MSA’s big day
Bids for redevelopment of the Market Square Arena site are due at noon today. Who will file? What will they propose? Share your thoughts here, and check ibj.com and this blog for updates all day.
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Update on Canterbury sale
Has anyone heard who might be interested in buying the Canterbury Hotel? IBJ reported this week that the owners of the 99-room property are negotiating to sell. You can read our story here. Sources are telling Property Lines…
Good morning
We’ve officially launched IBJ’s first blog. As you can see, it’s called Property Lines. The topic is real estate. The idea is to create a forum for real estate enthusiasts. I hope you’ll help me make that happen, by sending…
Peyton’s Table
One of the toughest tables to land at the new Harry & Izzy’s restaurant that opens today may be the spacious booth between the kitchen and the bar, at least once people find out it’s now known as Peyton’s Table….
Canal could be home to new hotels or condos: Requirement for retail could jump-start slow effort
State and city officials have begun evaluating four groups that want to develop an acre of prime real estate along the Central Canal downtown. The property, which covers about a third of the block stretching from Ohio Street to New York Street, will feature canal-level retail-a requirement of all potential developments there. It also could be home to a hotel or condominium complex, based on plans from two local developers. Two other groups also are in the running for the…
Carmel to get $30M Renaissance hotel
A prestigious, full-service hotel soon will complement Carmel’s booming office market along North Meridian Street. A Cincinnati
developer broke ground this month on a roughly $30 million Renaissance hotel with 263 rooms and 14,000 square feet of meeting
space.
Storied luxury Canterbury hotel may sell
The stately 12-story Canterbury Hotel could use a renovation, hospitality analysts say, to restore some luster and help it
take on more modern competitors. Such an overhaul might be on the way, along with new owners for the independent boutique
hotel at 123 S. Illinois St.
Condos offering live/work space are hot
The age-old concept of living above your workplace is catching on again in Indianapolis, just as the developers of Douglass
Pointe Lofts had hoped. The $2.65 million landmark at 25th and Delaware streets already will soon also be known for a diverse
roster of local businesses.
Taliera switches strategy for buying underperforming brands of booze
Taliera Corp. plan to raise $60 million through an initial public offering was withdrawn March 27, but Taliera isn’t going
away. It’s simply trying a different approach. CEO J. Smoke Wallin said he and his team of eight beverage industry veterans
still believe their business plan is right.
Kosene condos tout affordability in downtown market
Kosene & Kosene Residential Inc. pioneered the downtown market for new-construction condos with luxury projects named after
classic cars. Now, the locally based company is striving to attract buyers for its latest project by adding a new standard
feature: affordability.
Indiana joins splashdown of water parks: Indoor resorts on the rise as hotels try to lure guests during offseason
The names Caribbean Cove and Paradise Bay inspire thoughts of tropical destinations where sunbathers slather lotion like Hoosiers butter their corn on the cob. In reality, these types of “resorts” are spouting up throughout the Midwest, including Indiana, and require no protection from harmful ultraviolet rays whatsoever. They’re indoor water parks, a trend hoteliers are embracing to cater to families seeking a weekend getaway-and to boost occupancy during the off-season. The Indianapolis area features just one such water park so…
Marketing firm hopes to give 3-D new shape: Scofield Editorial one of first Midwest firms to add bells and whistles to models initially used by architects
Scofield Editorial, known locally as an innovator in video and post-production work, is burnishing that reputation by becoming one of the first firms in the Midwest to combine three-dimensional video modeling with traditional editing touches such as animation, sound effects, and other audio and video. Three-dimensional modeling was introduced by engineering firms about a decade ago, and has also been used by some video game manufacturers. But only recently have advertising agencies combined 3-D with traditional video editing touches. “There…
Developer moving on after failed Crown Hill project
In the eyes of many at a rezoning hearing late last month, the developers from locally based Mann Properties were bad guys.
They wanted to build homes and a retail center
on 71 mostly wooded acres north of Crown Hill Cemetery. So when the Metropolitan Development Commission denied Mann’s request,
the crowd erupted in applause.
Dramatic facade change planned for office tower
The city’s oldest skyscraper will get a sleek new look starting this summer, when workers are scheduled to begin installing
a glass-covered curtain wall to replace a storm-scarred facade. Renovation of One Indiana Square should begin in June and
continue for two years.
Struggling office buildings face further losses: Existing tenants shopping for deals in troubled market
A big question is looming for property managers at National City Center and First Indiana Plaza: Will tenants stay or will they go? Each of the downtown office buildings already is struggling, with occupancy rates in the 60-percent range at the end of 2006. But a grim situation could worsen if some of their largest tenants with expiring leases find a better deal elsewhere. Law firm Bose McKinney & Evans is considering a move from 80,000 square feet at First…
Duke, Lauth, Mansur join MSA site fray
A who’s-who of local firms is planning bids to redevelop the Market Square Arena site with mixed-use projects that would depart
sharply from previous efforts focused on residential. New plans are expected to include retail , offices, apartment units
and condos backed by high-profile local developers that didn’t bid before.
Ratio building go-to reputation: Convention Center expansion latest notch in firm’s belt
As the Final Four approaches, it seems fitting to relive in basketball terms how Ratio Architects Inc. came off the bench in dramatic fashion to save a high-profile downtown project after the star had fouled out. The Indianapolis-based architectural firm played that role in 2004 after sketches from the original out-of-town architect designing the downtown headquarters of Simon Property Group Inc. failed to impress corporate executives. Ratio had one week to deliver, and did. But while the firm’s portfolio is…
Virtual bank making ‘solid’ move into lending: First Internet Bancorp. expands into mortgages with Landmark acquisition
Online banks usually avoid brick-and-mortar overhead. Eliminating expense is the core of their business advantage. So why did First Internet Bancorp spend $12 million to acquire traditional mortgage lender and savings bank Landmark Financial Corp. and its two Indianapolis branches? Because the acquisition of Landmark provides First Internet an opportunity to finally broach the mortgage market. Landmark, which traces its roots back to 1925, is best known as a new-construction underwriter in the local home and commercial builder market. Its…
VOICES FROM THE INDUSTRY: Trustees shouldn’t forget regular insurance audits
Trustees, picture this: You are at the table with the beneficiary children of one of your most successful clients. You are reviewing the estate of their deceased parent. You have the unpleasant task of explaining that the insurance policy that was purchased 15 years ago had lapsed several years prior to Dad’s passing. Result: nothing to lighten the tax bill. Most trustees do not adequately manage the life insurance policy assets held inside the trust. According to a 2003 survey…
VOICES FROM THE INDUSTRY: Here’s another tax break you may have overlooked
Financial advisors counsel clients on income, estate and gift taxes among other things. But they often neglect residential property taxes. That could well be a mistake. Property taxes are a significant cost of owning real estate – typically 1 percent to 1.5 percent of market value. So, they must be considered in making financial decisions. They can also be a significant cash-flow consideration for someone in retirement who has a lot of illiquid wealth-not just for your primary residence, but…