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Did mortgage losses spur sudden First Indiana sale?:

First Indiana Corp. announced poor second-quarter financial results Aug. 7-which raises this interesting question: Did the city’s biggest locally owned bank race to sell itself last month because the results otherwise would have caused its stock to tumble? Even before the earnings report, banking observers were abuzz that the $529 million sale to Milwaukee-based Marshall & Ilsley Corp. seemed rushed. While many expected First Indiana to sell eventually, CEO Robert Warrington had seemed hellbent on improving results first to drive…

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Office market vacancy rates showing positive signs: Government leasing boosts downtown performance; suburbs see fast absorption despite flurry of construction

Downtown and suburban vacancy rates are declining slightly or at least holding steady-a positive sign for an Indianapolis office market absorbing a plethora of new space on the city’s north side. The second-quarter vacancy rate for the central business district dropped to 15.9 percent, from 16.7 percent the previous quarter, according to data from the local office of St. Louis-based commercial real estate firm Colliers Turley Martin Tucker. A similar report from the local office of Los Angeles-based CB Richard…

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Beilouny Luxury Properties carves out downtown niche: Propelled by its flagship 757 Mass Ave project, upstart local developer eyeing more mixed-use projects

When Ed Beilouny bought property at the southwest corner of Massachusetts and College avenues in 1977, many of his friends and family members thought he was crazy. The neighborhood wasn’t much to look at. In the eyes of some, it was downright dangerous. But Beilouny, who was born in New York, had a vision that would take 30 years to develop. The land is now home to the flagship building of Beilouny Luxury Properties, a privately held company that has…

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Inventory tax repeal still being hailed as good decision: Amid rising property taxes, economic development officials and brokers say taxing inventory was bad policy

With the state in an uproar over soaring property taxes, some have wondered whether phasing out Indiana’s business inventory tax was a good idea. The phase-out process began in 2002 before completely eliminating the inventory tax this year, taking with it roughly $380 million in tax revenue shared annually by local governments. Supporters of the move insist lawmakers made the right decision. And they say Indiana has become more attractive to business as a result. Marion County property-tax bills were…

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Open thread: What’s happening?

Your Friday gift: An open thread to discuss whatever real estate topics are on your minds. Fashion Mall? MSA? Penn Centre? The new BMW ad on this blog? We’re classin’ it…

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Simon defending Fashion Mall turf

At least one local broker thinks Simon’s plans to expand the Fashion Mall are a competitive jab at Premier Properties, which is planning a mixed-use development called Venu southwest of the intersection of…

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Is this photo illegal?

Should it be against the law to photograph the City-County Building? Some in Indianapolis law enforcement think so. The IBJ photographer was told today that taking pictures of the building is a…

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A brand-new Maxwell rendering

Kosene & Kosene has begun construction on its latest downtown project, the 105-unit Maxwell. The six-story building sits along Ohio Street between Park and East streets and will feature condos starting at…

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Dealer Services Corp. has rival Adesa taking notice

Dealer Services Corp. is an example of what happens when an entrepreneur sells his company to a bigger one and then comes
back to haunt it after he is tossed aside. In this case, the spurned entrepreneur, John Fuller, became a thorn to Adesa Inc.
a few years after its CEO sent him packing in late 2001.

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Class A towers paying B taxes

When it comes to advertising and marketing, the city’s two tallest skyscrapers are Class A, all the way. But throw out that
notion at tax time. The owners of Chase Tower and OneAmerica Tower–and some of the city’s other large office buildings–have
successfully lobbied for lower building “grades” that save them big bucks on property taxes.

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At last: Penn Centre rendering

Here’s a preliminary rendering of the Penn Centre development planned along Pennsylvania Street between Maryland and Georgia streets. The J. Greg Allen project is being designed by locally based Browning Day Mullins…

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Premier project gets a name: Venu

Premier Properties has unveiled some of the details of its $750-million plan for a huge mixed-use development at the southwest corner of 86th and Keystone Avenue. The project is called Venu, a…

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Plans develop for South Meridian

Locally based Urban Space Commercial Properties is working to fill space in a new hotel/retail project at the northeast corner of Meridian and South streets, company founder Brian Epstein said today. Here are preliminary renderings for the project, which is…

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Plans take shape for IMA park

Contractors are laying the groundwork to start construction on the $50-million Virginia B. Fairbanks Art & Nature Park at the Indianapolis Museum of Art. IMA has chosen a construction manager, The Hagerman Group, and work is slated to begin in…

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City selling Martindale land

City officials are seeking bids to redevelop 7.5 acres northeast of downtown in the Martindale neighborhood. The property is the old Ertel Manufacturing plant at 2045 Dr. Andrew J. Brown Ave. The…

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Penn Centre renderings

The project is being designed by locally based Browning Day Mullins Dierdorf. The partner in charge of the project is Greg Jacoby.

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Gaming chain targets Indy

A California-based chain that sells videogames and gaming equipment has plans for at least two stores in central Indiana. Play N Trade has filed plans for stores in Carmel and Indianapolis….

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Marian College plans new dorm

Marian College is about to add its first new student housing in more than 40 years. Construction is set to begin this summer on a 78-rooms, 144-bed residence hall, designed by…

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New Pan Am owner has retail plans

A Houston firm has agreed to buy Pan Am Plaza’s office building, skating rinks and the plaza itself. The company, Principle Equity Management, is planning a low-rise, restaurant-anchored development that would…

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STARTUP GAZELLE WEB & CONSULTING LLC: Entrepreneur offers to help entrepreneurs

STARTUP GAZELLE WEB & CONSULTING LLC Entrepreneur offers to help entrepreneurs Type of business: Consults with startup and growing companies Location: 885 Waveland Lane, Greenwood Phone: 450-7746 E-mail: [email protected] site: www.gazellewebandconsulting.comFounded: December 2006 Owner: Brandon Lott Owner’s background: Lott, 33, grew up in the south side of Indianapolis and graduated from Indiana University in 1998 with a health care degree. He went to New York in 2005 to work as an operations manager for retailer Alan Flusser Custom Shop, but…

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