Articles

Renovated Central Library spawns neighborhood revival

A local developer plans to spend up to $45 million building a “north village of downtown” on several parcels it has assembled
near the Central Library. Buckingham Cos. plans to build apartments, offices, restaurants and retail space-all surrounding
its headquarters in the three-story Stokely-Van Camp building at the southeast corner of Meridian and St. Joseph streets.

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Local builders slash jobs, offices to survive housing slump

At the market’s peak, builders churned out more than 12,000 new homes a year in central Indiana. In the current slump, new-home
production has dropped to fewer than 7,000 per year, leaving builders with no choice but to slash prices, eliminate hundreds
of jobs, and look to unload huge chunks of office space.

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High-rise in works near canal

A strong demand for student housing downtown is driving a $40 million plan for a high-rise apartment tower a couple of blocks
east of the Central Canal. The developer, a partnership of Fishers-based Paramount Realty Group and Indianapolis-based Alboher
Development Co. Inc., hopes to build the 16-story Paramount Tower on a OneAmerica parking lot.

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Glut of million-dollar houses driving prices down

Buyers in the market for million-dollar homes can afford to be choosy these days, as the softness in the overall market extends
to the high end, real estate agents say. Through the first quarter of this year, home sales in the 13-county Indianapolis
area fell nearly 12 percent, according to the Metropolitan Indianapolis Board of Realtors.

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Dramatic tax hikes predicted for homeowners

A former head of the Indiana Department of Local Government Finance says some Marion County homeowners soon could see property-tax
increases of as much as 50 percent–far higher than government officials estimated. In part, that’s because of Indiana’s decision
five years ago to abolish the inventory tax.

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IU turns donated beach property into lesson

Indiana University Kelley School of Business students will market and sell five lots along a strip of white sandy beach on
secluded Dog Island, Fla., as a class project that likely will span
several semesters. Whatever the students get for the land will be all profit.

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Shoopman ready to build again

Paul Shoopman put 33 years into Dura Builders Inc. before selling his residential construction firm to national player KB
Home Inc. as the local housing market boomed. Two years later, he’s getting back into the business even as KB and others retrench.

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MIBOR under scrutiny by FTC

The Federal Trade Commission recently slammed the Austin Board of Realtors for how the Texas organization runs its multiple-listing service, charging that a policy change barring certain homes from Web search engines runs afoul of federal antitrust laws.

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