Indianapolis Business Journal

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.

This week, Mickey Shuey takes a closer look at the big split at the heart of high-end developer Litz and Eaton. At least a dozen subcontractors and suppliers say they’re owed more than $500,000, and work has stalled on more than $16 million in projects. Also in this week’s issue, Susan Orr gets a handle on how companies in central Indiana are dealing with the expenses of tariffs in the trade war between the U.S. and China. And Samm Quinn gets us better acquainted with the first class of chefs to take residence at the Fishers Test Kitchen. Focusing on street foods, they’ll use the test kitchen to learn the ropes and then launch their concepts.

The medication Taltz has been found to treat several maladies, and it’s certainly helping Eli Lilly and Co. solve the problem of how to replace the sales from some of its older medicines. John Russell reports that Taltz is on course to reach blockbuster status with $1 billion-plus in annual sales. Also in this week’s issue, Samm Quinn examines the fight between the residents of one of Carmel’s oldest neighborhoods and a group proposing a four-unit townhouse by its main entry. Their concern isn’t just the project itself, but whether it will lead to more redevelopment that eliminates affordable housing and detracts from the charm of the neighborhood. And you’ll also want to check out our Arts and Entertainment Season Preview, with its events calendar and stories about new developments at Fonseca Theatre, Newfields and Carmel’s Center for Performing Arts.

Bloomington-based Upland Brewing Co. has opened two Indianapolis restaurants in the last year, which might seem like a switch in focus for the third-largest brewery in the state. Susan Orr reports that Upland sees its pubs in part as marketing tools and brand ambassadors for its beers. Also in this week’s issue, Anthony Schoettle has a wide-ranging story about the many challenges the Indianapolis Colts face now that centerpiece Andrew Luck is out of the picture. Nearly every aspect of the organization needs rethinking, from ticket sales to marketing to personnel moves. And Hayleigh Colombo takes a deep dive into how tech firm Genesys, which has more than 800 employees in Indianapolis, is trying to change its hiring practices to move the needle on its percentage of female employees.