Indianapolis Business Journal

Twenty months into the pandemic, it has become clear that there won’t be a rush of white-collar workers back to the office once the threat has passed. Susan Orr digs into the wide range of responses from local companies to the question of maintaining a remote workforce. Also in this week’s issue, Emily Ketterer explores the rise in Indiana of the Delta-8 THC, which has effects similar to traditional marijuana and is being sold in shops across the state thanks to a legal gray area that many state officials would rather not talk about. And Leslie Bonilla Muñiz reports on long-awaited cleanup of the Black Mountain industrial site on Indianapolis’ near-east side.

Indiana’s tech sector is in a red-hot cycle of mergers and acquisitions, with momentum so strong that the number of deals during the first three quarters of 2021 has already eclipsed full-year 2020 and 2019 totals—and by a healthy margin. Susan Orr examines the reasons behind the boom. Also in this week’s issue, Emily Ketterer explains how state officials are working to preserve and grow Indiana’s position as a leader in auto production by leaning heavily toward electric vehicles and related tech. And Dave Lindquist looks behind the curtain at the Indianapolis Opera to learn more about how it’s shifting its strategy to be more flexible and reach a wider range of patrons.

Insurers in Indiana, like in much of the nation, are pushing hard to boost membership in thir Medicare Advantage plans, one of the fastest-growing segments in the industry. John Russell explains how they’re scrambling to sign up seniors before the Dec. 7 enrollment deadline. Also in this week’s issue, Emily Ketterer examines the pressure building in the Indiana Statehouse for legalizing marijuana. And Leslie Bonilla Muñiz details plans for the first Black-led Community Development Financial Institution in Indianapolis.

Indianapolis officials are gearing up to host the largest event the city has seen in months—the College Football Playoff National Championship. IBJ’s Mickey Shuey dives into the preparations, the schedule of community events and what will make Indy’s latest hosting gig unique. Also in this week’s paper, Leslie Bonilla Muñiz examines the recent increase in housing options for intellectually and physically disable residents, which advocates say still isn’t enough to meet demand. Susan Orr explains why accounting firms now are having trouble recruiting talent for what traditionally have been stable, good-paying, white-collar careers. And Sam Stall profiles Indianapolis entrepreneur, philanthropist and social activist Bill Oesterle, this year’s honoree for IBJ’s Michael A. Carroll Award.

The Indianapolis Motor Speedway has long been a proving ground for automotive innovations, and organizers of the Indy Autonomous Challenge say it's part of that tradition. Mickey Shuey explains what the track, the state and corporate supporters have to gain from the competition that lets computers drive race cars. Also in this week's paper, John Russell reports that AES Indiana is trying to recoup more than a million dollars it spent on power from outside its system from ratepayers. And Leslie Bonilla Muñiz details the challenge of moving most of Marion County’s criminal justice system from downtown Indianapolis to the new Community Justice Campus.

The nursing shortage has grown so severe in central Indiana that some hospitals are paying millions of dollars to hire short-term traveling nurses at fill gaps during the pandemic. John Russell explains how the expense of hiring traveling nurses has grown during the pandemic. Also in this week’s issue, Susan Orr reports on a startup from Telamon Corp. founder Albert Chen that sells collaborative robots, also known as “cobots,” that can work alongside humans. And Emily Ketterer explores charges from an ultra-conservative Indiana lawmaker that GOP leaders essentially have pushed him out of office by redrawing his district in a way that would deny him reelection.

The clock is ticking for Boone County officials to decide whether they’ll raise local income taxes to pay for a $45 million to $50 million jail expansion and justice center to alleviate overcrowding. In the meantime, Kurt Christian reports, some inmates are sleeping on temporary cots and some county employees are working out of storage closets. Also in this week’s issue, Leslie Bonilla Muniz details the nine greenway, trail and road projects that Indianapolis is planning to help connect the existing system and make it easier for bikers and pedestrians to get where they need to go. And Emily Ketterer reports that at least 490 Afghan refugees are expected to permanently resettle in Indiana in the coming weeks or months, and not-for-profit resettlement agencies are preparing to assist them.

Jim Irsay wants to share his massive collection of rare pop-culture memorabilia with the world. Mickey Shuey reports that the Colts owner has been having early conversations with Indianapolis and other cities about creating a museum to do just that. Susan Orr reveals that an Indianapolis-based investment brokerage has been ordered to pay more than $530,000 in fines and restitution as part of a settlement agreement over alleged rule violations. And Kurt Christian details a plan from Bedrock Builders for a $142 million, 274-acre, master-planned, multi-use development smack in the middle of the Noblesville’s Corporate Campus.

Eli Lilly and Co.’s antibody treatment for COVID-19 is back on the market, ending a two-month suspension by the FDA. John Russell reports that the drug cocktail is back in regulators’ good graces after proving effective against the delta variant. Also in this week’s issue, Kurt Christian reports that RE/MAX is suing one of its local franchisees for allegedly instructing his employees to join a national competitor so that he could later follow them and collect a recruitment bonus. And Mickey Shuey explains how city officials are trying to address the futures of the huge municipal buildings that largely will be vacated as agencies move to the new Community Justice Campus.

The latest player in the local SPAC space is Brad Bostic of hc1.com, who’s trying to raise $200 million through a new “blank check company”—aka a special purpose acquisition company. John Russell reports Bostic’s Future Health ESG is targeting disruptors in the health-tech field in hopes of taking one public. Also in this week’s IBJ, Emily Ketterer has more on John Mutz’s latest passion project—funding research to help reinvent and bolster business models for local news outlets. And Leslie Bonilla Muñiz details the launch of two new supplier-diversity programs as local companies try to make good on their equity promises from last year.

Surging demand for COVID-19 testing is pushing wait times into the stratosphere. John Russell reports that people who need a test for travel, work or school are spending hours, sometimes days, looking for a place that can squeeze them in and get results quickly. Also in this week’s paper, Susan Orr explains how technology and politics are leading banks to rethink their overdraft fees. And Mickey Shuey has the scoop on a large entertainment facility planned for the west bank of the White River just outside downtown. It could be a shot in the arm for long-discussed efforts to make the riverfront more user-friendly, and it could be just close enough to downtown to serve conventioneers.

Local arts organizations and event promoters are desperate to keep COVID-19 from ruining another season. IBJ’s Susan Orr reports that they’re using strategies such as vaccination requirements, mask mandates and capacity restrictions to preserve their ability to hold in-person events. Also in this week’s paper, John Russell charts the rise and fall of Windstream Technologies Inc., a green-energy darling that failed to repay millions of dollars ion federally guaranteed loans. And Emily Ketterer explores how the lack of child care providers is putting stress on parents hoping to return to return to work in person.

Indianapolis leaders want to encourage denser development near the city’s bus rapid transit lines and deprioritize cars, so they’ve changed zoning laws to help make it happen. Mickey Shuey and Leslie Bonilla Muñiz explain how planners are flipping the script on 1960s-era development. Also in this week’s issue, Kurt Christian details how Carmel’s Center for the Performing Arts has ended its past two seasons in the black, despite the pandemic’s stranglehold on its primary revenue stream. And Markus Miller reports that the state is launching a $275 million effort to improve its image by overhauling 16 interstate rest stops.

If you need to take an ambulance to an emergency room, prepare yourself for a long trip. Hospitals are suffering severe nursing shortages as demand for services increases, which is leading them to divert ambulances to other hospitals in central Indiana at an unprecedented rate, IBJ’s John Russell reports. Also in this week’s issue, Leslie Bonilla Muñiz explains how IndyGo has found an intermediate step between its current fleet and an all-electric transit system, ordering $26 million in hybrid buses. And Mickey Shuey takes stock of Roger Penske’s progress so far in upgrading the Indianapolis Motor Speedway and reinvigorating the IndyCar series.

The Central Indiana Community Foundation, one of the area’s biggest grantmakers, announced in April 2019 that it was adopting a strategy focused squarely on equity and anti-racism—more than a year before the cultural sea change inspired by the murder of George Floyd. Leslie Bonilla Muñiz explores the strategy's impact so far. Also in this week’s issue, John Russell explains how businesses are taking the lead with mask and vaccination requirements in a political environment in which many elected leaders are loath to impose any mandates. Emily Ketterer sheds light on the massive backlog of appeals to the state’s unemployment assistance program. And don't miss the members in the inaugural class of IBJ's latest honors program, Twenty In Their 20s. We've assembled a group of up-and-coming leaders whose accomplishments are so impressive we couldn't wait until Forty Under 40.

Indianapolis-based Kite Realty Group Trust is on track to become one of the country’s largest retail real estate investment trusts with the acquisition of a Chicago-based competitor. Mickey Shuey explains how the deal could give Kite new leverage for loans, lease negotiations and redevelopment opportunities. John Russell takes us inside the city’s newest publicly traded company, Point Biopharma, which is developing radioactive compounds to treat cancer patients. And Emily Ketterer explains how lawmakers and citizens groups are preparing for the state’s highly contentious redistricting process, which typically leads to accusations of gerrymandering.

Homeowner associations in central Indiana are taking strong steps to prevent an incursion of rental homes in their neighborhoods, as national investment firms gobble up single-family properties. Mickey Shuey details how HOAs are trying to limit rentals. Also in this week’s issue, Emily Ketterer has the latest on moves toward a potential combination of the state’s separate schools for blind and deaf students. And Susan Orr explains how a local firm is bring new tech and big data to the unassuming parking-garage sector.