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…
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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…
BW3 proposes calmer look
The back-and-forth continues between city planners and the developer of a new Buffalo Wild Wings restaurant along Washington Street downtown. Franchise owner Pete Watson has offered to tone down the facade a bit, offering this picture:
New life for Whole Foods plan?
An Atlanta firm is hoping to revive the development of a Whole Foods grocery at the northwest corner of 86th Street and Keystone Avenue. Dominion Capital, which took over the site…
Developer betting on cottage homes
Buyers in Seattle, Milwaukee and even Bloomington have snapped up new cottage homes in developments that
turn the McMansion trend on its dormer-decorated head. But will Indianapolis buyers have a similar appetite
for the tiny energy-efficient homes clustered around community greens? A local developer is betting they
will.
INVESTING: Distressed assets today lead to profit tomorrow
Two real estate guys told me recently that the market might be able to grab some traction if the banks would face reality about the true worth of the stuff on their books. Write-offs are large, with an estimated $450 billion written down worldwide this year to date. And if you make an offer for real estate that is less than what the bank has written it down to, most likely your offer will be rejected. The bank is still…
Light reading + who is closing
Let’s start with some real estate news from this week’s IBJ in print:
Charter Homes owner Jerry Jaquess fancies himself a white knight for King Park, a neighborhood once known…
Paramount Tower plan shrinks
Developers are taking a new approach to a student housing project proposed for a 2.3-acre parking lot a few blocks east of the Central Canal….
Charter Homes builder draws scrutiny for odd sales claims, multiple liens
Charter Homes owner Jerry Jaquess fancies himself a white knight for King Park, a neighborhood once known mainly for its
rampant crime, boarded-up homes and vacant lots. But as he’s constructed a slew of homes and carriage houses there, the local
builder has stirred up several lawsuits, dozens of liens and persistent questions about whether his business is legit.
No-bid contract lets local firm suggest sales or sale-leasebacks of city property
The Mayor’s Office has quietly agreed to consider selling some of the city’s more than 1,100 properties, including police stations, maintenance buildings and parks, in a bid to raise cash to help balance the budget. The city awarded the potentially lucrative no-bid contract to Venture Real Estate Services, a politically connected real estate firm led by John Bales.
Apartments planned for old school
The former Paul C. Stetson School northeast of Fall Creek Parkway and College Avenue could soon find new life as a 47-unit senior apartment complex….
City orders BW3 work to stop
Workers were trying to figure out what to do next after the city’s compliance department issued a stop-work order this morning on the new Buffalo Wild Wings. The order threatens a $2,500 fine for any company or individual found in…
BW3 defies city’s request
Buffalo Wild Wings has responded to the city’s beef with its Washington Street façade by submitting a new plan showing the exact design it already constructed. The…
Insurance firm plans new HQ
McGowan Insurance Group plans to build a new 19,000-square-foot headquarters on a triangle-shaped property at 340 N. Capitol Ave. where an ealier proposal called for 30 condos and a bank….
Billboard blight or billboard rights?
UPDATE: The Metropolitan Development Commission overturned the billboard approval, and the city now is looking into whether the existing sign is legal.
The city’s planning staff is challenging a Board of Zoning…
Appraisers’ role in the meltdown
Some of the people most familiar with the mortgage foreclosure explosion in the Indianapolis area in recent
years have privately pointed fingers at appraisers.
Appraisers too often were in cahoots with lenders to illegally inflate prices of houses, the insiders complained,…