City gives OK for $60M apartment building on canal
Investment Property Advisors agreed to reduce the size of the apartment building from 26 stories to 10 stories and from 485 units to 319 units to help gain support from the city.
Scott Olson
Articles
Real estate exec’s bankruptcy filing lists $13.3M of debt
Philo Lange, former managing partner of NAI Olympia Partners, lists nearly $12 million in unsecured claims, almost half of which is owed to PNC Bank, according to court documents.
Decision on Broad Ripple garage delayed again
The two-week continuance granted to remonstrators on Tuesday by the Metropolitan Board of Zoning Appeals follows a previous seven-day delay. The board is set to consider a zoning variance for the $15 million project on May 1.
Fortune Industries shareholder seeks to stop proposed sale
A shareholder of Indianapolis-based Fortune Industries Inc. has filed suit against the public company and its top executives, seeking class-action status on behalf of shareholders who want to stop a transaction that would take it private.
Overlapping downtown events give hotels a boost
The annual Fire Department Instructors Conference attracts nearly 30,000 visitors to downtown. But with Race for the Cure on Saturday, demand for hotel rooms is even stronger, particularly toward the end of the week.
City approves design of $45M downtown project
Plans call for the vacant, two-story former Bank One Operations Center at the northwest corner of Washington and East streets to be converted into a five-story apartment building with office or retail space on the first floor.
Central Indiana biodiesel producer files for bankruptcy
E-biofuels LLC in Middletown has fallen into liquidation, listing debts of $17.3 million. The closing of the plant leaves four remaining facilities in the state capable of producing biodiesel fuel.
Andy Mohr target of Volvo Trucks lawsuit
A division of the Swedish automaker claims in a federal suit that local car dealer Andy Mohr failed to deliver on several promises after securing a five-year contract to sell Volvo trucks. An attorney for Mohr counters that Volvo is at fault and said Mohr plans his own lawsuit.
Former Mike’s Carwash partner seeking $30M
Jerry Dahm is asking a Hamilton Superior Court judge to force the two owners of the company to buy his stake in its real estate arm for more than $26.2 million, on top of another $3.3 million he wants from his share in the car wash chain. The two owners already have agreed to pay him $17.1 million.
CIB loss from Super Bowl in line with projections
Preliminary financials show the board that manages the city’s sports and convention facilities so far has lost nearly $350,000 due to the Super Bowl. That figure is expected to grow to $800,000.
Plans for Broad Ripple parking garage hit snag
City officials are recommending that construction of the $15 million parking garage and retail project be denied because the property sits 4 feet below a flood plain.
Hofmeister seeks financing to emerge from bankruptcy
Despite objections from unsecured creditors, a federal bankruptcy judge granted the jeweler's request to hire an outside consultant to help it seek alternative financing to repay the balance of a PNC Bank loan.
Wall Street observers blast Emmis plan to ax preferred shares
Emmis Communications Corp.'s effort to strip its preferred shareholders of their rights and avoid forking over about $10 million in unpaid dividends is drawing sharp criticism from top market observers, including a columnist for The New York Times.
Fair Finance trustee attorneys could land bigger jackpot
Attorneys assisting the Fair Finance Co. bankruptcy trustee have agreed to no longer be paid by the hour but instead on a contingency based on a percentage of funds recovered for shareholders of the company owned by indicted financier Tim Durham.
Sale of Fortune Industries would take company private
The company is set to be purchased by CEP Inc., a holding company led by Fortune Industries CEO Tena Mayberry and Chief Financial Officer Randy Butler. But several law firms are investigating the sale for potential unfairness on behalf of shareholders.
Lafayette Square amusement center closes
America’s Incredible Pizza Co. shut down on Sunday, leaving a 75,000-square-foot vacancy in the struggling shopping center on Indianapolis’ west side.
Republic airlines file federal suit against pilots union
Chautauqua Airlines Inc., Republic Airline Inc. and Shuttle America Inc. charge that a union-backed website is damaging their reputation and hindering efforts to hire pilots. Parent Republic Airways Holdings and the union are embroiled in contentious contract negotiations.
Right-to-work boosting job-marketing efforts in Indiana
Local economic development groups are wasting no time touting Indiana's new right-to-work law, a spot check shows.