Have we learned anything?
As Congress began debating a $700-billion bailout plan for institutions stung by loose lending practices, C.P. Morgan sent this e-mail last week:
And in a separate…
Real Estate
Articles
M&I Plaza, only 30-percent occupied, may sell at cut-rate price
A local real estate developer has emerged as a top contender to buy the 28-story M&I Plaza–potentially at half the
$50 million price the building fetched a decade ago. Paul Kite Co. confirmed it is in talks with Maryland-based
CapitalSource Inc., which took over the struggling office tower in June after foreclosing on a $5 million
mezzanine loan.
Hands-on strategy turns Mike’s Carwash into industry model
Mike’s Express Carwash makes money the old-fashioned way. The second-generation family affair, now celebrating its 60th
year, has invested its reserves in steady expansion, becoming a model for the $23.4 billion industry in
the process. And its owners still sweat the small stuff.
Orchestrating moves: Firm that specializes in relocating businesses conducting transition of its own
Moving coordinating company Relocation Strategies Inc. is used to dealing with companies in transition. Now the firm is undergoing one of its own-albeit of a different sort. Relocation Strategies founder David Bayse is relinquishing ownership to partner Melissa Lamb Brown in a purchase agreement set to be completed within the next four years. She already owns a majority of the business and will acquire the rest in stages. In the meantime, Bayse, 57, will continue to guide Brown, 39, who…
City Securities’ strategy: Stay true to your roots: State’s oldest investment bank avoided Wall St. woes
In recent days, as some of Wall Street’s most storied institutions teetered, the mood at Indiana’s largest and oldest investment firm was almost serene. City Securities Corp. managers tracked news tickers and consulted CEO Mike Bosway, who was on vacation in Ireland, via his BlackBerry. But their biggest concern wasn’t the financial underpinnings of their own company. It was tumbling stock prices, which depressed the value of the portfolios of their 15,000 clients. Bosway saw no need to rush home…
Ace eyes Fall Creek Place
King Park Area Development Corp. is in advanced talks with Ace Hardware to anchor a new retail project at the northeast corner of 22nd and…
Signs and the First Amendment
The American Civil Liberties Union has taken up the case of a Plainfield man who says a city zoning ordinance
tramples his First Amendment right to free speech.
Plainfield officials told the man, Nick Crews, to take down a…
City, BW3 reach deal
The owners of downtown’s new BW3 and city planners have reached agreement on a new design. Changes shown in the rendering below include new lighting fixtures and removal of yellow “highlights” behind them, along with removal of black-and-white checkers on…
Group eyes new vision for Circle
A group of local business and civic leaders are hoping to transform Monument Circle into a grand public space in the European model, a pedestrian-friendly piazza that draws crowds year-round to…
Safeco weighs downtown exit; owners of insurer’s building market space
Insurance giant Safeco Corp. is expected to either vacate or scale back its downtown operation next year–a move that could
deal a major blow to the office market. At stake are about 700 downtown jobs, some or all of which could be eliminated or
shifted to the suburbs. A final decision about the fate of Safeco’s five-building downtown office complex likely will come
after Boston-based Liberty Mutual completes its $6.2 billion acquisition of Seattle-based Safeco.
EYE ON THE PIE: What really drives Hoosier economy?
I enjoy the propaganda of government agencies pleading the causes of special interests. This is the opening sentence of our state profile prepared by the U.S. Small Business Administration’s Office of Advocacy: “Small businesses are the heart of Indiana’s economy.” Frequently, we hear that farming is the beating heart of our economy. Others claim the thumping sound we hear is that of manufacturing. Teachers tell us the economy is only as steady as its educational footing. Steel has a claim…
Lilly Endowment crawls toward diversification goal: Bear market, low Lilly stock price slow selloff
Lilly Endowment Inc. is still on its journey to sell off $2 billion of its Eli Lilly and Co. shares. But after a slow start and a few stops for rest, it may take a little longer to get there than originally thought. The endowment, the single largest holder of Lilly stock, announced its plan to diversify its holdings back in July 2006. For nearly 70 years, the not-for-profit held its wealth almost exclusively in the pharmaceutical company’s stock. So…
BEHIND THE NEWS: Cautious streak helps Duke weather tumultuous times
Duke Realty Corp. has stayed largely out of the headlines this year, which in an economy like this is a pretty good sign. Another Indianapolis developer, Lauth Property Group, has shed more than half its 450-person work force, and Premier Properties Inc.- perhaps the city’s most daring developer-lurched into bankruptcy court. Meanwhile, Duke, which specializes in suburban office and industrial development, keeps on chugging. To be sure, the company isn’t immune to broader economic slowdown. In April, it laid off…
Watch out, King David
A California chain called Jody Maroni’s Sausage Kingdom plans to open a new store in Circle Centre Mall. The restaurant calls itself “Home of the Haut Dog” and serves gourmet…
UIndy unveils new dorm
The University of Indianapolis plans to break ground on a new $9-million residence hall, the campus’ sixth, on Thursday. The four-story…
Buggs Temple restaurant closing
Tavern at the Temple restaurant at 11th Street and the Central Canal in Buggs Temple will close for good on Wednesday. Creation Cafe, a casual restaurant and…
Sour market slows Penn Arts work
Developer Christopher Piazza says “difficult market conditions” have led to a delay for his $3-million renovation of the Penn Arts building at 16th and Pennsylvania…
Before & After: Fountain Square
A former used-appliance store in Fountain Square has a whole new look after a $300,000 renovation. The property at 1315 Shelby St. now has four…
$7,500 tax credit for first-time home buyers showing signs of kick-starting market
Residential real estate brokers are an optimistic bunch, finding plenty of room for hope even when the outlook is grim.
But lately, many of them are downright giddy, and for good reason: Evidence is mounting that a new $7,500
government incentive for first-time homeowners is starting to push buyers off the sidelines.
Mall parking gets pricier
The operators of Circle Centre’s parking garages have raised rates in a move designed to ensure spaces are available for shoppers and to bring in additional revenue. The new…