The Property Lines vote
To keep this post topical, I’ll start with a link to this week’s Real Estate Weekly. The news has been slow lately, but my colleague Chip Cutter still managed to dig up some good nuggets. The real…
Real Estate
Articles
Duke founder Wynne loses out using company stock as collateral
Retired businessman John Wynne, one of the founders of Duke Realty Corp., is the latest executive to get burned after using
company stock as collateral for a multimillion-dollar loan in his investment account.
Whistle Stop needs tenant
The city is looking for a new tenant for the former Broad Ripple Monon rail station at 901 E. 64th St.
Update: City OK with abatement
The city has decided to support a request by Buckingham Cos. to abate part of the additional tax liability stemming from its $2.5-million renovation of…
What to do with the old St. Francis
Beech Grove is working on a redevelopment proposal for its St. Francis Hospital campus. The tentative plans call for a mix of office, senior residential and possibly retail….
City looking for Whistle Stop tenant
The city is looking for a new tenant for the former Broad Ripple Monon rail station at 901 East…
Steak n Shake CEO ordering up cost cuts, but shares still sag
The Steak n Shake Co. has dropped plans to build 20 new restaurants, is cutting overhead expenses by about $20 million,
and closed 14 locations. The Indianapolis-based restaurant chain found $16 million in tax savings dating
back to 2006 and is working on a new, simple menu built around burgers, fries and milkshakes–all part of
a turnaround plan orchestrated by the chain’s new CEO, Sardar Biglari.
M&I Plaza seeks rebound under different ownership: Struggling downtown tower is about 70-percent vacant
Struggling M&I Plaza once again can become a prominent office tower, real estate experts contend, but only if the next owner atones for its predecessor’s mistakes. Local real estate developer Paul Kite Co. had emerged as a top contender to buy the struggling downtown property from Maryland-based CapitalSource Inc., which assumed ownership of the 28-story building in June after foreclosing on a $5 million mezzanine loan. Paul Kite didn’t respond to an e-mail request for comment. But sources say Kite’s…
VOICES FROM THE INDUSTRY: Delays to development projects cost everybody money
Here’s a common scenario: A developer gets approval on zoning and planning permits to build a business on a piece of property. The business has signed an agreement to either lease or buy the building once it’s completed. The owner of the business then begins making plans to open the new facility. The developer, meanwhile, goes to work to prepare the property for construction, which includes everything from figuring out the utilities, access road, curbs, sidewalks and landscaping. Working with…
VOICES FROM THE INDUSTRY: Benefits to buying or leasing in a troubled economy
As real estate professionals well know, a troubled economy is making it harder to negotiate and close deals. However, buying or leasing real estate in a troubled economy also provides great opportunities for buyers and tenants. Real estate brokers often talk about it being a buyer’s and renter’s market and focus on selection and price; however, there are several other benefits when buying or leasing commercial real estate in a troubled economy. These additional benefits include tax abatements or credits…
Kite Realty goes on defensive: Local developer says stock sale should help it through tough times
Expecting a rocky 2009, locally based Kite Realty Group Trust sold nearly 5 million new shares in October to quickly raise almost $48 million in cash. The retail real estate investment trust saw its stock price tumble after the $10.55-per-share offering, from a close of $11.19 the day (Oct. 2) it announced the sale to $7.44 by Oct. 10. The deal dilutes existing shareholders, but company officials say it puts Kite in a stronger cash position to pay down debt…
VOICES FROM THE INDUSTRY: Property tax reform will change development landscape
As the country faces the “subprime crisis” and its effect on the availability of financing, we know local real estate markets have seen brighter days. Fortunately, we also know this crisis will pass. If you are a real estate developer or land-use professional, there will be many opportunities ahead. However, it is important to consider that the regulatory landscape in Indiana relative to land-use development will not be the same as the one you knew prior to the current market….
Surviving the season: Retail landlords worry that tight holiday budgets could doom some retailers
Retailers usually get that Christmas-morning feeling of anticipation for the holiday shopping season. This year, many are just hoping to survive. As consumers tighten their spending to cope with higher prices and shrinking savings, stores big and small are feeling the pinch. Some stores, including Linens ‘n Things, have filed for bankruptcy and plan to liquidate. Others, like Circuit City, still are fighting for survival. The holiday shopping season is looking more like a make-or-break period than the annual windfall-an…
Ousted mayor guides local up-and-comers: Peterson named moderator for prestigious group
Voters decided last Election Day that they’d had enough of Bart Peterson, but the former mayor is in demand with academics, a think tank, and now the city’s premier leadership network. Peterson is moderator of the Stanley K. Lacy Executive Leadership Series, which introduces “emerging leaders” to Indianapolis and its problems. “It’s something I never went through as a class member. I’ve always envied those who did,” Peterson said of the series, which accepts just 25 applicants each year. “It’s…
For funding, developers may need to think outside box: Amid tight credit markets, getting a project built often takes alternative financing sources, creative approaches
Although the spigot of bank financing has slowed to a trickle, money to fund commercial development projects remains available from alternative sources. Just ask David Amick, executive director of Premier Capital Corp., a local lender that uses federal funds to help finance expansions. “We’ve got money to lend,” he said. “I’ve got that [message] hung on the door.” The fragile credit markets have nearly diminished the ability of companies to borrow. But lenders such as Amick insist the money is…
Incentives for Buckingham HQ?
The city is taking a second look at a tax abatement request for the historic Stokely-Van Camp building at 941 N. Meridian St. Developer Buckingham…
Lenders foreclose on at least 20 properties in mortgage scheme
Charter Homes recruited and paid buyers to take out inflated mortgages on dozens of central Indiana homes it built, promising to manage the properties as rentals and make payments for the owners, current and former Charter business partners say.
Former rocker rolling along in pizza business: Puccini’s founder has 13 locations and counting
For much of his adult life, Don Main was a rocker rather than a restaurateur. But fate-along with a pressing need to find a more profitable line of work-drove him to seek his fortune in a kitchen rather than onstage. Main, president and co-owner of Puccini’s Smiling Teeth, began his peculiar career change back in 1990, after a decadeand-a-half stint as a professional-but not very well-paid-musician. At age 36, the bassist and lead vocalist for the band The Late Show…
Sears departure stings mall
The decision by Sears Holding Co. to close its store at Lafayette Square Mall could deal a serious blow to efforts by a New York…
Like a new skyscraper
The new curtain wall is almost done on the north and south faces of One Indiana Square. What do you think so far? (IBJ Photo/Robin Jerstad)
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