Simon sues tenant Brooks Brothers, seeks $8.7M in unpaid rent
The suit, filed Wednesday in Marion County Superior Court, says the retailer failed to pay rent for April, May and June while closed during the pandemic.
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Six-story apartment building planned for vacant lot on Carmel’s Main Street
A developer is reworking his plans for an apartment building on Carmel’s Main Street to align the proposed $17 million project with future needs of residents and increase its chances of getting city approval.
Area homebuilders see applications sink for first time this year
Permit filings had been on the rise in nine of the last 10 months before pandemic-related issues finally took a toll on numbers last month.
Mass Ave Toys closes after 14-year run
The owner, who has operated toy stores for more than 40 years, said she closed the shop so she could retire.
Area existing-home sales sank 23% in May as prices hit all-time high
May’s sales decline in the 16-county central Indiana area came on top of a 16.8% year-over-year decrease in April.
Tide turns against Republic Development’s neighborhood project on Carmel’s west side
The Carmel Plan Commission voted 5-4 Monday to give a proposed residential real estate project an unfavorable recommendation after hundreds of residents expressed concern over the addition of commercial development to the plan.
Developer plans massive mixed-use project on western edge of Marion County
City planning staffers are opposed to the proposal for Tremont Town Center in its current form, but the 1.2 million-square-foot development with residential, retail and office space has support from key community figures.
U.S. retail sales increase by record 17.7% in a partial rebound
Sales at non-store retailers, which include internet companies like Amazon and eBay, rose 9% in May after posting growth of 9.5% in April.
Simon Property, Brookfield, Authentic Brands in talks to buy J.C. Penney
Authentic and Simon Property Group also are in discussions with Brooks Brothers Inc. on a joint bid that would be part of a potential bankruptcy filing by that clothing retailer.
City extends Dine Out Indy program to bars
The program was established last month to help restaurants and other businesses expand or add outdoor seating options as the city reopened following COVID-19 stay-at-home orders.
Car dealers hungry for inventory after factory shutdowns leave lots depleted
Automakers essentially halted production for eight weeks—from mid-March through mid-May—as the pandemic wreaked havoc on supply chains and sparked concern for autoworker safety.
IndyGo running out of office space, but board members don’t agree on fix
IndyGo is investigating whether to purchase the former Harrison College site for millions of dollars to use as additional space—but some board members are not convinced doing so is a good idea.
Student housing firms see upside to uncertainty over colleges’ return
With students expected to return to most Indiana college campuses this fall, housing management firms are anticipating a boost to their bottom lines and a renewed interest in off-campus living.
Retail tenants’ gamesmanship stymies efforts to collect rent
Retail landlords received quite a jolt when they discovered that some of the most lustrous names in retail want pandemic-related rent concessions like those being offered to struggling tenants.
Carmel’s Clay Terrace loses seafood restaurant, Italian eatery
Carmel outdoor shopping center Clay Terrace has two sizable restaurant spaces to fill after the closures of Mitchell’s Fish Market and Biaggi’s Ristorante Italiano.
Taubman says Simon doesn’t have legal right to abort $3.6B purchase
Signaling a legal brawl lies ahead, Taubman said Simon “continues to be bound to the transaction in all respects.”
City reopens Illinois Street to vehicles following pandemic-related closure
The other street closures—to Massachusetts Avenue, Broad Ripple Avenue and Georgia Street—will remain in effect through July 4, the city said.
Simon Property calls off $3.6B deal to acquire rival Taubman Centers
Simon shares fell nearly 6% in early trading Wednesday, to $81.71 each. Taubman shares plummeted nearly 30% after the announcement, to $31.94 each.
As many as 25,000 U.S. stores may close in 2020, mostly in malls
The number would shatter the record set in 2019, when more than 9,800 stores closed their doors for good, according to a report from retail and tech data firm Coresight Research.
The great diamond glut: Miners stuck with gems worth billions
The pandemic has devastated the diamond world. Jewelry stores closed their doors, India’s cutting and polishing artisans were forced to stay home and De Beers had to cancel its March sale because buyers couldn’t travel to view the merchandise.