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Land lease holds building hostage: Owners of parcel entangled in court fight

A scuffle for ownership of land under downtown’s landmark Illinois Building has spilled into court, possibly bogging down efforts to redevelop the vacant structure. Building owner HDG Mansur leases the land from its owners under a 99-year agreement it inherited when it bought the building. The pact, signed in 1919, stipulates that any improvements on the land revert to land owners when the lease expires in 2018. A Lebanese businessman appears to be working with HDG Mansur to break the…

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Hilbert estate drawing some offers: Letterman, Babyface, Judd not interested

Colts quarterback Peyton Manning passed on a chance to buy the Carmel estate built for Conseco Inc. founder Stephen Hilbert that’s on the market for a cool $20 million. Pacers forward Jermaine O’Neal also rejected the opportunity a couple of times, real estate broker Dick Richwine said. Nearly a year after it went up for sale, the Carmel property labeled the most expensive home in Indiana is still searching for the right buyer. But a recent flurry of interest and…

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EYE ON THE PIE: Too many studies spoil the broth

Want to build a stadium? Maybe you have a highway in mind? Maybe your highway has a different route from that of another group of enthusiasts? Is your concern a new zoo or an existing art museum? How about that boysenberry festival? The venerable college in town? That remodeled convention facility? That autoassembly plant? That new wing on the hospital? That new housing development? Or are you looking at something unquestionably noble? A church, a school, a senior center, a…

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Quality Roofing Services: Success helps roofers sleep through the night After surviving a rough first year, company shows signs of progress

After surviving a rough first year, company shows signs of progress Sleepless nights, upset stomachs and paranoia were common woes for the owners of Quality Roofing Services throughout their first year in business. “We worried about finances and thunderstorms,” said co-owner Paul Crafton, 50, recalling the professional and personal strain. “We wondered if we would make our payroll or go under and lose our investment.” But they persevered, starting their days early-often at 5:30 a.m.-and working late. Eventually, their efforts…

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Kroger shops for land: Grocer gathering property for full-size downtown store

Downtown residents might finally get their second full-service grocery store. Cincinnati-based Kroger Co. has purchased an acre of land immediately west of its store near the intersection of 16th Street and Central Avenue in hopes of razing the existing store and replacing it with a new, and much larger, grocery. “We would like to build a brand new store that incorporates all of the amenities that [we] have at our newer stores,” said Jeff Golc, a Kroger spokesman. Neighbors are…

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State looking for suggestions for prime downtown land: Request for proposals signals possible sale of parcel near IUPUI, Central Canal

Indiana is turning to developers to help brainstorm on what type of development might fit a prime real estate parcel two blocks from the Statehouse. The state owns the three-quarters-ofan-acre site at the intersection of Vermont Street and Indiana Avenue. State officials have determined they can do without the space, which is currently used for state employee parking. The official request for ideas, posted June 7, asks for proposals that might “present the state with the opportunity to realize revenue…

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Mass Ave condos in the works: High-end, 10-story project in trendy cultural district has 46 units, retail space

Log one more entry into the crowded field of downtown condo projects. But developers of a 10-story development at Massachusetts Avenue and New York Street think its location and amenities will reel in high-end buyers. The condos, dubbed Three Mass Ave, will be developed by a three-way partnership of Halakar Properties Inc., Pillar Investments LLC and architect Wayne Schmidt. “We want to make sure that this is a classy building that fits in with the historic nature of Mass Ave…

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Marsh merger muddied: Federal filings show grocer wants to ponder richer offer, but legalities might prevent it

A new federal filing suggests Marsh Supermarkets Inc.’s board wants to negotiate with a second potential buyer, even though it’s already agreed to be sold to a Florida private equity firm. The original buyer, Boca Raton, Fla.-based Sun Capital Partners, says merger talks with the new suitor, a partnership between Dallasbased Cardinal Paragon Inc. and New Yorkbased Drawbridge Special Opportunities Advisors LLC, would violate the agreement already in place unless Sun Capital grants Marsh permission to enter the discussions. And…

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Commercial real estate brokers can now file liens: New law to help resolve commission disputes

Commercial real estate brokers have a new weapon in disputes over unpaid commissions. A state law that goes into effect July 1 gives them the right to file a legal claim against property, known as a lien, when they think they’re due commissions that haven’t been paid. Previously, their only option was to take the more drastic step of filing a lawsuit. “Where it’s less than a $50,000 commission, it’s just not practical to file a lawsuit to recover fees,”…

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Conrad high-rise condos sell fast: Only 4 of 15 residences left; biz leaders among buyers

Eli Lilly and Co. President John Lechleiter is among the wealthy buyers who have snapped up all but four of the 15 private residences perched atop the Conrad Hotel downtown. Lechleiter will be on the 23rd floor, one level from the top. Pete Piazza, president of Piazza Produce Inc., will be on the 22nd. And insuranceindustry executive Jack Mead will be on the 21st. The 15 residences fill the top six floors of the new $100 million tower. They start…

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Plug in professionals when tasks seem overwhelming:

Running a small business is daunting, to say the least. Small-business owners wear many hats and are expected to be a master of everything: from hiring workers to coordinating group health coverage, from developing marketing materials to hitting sales goals, from assessing technology needs to making tax and insurance payments, from issuing invoices to paying vendors-all while keeping an eye on cash flow. Whew. Larger businesses may rely on individuals or entire departments responsible for each task. For small-business owners,…

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PROFILE ALEX INTERMILL: Life is an ongoing adventure for local attorney

PROFILE ALEX INTERMILL Life is an ongoing adventure for local attorney As an attorney, Alex Intermill is used to the hectic pace of corporate law. So you’d think that in his spare time, he’d just want to kick back and relax. You’d be wrong. The 33-year-old is an environmental and real estate attorney with Indianapolis-based Bose McKinney & Evans as well as the town attorney for Pendleton, in Madison County. He gets his adrenalin pumping by competing in mountain bike…

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Standard Life turns page, rolls with changes: A year after sale, firm improves rating, makes profit

Standard Life Insurance Company of Indiana has much to celebrate as it passes the one-year anniversary of its sale to Capital Assurance Corp. Profitability, a rating upgrade and product launches all are among the positives the company can tout since it gained new life and left behind old owner Standard Management Corp. last June. Standard Life notched a $15.8 million profit last year, due mostly to a gain from the sale of its life insurance business. Subtract that, though, and…

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ECONOMIC ANALYSIS: Wanted: a broader view on public-policy issues

There’s nothing wrong with self-interest in politics. We elect representatives to look out for our interests, after all. So when legislation and policies affect things that matter to us-especially if it’s a matter of financial interest-many of us squawk, scream or otherwise throw a fit. And we hope to get noticed. But in policy debates in Indiana in recent years, we’ve been getting lazy. It’s easy enough to defend your interests, of course, but it’s much harder to convince those…

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Vacancies and sales spike at Circle Centre: Analysts say mall attracting higher-end shoppers

Vacancies at Circle Centre mall hit a five-year high in 2005. But so did salesper-square foot. How does one reconcile the discrepancy? Observers say the mall is luring more high-end consumers with trendier shops despite having a big chunk of open space. “They’ve been incorporating and attracting more productive and upscale retail concepts,” said Terry Sweeney, vice president of real estate development for Indianapolis Downtown Inc. The 10-year-old mall posted $393 in sales per square foot in 2005, up from…

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Illinois Building in danger?: Preservationists fear for landmark’s future; owner mum on its fate

After sitting vacant for at least three years, the Illinois Building at the southeast corner of Market and Illinois streets is gaining attention as one historic preservation group tries to forestall any plans that might include tearing it down. The Historic Landmarks Foundation of Indiana added the building to its “10 Most Endangered” landmarks list earlier this year. The group said it’s ringing the alarm bells due in part to what Landmarks employees are hearing. “We have heard from a…

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BULLS & BEARS: Nation’s hefty trade deficit puts value of dollar at risk

Whenever anyone starts talking about foreign currencies and the U.S. dollar, you can usually see eyes-including mine-glazing over. Nevertheless, now may be a particularly useful time for investors to gain awareness on this topic. Currently, a number of wise investment thinkers share a growing concern that the U.S. trade deficit, currently running at an unprecedented 7 percent of GDP (the country’s output of goods and services), will eventually trigger a dollar decline. At Berkshire Hathaway’s annual meeting a couple of…

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Stringtown-the next downtown success story?: Trio of real estate investors are betting on the burg

Drive around the roughly 50 blocks of Stringtown, a small, working-class neighborhood on the city’s near-west side, and you’ll come across some cute, rehabbed, two-bedroom houses for rent. But there are also signs of neglect-boarded-up houses with siding falling off, cars up on blocks, and broken windows. In the neighborhood just west of White River and the Indianapolis Zoo, a few real estate investors are wagering that the tight-knit district is ready to blossom. The burg stretches from the river…

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Crown Hill nearing new deal: About 70 acres expected to sell for $5.2M

An announcement on new development for 70 acres of woodlands held by Crown Hill Cemetery and Funeral Home may come within weeks, bringing to a close a controversial land deal that some environmental and neighborhood groups hoped to stall. Crown Hill leadership is talking with three developers that have submitted competing proposals for mixed-use projects, cemetery President Keith Norwalk said. He declined to name the developers or provide details on their proposals but called an announcement “fairly imminent.” The price…

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Purchase offer expected for Winona Hospital: Three interested parties check out empty facility

Vacant Winona Memorial Hospital could attract a written purchase offer as soon as this summer, and at least three potential buyers are already researching a deal. Among the property’s attributes are a layout that’s well-suited for health care uses, said Gus Miller, a principal with NAI Olympia Partners, an Indianapolis real estate firm listing the site for $8 million. But the layout, with ceiling heights of only 8 feet, also limits the former hospital’s appeal to businesses outside health care….

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