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Landlord wants tenants who share NFP mission: Foundation will give priority to health-related charities

Indianapolis not-for-profits grappling with rising rents may soon have another option-leasing space from one of their own. Health Foundation of Greater Indianapolis bought the former St. Mary’s Catholic School in September and has undertaken $2.5 million in renovations expected to be complete by year-end. A diverse group of for-profit tenants-everyone from architects to violinmakers-already occupy about 80 percent of the 38,000-square-foot building at 429 E. Vermont St. But when the time comes to fill vacant space in The Academy, the…

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TAWN PARENT Commentary: Bill offers new hope for Main Street

Recycling isn’t just good for the environment. It’s good for buildings, and ultimately for economic development. When the Disciples of Christ moved its international headquarters downtown from Irvington in 1995, it left behind a 121,000-square-foot structure built in 1910 that could easily have become a vacant eyesore in the east-side neighborhood. Instead, local developer Mansur Real Estate Services Inc. helped give it new life as Mission Apartments for seniors. That $6.5 million project might not have happened without the help…

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Bulls of the Fairways:

David Simon and Alan Cohen are outstanding golfers, among the best of all Indianapolis businessmen. The CEOs of Simon Property Group Inc. and Finish Line Inc. share something else in common: Their companies are top performers, with their stock prices more than dou-Professor sees link between golf scores, biz success bling in a little more than three years. Coincidence? Not according to Dan Dalton, golf aficionado and former dean of Indiana University’s Kelley School of Business. “Business is like match…

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Insurers: Session a ‘dog’: Industry’s favored bills bark up the wrong tree

The state’s insurance industry could use coverage for the lumps it has taken this legislative session. The three main issues of interest for the Insurance Institute of Indiana, the sector’s lobbying arm, all flamed out early. The disappointing performance prompted Marty Wood, the organization’s director of public affairs, to proclaim it a near failure. “I would give this session for insurers a ‘D’ as in dog. Dog is probably pretty accurate, too,” Wood said. “Had we had this kind of…

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Ayres stores may be razed: Smaller shops likely replacements at Castleton, Greenwood

Simon Property Group Inc. wants to take the wrecking ball to the soon-to-be-vacant L.S. Ayres stores at Castleton Square and Greenwood Park malls, clearing the way for development of a collection of smaller stores and restaurants, sources familiar with the plans say. “There have been numerous site plans circulated showing redevelopment with the existing structures removed,” said Bill French, a local retail broker with St. Louis-based Colliers Turley Martin Tucker. Mark Perlstein, a partner with The Linder Co., an Indianapolis-based…

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ECONOMIC ANALYSIS: The fight to hire top talent: Do we have what it takes?

Most cities have mayors, police chiefs and tax collectors. But suppose for a moment they each had an additional staff position as well-the recruiter. Like a basketball coach or a talent scout, these recruiters would scour the country, looking for talented people who would fit into the community and add to the economic base. And when they found one, they would make their pitch, touting their town’s assets and strengths, and urging the recruit to relocate. The prospects, on the…

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Walker, Aprimo kick-start 2006 office leasing: Meridian corridor in Carmel remains hot spot

A little more than two months into the new year, deals destined to be among the largest office leases of 2006 are coming together on the far-north side. Two big tenants are headed for speculative office buildings under construction by Duke Realty Corp. and Lauth Property Group Inc. Software maker Aprimo Inc. will nearly triple its office space at Duke’s Parkwood Crossing when it moves into 42,400 square feet at Nine Parkwood at 96th Street and College Avenue. Aprimo, housed…

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New support group aids entrepreneurs: Growing network quick to attract diverse membership

But it’s not because Roots doesn’t know how to write HTML code. Rather, he’s got so much business coming in the doors he doesn’t have any free time for turning wrenches on his own site-www.squishdesigns.com. That’s a good problem to have for an entrepreneur who’s still dotting the “i”s on his LLC application. He credits the influx of business to a new networking group for entrepreneurs that is attracting a sizeable contingent of women and minority business owners. The group-which…

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Home investors fill portfolios with bricks and mortar: Membership in local investor group grows; national trend, foreclosures are playing a part

Mike Wilson recalls going to meetings of the Indianapolis Landlords Association in the late 1990s and listening to a “good old boys club” talk about property management problems such as how to fix toilets and get rid of cockroaches. “They were managing properties, not buying,” said Wilson, who at the time had just started purchasing single-family homes as investments. With a hunger for knowledge and a hunch that there were others like him, Wilson took a spot on the board…

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ECONOMIC ANALYSIS: Study casts new light on rising house prices

I have always been amazed at the confidence and certainty projected by those who stand before the television cameras at the end of the day and explain to us-in 90 seconds or less-why the stock market behaved as it did. I suppose if we are silly enough to ask for a simple explanation for the 5 million or 6 million trades conducted on any given day, we should expect nothing more in return. Of course, those trades take place for…

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Clarian sizing up south side: Agreement with Morgan Hospital could lead to development projects in St. Francis’ back yard

The largest hospital network in Indianapolis will start stretching its reach once again next month, this time south of town, where it could challenge the dominance of St. Francis Hospital & Health Centers. Clarian Health Partners is embarking on a five-year development agreement with Martinsville’s Morgan Hospital & Medical Center that could place more building projects on Clarian’s already crowded construction agenda. The two systems plan to focus their relationship on improving patient care and research, but representatives of both…

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Retail space coming to Fall Creek Place: Restaurants, coffee shops, bookstores planned

Wayne Ashford sat in his Fall Creek Place coffee shop-Tea’s Me Café & Gifts-during a recent lunch hour waiting for customers to show up. After six months in the neighborhood, he’s been “a little disappointed” at the foot traffic through his business at the corner of 22nd and Talbott streets. While the master-planned community has won accolades for its urban design, it has failed to generate revenue for smallbusiness owners like Ashford. That may change in a hurry. Three sizeable…

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Duke goes on buying spree to locate in key markets: Developer gets footholds in D.C., Savannah, Baltimore

Less than two months into the new year, Duke Realty Corp. has already made three major moves designed to fuel the company’s growth long beyond 2006. The Indianapolis-based real estate investment trust has announced or completed acquisitions in the Washington, D.C., area; Savannah, Ga.; and Baltimore worth more than $1 billion. In the case of Savannah and Baltimore, the deals give Duke prime positions near city ports-locations company officials believe will be key to the distribution business in coming years….

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Marsh shares swoon as sale talks drag on: Value of CEO’s stake has been cut almost in half

The value of Don Marsh’s stake in the Indianapolis company that bears his family’s name has diminished more than $1 million a month since the company declared Nov. 29 that it was seeking a buyer. Don Marsh, the CEO, owns almost 750,000 shares of Marsh Supermarkets Inc.’s Class A and Class B stock, making him the company’s largest individual shareholder. The price of both stocks has plummeted since the announcement, making his stake worth less than $5 million. It was…

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Emerging India: Passage to Bangalore: Hoosiers seek outsourcing and investment opportunities

Passage to Bangalore Hoosiers seek outsourcing and investment opportunities BANGALORE, India-The deal was falling apart. Despite a week of flirtation and friendly negotiations, the two young Indian entrepreneurs rejected the offer from the group of Hoosier investors. Frustrated, the investors walked out of the hotel conference room. The chance to speculate on an Indian software startup called Picsquare.comhad fizzled. But none of the six Indiana business leaders was demoralized. After all, they’d crossed the globe to pursue business opportunities in…

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Airport’s 104-acre land sale may not take off: Runways, private owners could hamper development

As city and airport officials begin to develop a marketing strategy for 104 acres just north and east of the Indianapolis International Airport, they will likely focus on the land’s best attributes: access to the airport, Interstate 465 and a rail line. Buyers will need to examine the fine print to learn why the land isn’t likely to become a smaller version of the bustling Plainfield industrial and retail areas to the west. Chief among those less-than-desirable features: The land…

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Buckingham makes big plans for Carmel: Developer awaits OK on 116-acre urbanist development

The makeover of midtown Carmel, driven by the ambitious City Center master plan, could get a boost from a nearby development that could rival the project in scope. Local real-estate developer Buckingham Properties will present its proposal to the Carmel Plan Commission Feb. 21 to transform the 1960s-era Mohawk Hills apartment complex and its golf course into a modern urbanist neighborhood. The development, called Gramercy, could take a decade and hundreds of millions of dollars to complete. The 116-acre tract…

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North Binford district looks for shot of development: Area hopes to rebound from surprising business slump

There are 22,200 households within a five-minute drive of 71st Street and Binford Boulevard, according to a recent market study. The median income inside those homes tops $53,000, about 16 percent higher than the U.S. median income. Despite those favorable demographics, area retail establishments and businesses have been dwindling. On the southeast corner of 71st and Binford, for example, there once existed a Preston-Safeway grocery store, an Osco drugstore, a Great Clips hair salon, a pizza parlor, a printing shop,…

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VOICES FROM THE INDUSTRY: Tenants-in-common pacts grow as investment vehicle

The real estate boom has created vast amounts of wealth for investors nationwide. As those investors seek to capitalize on that appreciation by selling properties, they will often reinvest in other real estate in order to delay the related tax bill through a likekind exchange. Internal Revenue Code Section 1031 allows taxpayers to defer income taxes on the sale of property if the proceeds are reinvested in similar or “like-kind” property. In the case of real estate, nearly all real…

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New FBI facility: tough case to crack: Government struggling to find site to build field office for bureau

The highly-sought-after job of developing a new building for the FBI’s Indianapolis field office is still in play, but it’s hampered by the federal government’s inability to find a site for the building. A bevy of local and national developers are expected to throw their hats in the ring to develop the building, which the Government Services Agency says needs to be 110,000 square feet. For the winner, it would be a high-profile project and one of the more significant…

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