Wachovia Bank has begun foreclosure proceedings on one of Premier Properties USA Inc.’s most prized developments,
a giant Ohio lifestyle center anchored by Target and J.C. Penney.
Premier Properties USA Inc. is scrambling to keep up with bills for basic services including snow removal,
security and interior design—more signs of financial troubles for the developer of Metropolis in
Plainfield and the proposed Venu project in Indianapolis.
An IBJ review of hundreds of pages of public records shows Christopher P. White and his Premier
Properties USA Inc. are facing major financial and legal challenges. The most glaring signs of trouble: Contractors have filed
more than $3.5 million in liens against Premier’s retail properties in Plainfield; the state of Indiana is trying to
recover $375,000 in sales taxes on White’s airplane; and the contractor who renovated his Lake Clearwater mansion
is suing him to recover more than $600,000 in unpaid bills.
Speedway officials broke ground Thursday morning on the first phase of a $500 million redevelopment project they hope will transform the small town into a year-round racing-themed destination.
Allen Commercial Group is offering for sale the first of 30 condos in its flagship nine-story Allen Plaza building along Pennsylvania
Street downtown. And the firm is working on a phasing plan for its much-larger Penn Centre proposal.
Buyers armed with cash stand to snap up distressed properties for 40 percent less than their 2008 appraised values.
WestGate@Crane Technology Park is adding office buildings for defense contractors next to the secretive Naval Surface Warfare
Center at Crane.
Multifamily housing may not benefit anytime soon from falling rates of homeownership.
A judge on Wednesday afternoon sentenced Christopher P. White to one year on home detention and three years of probation in
connection with a $500,000 bad check he wrote last year as he tried to save his real estate development firm, Premier Properties
USA Inc.
The Commerce Department said Wednesday that construction of new homes and apartments fell 10.6 percent in October, to the
lowest level since April.
General Growth is the second-largest U.S. mall owner, trailing only Indianapolis-based Simon Property Group, with more than
200 regional malls in 44 states.
Senior real estate executives remain pessimistic about the prospects for the Indiana market in 2010, although they see signs
of improvement in the investment and residential sectors. That’s according to a survey of leaders of the local real
estate community that the Urban Land Institute plans to unveil Thursday.
An old-line Indianapolis jewelry business has shut down, setting the stage for the sale of millions of dollars in remaining
inventory through auctions planned in Indianapolis, Chicago, Miami and Naples, Fla.
Retail sales rose more than expected in October due largely to a big rebound in auto sales. But broader consumer spending
remains under pressure.
Recent earnings reports from major retailers suggest that the wealthy, who pulled back their spending the hardest during the
financial meltdown last fall, are once again being enticed to open their wallets and going back to higher-end outlets. But
those on the lower economic rungs are still scrimping by, heading to Walmart for the basics.
The cash-strapped, half-vacant City Market is playing legal hardball with five current or former tenants that are behind
on rent, a move that’s led to the imminent eviction of Constantino’s Market Place.
The Indiana State Teachers’ Retirement Fund is negotiating to buy a 12-story office building across from the
Statehouse in what could be the year’s largest downtown office transaction.
Those in the trenches say this won’t be a blockbuster Christmas, but it won’t be horrid, either.
The Shelton, a five-story building on Delaware Street, is getting a $3 million makeover.
Indiana foreclosure filings were down only 1.5 percent in October from the previous month, but have fallen a whopping 18.5 percent from October 2008.
