahlburgers, a chain co-owned by his brothers, actors Mark and Donnie Wahlberg. The Carmel location was the only one in Indiana.
Indianapolis-based TWG Development LLC now says it will cost as much as $264 million to overhaul the historic building and build a 32-story apartment and hotel tower on a lot directly to its north—an increase of nearly 90% from the original budget.
The new entity will be called Saks Global, creating a luxury powerhouse at a time when the arena has become increasingly fragmented with different players.
South Carolina-based RealtyLink is suing Lebanon for more than $25 million, alleging the city withdrew incentives after the project was delayed by the city’s inability to service the park with water.
The findings, from an annual report jointly published by the National Low Income Housing Coalition and Prosperity Indiana concluded that Indiana dropped from 43rd to 34th in terms of affordability between 2021 and 2024.
The Indiana General Assembly passed House Enrolled Act 1557 last year, tasking the Indiana State Department of Agriculture to estimate the amount of farmland lost—as well as the cause of it—from 2010 to 2022.
Since it was completed in 2018 at a cost of $120 million, the tower has become one of the city’s priciest residential properties, with an average rent of $2,365 per month, or $2.58 per square foot.
While speculation abounds on the potential involvement of the Simon family, in particular, Indianapolis Mayor Joe Hogsett has been silent about his knowledge of who might be part of the deal.
With funding plans for a proposed soccer stadium clearing another hurdle this week, Indianapolis leaders, developers and brokers are beginning to evaluate the impact such a project could have on the near-east side of downtown.
