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MSA condos co-developer calls it quits: CTE 2nd partner to abandon $140M project; remaining firms expect new designs in June

With a deadline looming for a redesign of Market Square Towers, another of the project’s developers has pulled out and has filed a claim on the property for $3.2 million it says it’s owed by Market Square Partners. Chicago-based Consoer Townsend Envirodyne Engineering Inc. filed the lien April 8 to secure its claim on money the company said it spent on design and engineering services and other preliminary project work. CTE, whose representatives once served as the public face of…

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Up to the challenge: Stadium project leader has been here before

John Klipsch didn’t necessarily set out to take control of one of the largest public-works projects in Indianapolis history, but he prepared for it nonetheless. “My degree is in counseling,” he said with a wry smile. “This is how my career has evolved over the years.” So here he is, two months before work is scheduled to begin on a $900 million stadium construction and convention center expansion project, relying on his professional experience and personal dedication to get the…

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Main post office pondering move: Relocation could prompt sale of 16 acres across street from proposed stadium

It’s not in the path of a new stadium planned for downtown Indianapolis, but the downtown post office may get out of the way anyway. U.S. Postal Service officials are negotiating an agreement to sell land the postal service owns within the stadium footprint, and a spokesman said that discussion is part of a larger scheme to relocate the entire facility. “They’re talking about moving the whole thing,” said Al Eakle, public affairs officer for the USPS’ Indiana district. “Basically,…

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After 5 years, USTA ready to serve up 96th Street HQ: Raymond James, First Merchants sign on as tenants

The locally based Midwest division of the U.S. Tennis Association is preparing to break ground on a 25,000-square-foot headquarters and hall of fame building on East 96th Street after five years of planning and courting tenants. The two-story office building was first conceived in 2000, but has been held up more than four years by a search for other tenants during a soft office market. The organization recently scored two tenants, Florida-based Raymond James & Associates Inc. and Muncie-based First…

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Competition stakes claim on hospital’s turf: Dialysis center would sit 1 block south of Methodist

A real estate company has filed plans to build a medical office building and dialysis center downtown, in the shadow of Methodist Hospital and Clarian Health Partners. A and T Realty wants to plop a 13,416-square-foot office on what now is a parking lot a block south of Methodist, according to plans filed with the city. The development has no connection to Clarian, according to Mike Quinn, a lawyer representing A and T. Clarian, whose three downtown hospitals all offer…

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BEHIND THE NEWS: Big investors turn up heat on tiny Century Realty

Big money from the coasts has been pouring into one of the nation’s most obscure publicly traded real estate companies-India n a p o l i s – b a s e d apartment owner Century Realty Trust-helping to propel the sleepy stock more than 50 percent higher over the past year. Here’s a sure bet: The investors didn’t become interested because they’re suddenly enamored with 74-year-old Chairman Jack Bradshaw’s slow-and-steady management approach. Quite the opposite, says one of the…

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Mansion tenant’s HQ networks with history: Levey building’s interior design mixes new with the old

At the Louis Levey Mansion on North Meridian Street, the blending of past, present and future greets visitors as they walk through the heavy arched doors of Networks Financial Institute’s headquarters. In the entry hallway, a receptionist with all the latest technology on her desk sits under a Victorian-era stained-glass skylight. Around her, contemporary art hangs next to elaborately carved wood molding on the walls. Futuristic glass-and-chrome lighting fixtures hang from the ceilings, one of which has an original painted…

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‘Rat’ campaign targets projects: Union-hired protesters picket non-union contractors

Union supporters have no plans to exterminate the giant rats that have become a common sight downtown, as they continue to pressure certain contractors to pay what they consider fair wages. That is the message from the Indiana/Kentucky Regional Council of Carpenters, the labor organization that has adopted the rodent as its mascot for a campaign targeting various downtown construction projects. Organizers said the effort is twofold: to create public awareness that union contractors are losing work, and to better…

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VOICES FROM THE INDUSTRY: Vibrant city can be built without oceans, mountains

In late April and early May, two things happened. The Legislature adjourned on time and Forbes magazine released its seventh annual list of the best (and worst) metro areas to develop businesses and careers. Forbes based its ranking on business costs, living costs, education levels of the work force, qualityof-life issues as well as job and income growth and migration patterns. Indianapolis ranked 33rd out of 150 of the country’s largest metro areas, and there’s some good news in that…

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Elite execs raking it in: As pay swells, critics urge restraint

Special Report: Elite execs raking it in As pay swells, critics urge restraint Highest-paid Indiana public company executives in fiscal ’04. Includes salary, bonus and other annual compensation, as well as long-term pay and stock option grants. 1) includes $1.7 million signing bonus received upon becoming CEO and president in August 2004 Turns out life’s certainties stretch way beyond the cliché about death and taxes, especially in corporate Indiana. If you’re a top executive at one of Indiana’s biggest public…

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Stutz’s future includes condos: Developer envisions high-rise, nightclub as part of biz center

Stutz Business Center owner and visionary Turner Woodard last month rolled out a 10-year master plan for the Stutz that could bring condominiums, retail and a high-rise tower to the former auto-manufacturing plant at 10th Street and Capitol Avenue. Right now, Woodard concedes many of his plans are dreams. But with a blossoming life sciences corridor just to the west along the Central Canal, Woodard said he wants the 80-year-old Stutz to continue to be a hub of activity as…

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BEHIND THE NEWS: Mall of America ruling cites Simon ‘subterfuge’

A federal appeals court last month issued a ruling that gave affiliates of the Simon family some of what they wanted-a larger ownership stake in Mall of America. But the three-judge panel also gave them a lashing over dealings with their partner in the Minnesota mega mall, the Ghermezian brothers of Canada. “This case presents the worst kind of self-dealing and subterfuge” by Simon affiliates, the court wrote. Ouch. At issue was a deal Simon Property Group Inc., the family’s…

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Ex-Meridian CEO takes top talent to new firm: AHM Graves, Carmen fold into Resource

The sudden departure of Samuel F. Smith II from locally based Meridian Real Estate is proving to have a ripple effect in the local brokerage community. Smith’s new firm, Resource Commercial Real Estate, is up to six principals and 12 full-time brokers weeks after its official launch, and partners hint there may be more to come. Two small firms, Carmel-based AHM Graves Commercial Real Estate Services and Carmen Commercial Real Estate Services, have merged with Resource. The new company is…

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BEHIND THE NEWS: Brothers who built ticket broker now battling

The Kinnett brothers formed Front Row Tickets Inc. 16 years ago, and together they built it into one of the city’s largest ticket brokerages. That success, how- fueled acrimony. Kyle ever, now has Kinnett, 35, has sued his 50-50 partner Scott, 36, and is asking a judge to appoint a receiver to oversee the business until it’s sold. “Serious differences have arisen between Kyle and Scott concerning the conduct and management of the business,” leaving them deadlocked, according to the…

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Experts see improving market: Higher occupancy rates, more construction projects mean good news for landlords, developers

IBJ: Is your sector of the construction or real estate industry better or worse off than a year ago and why? BURK: Overall, I think the Indianapolis office market is better off than it was a year ago. The occupancy rate for the 29-million-plus square feet of multitenant office properties in the market increased by about 2 percent last year, to 82.5 percent. There was positive net absorption of about 600,000 square feet, most of which occurred in the suburbs….

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Kite’s plan sparking controversy: Condos near Fashion Mall likely to face ‘battle royal’

A partnership headed by Paul Kite has ambitious plans for a mixed-use development featuring midrise condominium towers and retail space on the last undeveloped corner of 86th Street and Keystone Avenue. A proposal from PK Capital LLC, Kite’s partnership, calls for more than 180 condos and about 60,000 square feet of retail space on the north side of 86th Street between Haverstick Road and Keystone Avenue. The 10-acre property lies just south of Our Lady of Peace Cemetery and a…

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Massive retail project on tee: Britton Golf Course buyers plan 85-acre development that could rival Clay Terrace

The development group that invested $16 million to buy Britton Golf Course in Fishers is pressing forward with its plan to convert the property into a retail center that would rival Clay Terrace in Carmel. The purchase earlier this month, following Fishers Town Council approval, represents the first significant real estate project for the group of local investors formed under the Britton Park Development LLC name. Bordering State Road 37 and East 131st Street, the 104-acre golf course is the…

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Michigan Road project features upscale shops: Smaller version of Café Patachou planned for property

Developers of a small parcel of property on the northwest side are creating a courtyard of quaint shops that will feature an offshoot of the Café Patachou boutique restaurant. Daniel Altman and his wife, Colleen, bought the piece of land at the corner of 51st Street and Michigan Road last year and opened the upscale Catalpa Antiques & Objects in the historic home that sits on the property. Once completed, the Catalpa Place development will include five shops within a…

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With cash tight, ATA trading new planes for old: Smaller version of 737 can be loaded and unloaded more quickly, allowing for more flights per day

Plans by ATA Holdings Corp. to slash its number of aircraft by nearly half include replacing its sleek, new jets with smaller, older Boeing 737s that can fly more trips daily, generating more cash than the larger planes that now dominate its fleet. The Indianapolis-based parent of ATA Airlines wants to lease a dozen 737-300s and 737-500s-relatively stubby planes that date as far back as 1984. Meanwhile, ATA is returning 18 of the 33 Boeing 737-800s it had at the…

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Kite Realty ponders future of Glendale: Mall’s lackluster performance could lead to overhaul, sale

Locally based Kite Realty Group Trust is exploring selling or redeveloping Glendale Mall, the company said in its annual 10-K filing with the U.S. Securities and Exchange Commission. Those are among “several strategic alternatives” Kite is considering for the north-side shopping center, according to the March 30 filing, the most definitive acknowledgement by Kite to date that its redevelopment of Glendale in 2000 never fully took wing. Kite bought the mall in 1999 for $20 million and sunk another $11…

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