Tampa, Fla.-based DeBartolo Development has reached a preliminary agreement to buy Plainfield’s Metropolis mall out of foreclosure
and hopes to hook Macy’s and Bass Pro Shops to anchor a second phase.
Tax attorney Sandy Bickle looked forward this summer to taking her first two-week vacation since 1976. But the latest property reassessment and the tax bills to follow are expected to generate a slew of appeals, prompting Bickle to rethink her plans. “I’ll probably take one, but it won’t be two weeks,” lamented Bickle, who serves in an of-counsel capacity at Ice Miller LLP. “I expect to be very busy.” She’s not alone. Tax lawyers, consultants and appraisers all likely will…
Many of central Indiana’s banks are filling their own safe-deposit boxes, but they’re not stuffing them with jewelry, legal documents or blackmail material. They’re banking parcels of land. The sites often are in fast-growing suburbs or redevelopment areas that hold potential for new brickand-mortar bank branches, sometimes several years down the road. Competition can be fierce for the prime sites, and other financial institutions aren’t the only nemesis for banks: Walgreens and CVS also are fighting over the best ground,…
Plainfield’s top retail destination could become a much larger draw if a Florida-based developer gets its way. DeBartolo Development has a preliminary deal to buy Metropolis and hopes to land Bass Pro Shops…
Check out the renderings for a CVS pharmacy at the southeast corner of 16th and Meridian streets. A previous post on the development is here. What do you think? By request, the siteplan is
The U.S. Trustee’s office plans to file a motion to intervene in a Chapter 11
bankruptcy case brought by Premier Properties USA Inc. because the development firm is insolvent.
Billionaire philanthropists Mel and Bren Simon are laying the groundwork to donate Asherwood–their extravagant Carmel estate
and golf course–to the Indiana University Foundation, potentially to house a new think tank. The couple plans to downsize
into a home just outside the town square in the nearby Village of WestClay.
Domestic automakers were already scheming about new ways to chop dealers–cutting costs to service them–as their market share
drained to Toyota and other foreign competitors. Now, an economy standing on the brakes could drive another round of dealer
consolidations that might not be a good deal for family-owned peddlers of metal.
A depression in the home-building market has claimed a Fishers builder and continues to hammer locally based Davis Homes LLC–a
powerhouse for years that now is facing foreclosure on about 80 home sites.
A local developer plans to spend up to $45 million building a “north village of downtown” on several parcels it has assembled
near the Central Library. Buckingham Cos. plans to build apartments, offices, restaurants and retail space-all surrounding
its headquarters in the three-story Stokely-Van Camp building at the southeast corner of Meridian and St. Joseph streets.
Day after day, the news seems filled with stories of disruptive credit markets, an economy teetering on recession, and increasing energy costs. As business professionals grapple with such issues daily, why would commercial real estate professionals consider the time and effort to “go green”? Historically, green initiatives suffered in part from stereotypical “tree-hugger” false perceptions. Such perceptions may lead people to believe that green investments simply aren’t worth it. The truth? The real focus has always been the efficient use…
It takes courage, but sometimes the best time to invest in a stock is when almost no one else is. That strategy paid off royally with Finish Line Inc., whose shares are up 180 percent this year. Now, is the time right to dive into The Steak n Shake Co.? To be sure, naysayers can find plenty of reasons to steer clear of Steak n Shake, which helps explain why shortsellers-investors who make their money when shares fall-have flocked to…
A former Duke Realty Corp. executive who hung up her own shingle last year is close to breaking ground on her first project. Cindy Schembre, 49, launched Via Retail Development LLC in January 2007 and is negotiating with tenants and closing on the purchase of 11 acres at 56th Street and Mitthoeffer Road. The $15 million project, known as Lawrence Commons, is an 80,000-square-foot neighborhood center that is slated to break ground in June. The development includes a 45,000-square-foot anchor…
In the few short months since Gordon Hendry began leading the Property Management Division for the local office of CB Richard Ellis, the firm has become involved in a growing number of commercial loan defaults. Locally, CB Richard Ellis is the courtappointed receiver for Plainfield Crossing, a 92,000-square-foot West Washington Street strip center anchored by Value City, and for Crooked Creek Center, a 52,000-square-foot center at 79th Street and Michigan Road. Hendry expects the local office will be assigned to…
Authorities are considering pursuing criminal charges against Christopher P. White and other executives at Premier Properties USA Inc. in connection with deepening troubles at the local development firm, sources familiar with the matter said. Possible charges include check fraud and criminal mischief stemming from a $500,000 bad check White deposited into an account with The National Bank of Indianapolis in January. Accusations also are flying over whether White and Premier paid payroll taxes and properly credited employee 401(k) and health…
A U.S. bankruptcy judge has scheduled an April 28 emergency hearing over Premier Properties USA Inc.’s refusal to turn over records
concerning its retail properties including Metropolis mall in Plainfield.
Premier Properties USA Inc. filed for bankruptcy protection yesterday, narrowly avoiding the appointment of a receiver to
take control of the troubled Indianapolis company.
Locally based Monarch Beverage Co. plans to transform a vacant drive-in theater in Lawrence into its new headquarters. The theater would be replaced with nearly 1 million square feet of new…
Sport Bowl calling it quitsThe owners of Sport Bowl, a south-side institution for 67 years, plan to close in about a week. The 32-lane bowling alley has struggled since locally based Royal Pin…
Two executives with longtime ties to The Steak n Shake Co. have joined a dissident Texas investor in his quest to overhaul
the Indianapolis-based restaurant chain. Shareholders who have agreed to work with Sardar Biglari include a former board member
the company once described as a “modern-day founder” of the restaurant chain, along with a former partner in Kelley & Partners
Ltd., the investment firm led by company patriarch E.W. Kelley before his 2003 death.
