Indianapolis Business Journal

The latest in a series of art installations in Carmel’s roundabouts has reinvigorated debate over how the city buys and locates works for public places. Kurt Christian reports that once city councilor wants to create a community commission that includes residents who would review and make recommendations for pieces. Also in this week’s issue, Samm Quinn examines efforts by Indianapolis officials to address the potential effects of climate change on the city, as well as reduce the city’s impact on the environment. And Lindsey Erdody has our latest annual tally of philanthropic giving in Indiana and analysis of the big gifts. The winner this year was Indiana University, with three of 10 largest donations, and Lindsey has a deep dive into how IU and President Michael McRobbie made it happen.

As IndyGo continues to iron out problems with the Red Line, it’s also considering making big changes to its paratransit service, called open door, for riders with disabilities. Susan Orr reports that the Chicago-based contractor has never met its goals for on-time performance, and IndyGo is now mulling major changes, including reducing its service area or bringing it in-house. Also in this week’s issue, Greg Andrews reports that a decade after an FBI raid shut down a massive Ponzi scheme engineered by Indianapolis businessman Tim Durham, a lawsuit finally is going to trial that could recoup millions of dollars for the fraud victims. And Anthony Schoettle has the story of a recent Purdue student who dug up some long-forgotten technology developed by NASA with expired patents. Ian Hamilton has repurposed that tech to create a revolutionary device that converts heat into electricity with a wide potential for game-changing applications.

The leaders of the Indianapolis Symphony Orchestra have several momentous decisions to make in coming months, in addition to getting the organization back in the black. Lindsey Erdody explains how the ISO is approaching hiring a new concertmaster, beginning the search for a new conductor and negotiating a new contract with musicians—all while trying to avoid a deficit. Also in this week’s issue, Anthony Schoettle has the inside story on the creation of the Indiana 5G Zone—one of two labs of its kind in the country—which will be tasked with developing revolutionary new wireless technology. And Mickey Shuey explores the public-private partnership being finalized to help the city finance a health care and community center in Broad Ripple Park.

There was no shortage of huge news stories in central Indiana this year—with Roger Penske’s purchase of the Indianapolis Motor Speedway, the launch of the Red Line and the closure of trucking giant Celadon. And that's just the top tier of events from 2019 that promise to have lasting impact on central Indiana. Years from now, we'll still be talking about game-changing acquisitions by corporate giants Eli Lilly and Co. and Elanco Animal Health, not to mention the deal cut by state legislators to fund renovations to Bankers Life Fieldhouse and build a soccer stadium for the Indy Eleven. We have an authoritative review of all the year's major business stories in the 2020 Book of Lists, which itself is an invaluable resource for the vital statistics of Indy-area business.

In this week's issue, Lindsey Erdody reports on Gov. Eric Holcomb's decision to continue placing refugees in Indiana and explores what that will mean for the state. The issue also includes a story by Mickey Shuey on the leadership change at the Indianapolis Zoo following CEO Mike Crowther's long, successful run. In addition, John Russell explores what's behind the Lilly Endowment's recent sales of 2 million shares of Eli Lilly and Co. stock.

Several problems conspired to bring down trucking giant Celadon Group on Dec. 9, but one that hasn't received any attention was the clubby executive culture, which included at least five recent graduates of the same small college. Greg Andrews has more on the inner workings of Celadon during its fateful slide. Also in this week’s paper, Kurt Christian takes the measure of a wave of new developments in Fishers along 106^th Street, which was the next logical platform for growth after the large crop of projects that sprung up around Ikea on 116^th Street. And Anthony Schoettle explains how security device maker Allegion is using its North American headquarters in Carmel to speed up innovation. It has created a studio where products can go from concept to market in less than 120.

John Russell examines the success of Zionsville-based BHI Senior Living. That’s the developer of the upscale, 500-unit Hoosier Village campus, which has a long waiting list. BHI is thriving in a tough market for retirement communities. Back in Indianapolis, Democrats on the City-County Council raised some hackles when they proposed more than doubling the base pay for their part-time positions. It’s an easy thing to criticize, but, as Samm Quinn reports this week, the base pay hasn’t changed in more than 30 years, and Indianapolis councilors are underpaid compared to some nearby peer cities. And we have a classic tale of entrepreneurial ingenuity. Sam Stall reports on Fatheadz, which makes plus-sized eyewear. It was started by Indianapolis resident Rico Elmore after he couldn’t find any sunglasses that would fit his generously sized melon.

Residents on the west side were excited last month to hear that the owner of Lafayette Square Mall has put it up for sale. The struggling retail monolith desperately needs a new direction, but where can it go from here? Mickey Shuey explores the most likely options. Also in this week’s paper, Samm Quinn has a revealing interview with Butler University President James Danko, who spent nearly two decades as an entrepreneur and business owner before jumping into higher education. Samm explores how his entrepreneurial mindset has informed his tenure at Butler so far. And Susan Orr reports on an issue near and dear to the hearts of Indianapolis residents: war memorials. This one would recognize veterans of Desert Storm and Desert Shield, and although it would be in Washington D.C., the effort has Hoosier fingerprints all over it.

Mickey Shuey has the latest in the dispute between the city of Indianapolis and developer Ambrose Property Group, which last week filed a lawsuit to prevent the city from seizing the old GM stamping plant site on the southwestern outskirts of downtown. This fight could take years to play out in court, delaying any development at the site. Also in this week’s issue, Lindsey Erdody reports on the progress toward building a permanent music venue in White River State Park. And Samm Quinn explores the ramifications of the Democrats’ near sweep in the Indianapolis city elections. In addition to the mayor’s office, they now have a supermajority on the city-county council.

The new owner of WISH-TV is an Indianapolis native but has earned a national reputation for turning around struggling TV stations. Anthony Schoettle has the story on how DuJuan McCoy plans to recapture lost viewers and return the station to prominence. Also in this week's issue, Mickey Shuey takes a close look at how the Indiana Pacers plan to reconfigure the hospitality offerings in Bankers Life Fieldhouse as part of its massive revamp. The tastes of corporate ticketholders have changed. They’re not as interested in traditional suites and club seating, which is forcing teams to figure out new options for them. And Lindsey Erdody reveals a surprising gender gap in the leadership of Indianapolis not-for-profits. Although a vast majority of not-for-profit employees are female, only 25 percent of the 100 largest not-for-profits in the Indy area have women CEOs, presidents or executive directors.

While the cheers from the IndyCar paddock were loud in the wake of the news that Roger Penske is buying the open wheel racing series and Indianapolis Motor Speedway, that doesn't mean smooth sailing for either property. IndyCar still faces significant obstacles with sponsorship and viewership, and the track could use upgrades to bring it up to speed for modern audiences, Anthony Schoettle reports. Also in this week's issue, Susan Orr digs into problems with IndyGo vendors that are disrupting the Red Line's operations and hurting the transit agency's bottom line. And Mickey Shuey examines how groups that stage large events in convention cities like Indianapolis have reacted to local plans to expand capacity for events and visitors.

In this week's issue, Anthony Schoettle has the backstory behind Shining a Light on Indianapolis, a multimillion-dollar light, sound and video show designed for Monument Circle that will play nightly beginning Nov. 9. Tourism officials think it will bring tens of thousands of people to the heart of the city annually. John Russell explores the options for St. Vincent and its flagship campus on West 86^th Street. Keeping it competitive long-term could take hundreds of millions of dollars, so might it be better off building a new campus to order? And we have one last look at the positions of Indianapolis mayoral candidates Joe Hogsett and Jim Merritt before Election Day.

In this week's issue, John Russell takes a close look at the 15 percent rate increase that Duke Energy Indiana has proposed for its customers. There’s been a lot of pushback from those who have tried to analyze the rationale for the rate hike from information Duke submitted to the state, and many have accused the utility of making it difficult to critique the financial case. Anthony Schoettle explores how universities in Indiana are playing matchmaker between angel investors and startups with ties to their schools. And Susan Orr details a lawsuit filed by J.P. Morgan Securities against one of its former Indianapolis financial advisers, alleging that he has been improperly soliciting clients to follow him to a new job with another investment firm.

In this week's issue, Mickey Shuey assesses the health of the downtown restaurant market in the wake of a spate of closings of high-profile eateries. The issue also includes a story on a painter who is adept at using data to ring up sales, and a story on on how colleges are bracing for a decline in the number of high school graduates. In addition, Greg Andrews writes about new ownership of Story, Indiana, in the wake of the death of the longtime public face of the attraction.

In this week’s issue, Mickey Shuey has a comprehensive accounting of the 18 new hotels that have been proposed for downtown Indianapolis. There’s an unprecedented number of rooms in the pipeline, but experts don’t expect all of the hotels to materialize. Also, in this issue, Anthony Schoettle explains how California’s Fair Pay to Play Act is vexing the Indianapolis-based NCAA and appears to be at the forefront of a significant shift in attitude toward allowing college athletes to earn money. And Susan Orr explores complaints against a local investment firm from clients who say brokers steered them into unsuitable investments.

Indiana-based Beck's Hybrids is the third-largest supplier of corn seed and fourth-largest supplier of soybean seed in the United States. A rare family-owned firm duking it out with corporate megastars, Beck's hits well above its weight, Anthony Schoettle reports. Also in this week's issue, Sam Stall brings us up to speed on the aggressive Nashville-based firm behind the Big Woods family of restaurants, Quaff ON! Brewing Co., Hard Truth Distilling Co. and the 325-acre culinary tourism complex Hard Truth Hills. And Lindsey Erdody reports that Indianapolis black leaders are pressing the mayoral candidates for specific details on how they would address the challenges facing the African American community. They’re asking explicitly for a black agenda, and were disappointed when Mayor Joe Hogsett said their concerns would be covered by his wider economic plan.

KAR Auction Services' roots in the physical car auction industry go back decades, but its leaders see a fateful fork in the road ahead. Greg Andrews reports that they're investing heavily in their digital business with the goal of becoming an industry leader in online auctions and in the use of data to strengthen and expand business relationships. Also in this week's issue, Mickey Shuey reports that the quasi-governmental agency that owns the city's major sports facilities is facing scrutiny from industry experts who say the group isn't properly insured for catastrophic events. And Samm Quinn explains how an administrator at a west-side high school is helping shape the characters of students by hosting barbershop sessions and cutting their hair.

As workers and employers face the annual open-enrollment season for health insurance coverage this fall, many are seeing double-digit percentage increases in premiums. John Russell reports that the dynamic is prompting even more folks to consider high-deductible plans, which sometimes have the unintended consequence of dissuading people from seeking care. Also in this week's paper, Samm Quinn explains how some Westfield residents have become skeptical of how quickly the city is growing and are pushing back against a deluge of new housing proposals. And Susan Orr takes a closer look at the next step in IndyGo's stretagy to attract more riders: Working with employers and schools along the beefed-up route system to make specialized pitches to their employees and students.