Indianapolis Business Journal

The deal announced this month that landed Indiana its largest-ever capital investment commitment was two years in the making—a journey that saw state and federal officials travel overseas to make the case that Indiana would be the best fit for the $4 billion investment. Mickey Shuey has the inside story behind negotiations with South Korean chip manufacturer SK Hynix. Also in the week’s issue, restaurateur Thomas Main explains the staying power of his highly regarded eatery Tinker Street. And we have all of the honorees in IBJ’s Forty Under 40 Class of 2024, featuring up-and-coming leaders in the business, government and the not-for-profit worlds.

One advantage to breaking up IUPUI and letting Indiana University establish its own campus is that Indianapolis could gain a top-tier research university. Right now, IUPUI is one step below that designation, but IU officials are confident that will change thanks to investments its making in IU Indy and changes in the ranking system. That could mean more funding, more research and more reasons for top faculty to locate in the city, Plus, read the latest on SK Hynix's decision to spend nearly $4 billion to locate a microelectronics plant at Purdue University and about chip packager NHanced's plans for expanding outside Crane Naval Warfare Center and in Bloomington.

Hendricks Commercial Properties is close to finalizing the deals that will lead to its planned $600 million redevelopment of Circle Centre Mall downtown. Mickey Shuey explains how its track record with other major projects in the city—including Ironworks and Bottleworks—helped persuade city officials that Hendricks was right for the job. Also in this week’s issue, Dave Lindquist has the story of Fred Kaufman, a veteran of the early days of fast-food franchising who has come out of retirement to lead two Rally’s restaurants. And Susan Orr explains how a 26-year employee of Chase Bank in Indianapolis was such an influence on the co-founder of a New York City startup that he named it after her.

Purdue University has its sights set on turning some mostly undeveloped land on the northeast portion of IUPUI into the heart of its new Indianapolis satellite campus. But its aspirations go well beyond the real estate. Mickey Shuey outlines the plan to draw more students interested in engineering and business, including through new degree programs. Also in this week’s issue, Daniel Bradley serves up the story of a Mexican restaurant group in Fishers that already has 15 locations. And Susan Orr explains how local businesses are preparing for the inevitable disruptions that will come with the solar eclipse on April 8.

Dozens of music events are locked in for a particularly packed summer concert season in central Indiana, but WonderRoad and All IN—two multiple-day festivals that debuted in 2022 and returned in 2023—have not announced plans for 2024. Dave Lindquist takes stock of summer calendar. Also in this week’s issue, John Russell has the story on the activist investor that’s pushing for big changes at Elanco Animal Health, the CEO’s ouster and a board shakeup. And Daniel Bradley has more on the fight in Carmel over park impact fees that are charged to developers and used to support park construction.

Indianapolis has a case of Caitlin Clark fever, and local basketball fans hope she’ll be a massive headache for WNBA teams for many years to come. As IBJ’s Mickey Shuey reports, Clark could be the balm for what ails the Indiana Fever franchise (which is widely expected to pick Clark in the league draft) and an elixir for all of Indianapolis. Also in this week’s paper, Dave Lindquist explains why craft beer, once a prime driver of Indy’s food and beverage scene, is no longer a growth industry. Susan Orr provides a peek at how area businesses seek to capitalize on April's total eclipse.

In the past five years, shares of Eli Lilly and Co. have increased in value by 508%. This is not news to the pharma giant’s 43,000 employees, nearly 90% of whom have at least a few shares—and some worth tens or hundreds of thousands of dollars. John Russell explains how Lilly is enriching employee stockholders and is using its runup to retain talent. Also in this week’s issue, Susan Orr reports that the state’s focus on attracting data centers to Indiana is starting to pay off. And Mickey Shuey shares his wide-ranging conversation with Indianapolis Motor Speedway President Doug Boles about ticket sales for this year’s Indy 500, whether a return of Formula One is on the horizon, and Roger Penske’s continued investment in the track.

With a new mayor and a completely new city council in Westfield, developers have resumed submitting projects to a city they say they’ve avoided for the past four years. Daniel Bradley explains how fresh faces have cleared the recent impediments to growth in Westfield. Also in this week’s issue, Taylor Wooten unpacks the challenges in Indianapolis of consolidating and relocating several city-county government departments to the same building in downtown’s core. And Mickey Shuey profiles Mel Raines, who in June will become CEO of Pacers Sports and Entertainment.

In case you missed the images of Tyrese Haliburton emblazoned across the largest hotel in Indianapolis or Larry Bird handing Haliburton a basketball in a highly symbolic gesture to open All-Star Weekend festivities, the internationally televised basketball bonanza is all about the new face of the Pacers and the breakout star of the 2023-24 season. IBJ sports columnist Derek Schultz has more on the symbiotic relationship between Haliburton and his new hometown. Also in this week’s issue, Susan Orr details the lawsuits filed against Cummins Inc. after it agreed to pay $2 billion late last year to settle allegations of Clean Air Act violations. And John Russell explains how the Indiana Donor Network is beefing up to meet a surge in demand for transplants and reduce wait times.

You’ll probably remember that Indianapolis was supposed to host the 2021 NBA All-Star Game, but the game was moved due to the pandemic, and Indy was given another chance to host in 2024. As a result, there’s probably been no All-Star Game in NBA history that’s had so much planning and dedicated programming. IBJ's All-Star Access publication has the big picture on the extended preparations, including the intentional way Black culture is taking center stage at this year’s event, and the smaller details, such as listing all of the local organizations benefitting from legacy projects. There’s also a schedule of official and peripheral events, including concerts and parties. On the front page of this week's issue: How a fashion show featuring local designers came together for All-Star Weekend.

You might not recognize the Mile Square once festivities for the NBA’s All-Star Weekend get under way Feb. 15. Real estate brokers are filling vacant retail spaces with corporate parties, personal events and a wide assortment of fan-focused pop-ups, anticipating the largest crowds downtown since the 2012 Super Bowl. John Russell and Mickey Shuey detail the preparations. Also in this issue, Peter Blanchard explains the big fight between beer wholesalers and liquor and wine wholesalers over ready-to-drink cocktails. And Dave Lindquist explores author John Green’s switch in focus from young-adult fiction to an initiative to improve health care in Sierra Leone.

As the Indiana Economic Development Corp. faces a steady stream of calls from critics for more transparency, state lawmakers from both political parties have filed legislation aimed at requiring the job-creation agency to disclose more about its activities. Peter Blanchard has more on the increased scrutiny. Also in this week’s paper, Daniel Bradley chronicles a day in the life of Noblesville Mayor Chris Jensen as he exercises his high-touch, radically transparent and 16-hour-per-day approach to governing. And Dave Lindquist previews the tech and entertainment hub to be called Black Future Haus and featured during NBA All-Star Weekend.

Finding one’s way into Gainbridge Fieldhouse on Feb. 18 for the flagship event of NBA All-Star Weekend will cost a pretty penny, if any tickets can be found at all. Mickey Shuey explores the forces that drive even the lowest ticket prices sky high and make private suites harder to come by for local sponsors. Also in this week’s issue, Taylor Wooten explains how the fight against a large industrial project planned on former farmland on the south side of Indianapolis has snowballed into an environmental advocacy flashpoint. And John Russell takes stock of the surge in large philanthropic gifts to Indiana not-for-profits in 2023 as 79 individual donors gave $348.7 million.

A cavalcade of Black celebrities will be on hand next month as Indianapolis becomes a magnet for African-American culture during the NBA's All-Star Weekend. IBJ's Dave Lindquist explains how the event has become a celebration of how the league embraces the realms of Black music, fashion, cuisine, acting and art. Also in this week's issue, Daniel Bradley explores the growing housing trend toward active-adult communities for boomers and Gen Xers. And Peter Blanchard profiles Brad Chambers as he tries to leverage his experience in business and economic development into a term as Indiana's governor.

The NBA All-Star Weekend is just six weeks away, and it’s a much different event that what originally had been planned for 2021 but was canceled due to the pandemic. IBJ kicks off its coverage this week with two front page stories: Susan Orr details the new approach for entertaining non-ticketed fans and involving local businesses and volunteers; and Dave Lindquist chronicles how local hospitality venues are gearing up to host the many public, private and corporate events connected with the NBA’s midseason extravaganza. Also in this week’s issue, Daniel Bradley outlines the distance between what has been proposed for the Maurer Commons site in Whitestown and what some community members and town councilors would like to see.

IBJ's year-end issue introduces our 2023 newsmakers and is packaged with The Book, our annual compilation of industry top-25 lists and a look back at the year in news. It should be no surprise that David Ricks, CEO of Indianapolis-based Eli Lilly and Co., is IBJ's newsmaker of the year. As you'll read in reporter John Russell's story below, Lilly this year became the world's most valuable publicly traded drug company. Our other eight newsmakers for 2023 come from higher education, politics, sports and industry, and all made a big impact on central Indiana.

The plan to draft Hendricks Commercial Properties for the  redevelopment of struggling Circle Centre Mall was hatched in mid-2022 in hopes of breathing new life into the site. Reporter Mickey Shuey, who broke the story about the final deal, has all of the details behind the planned $600 million overhaul. Also in this week's issue, Daniel Bradley asks Jim Brainard to reflect on his 28 transformative years as Carmel's mayor. And Susan Orr reports that the founder of a real estate company with seven Indianapolis-area retail properties totaling nearly 500,000 square feet is facing federal allegations that he committed a $35 million fraud.

IBJ’s John Russell has confirmed that Chicago-based Village MD, which operates primary care medical practices, is pulling out of the Indiana market after just six years. As Russell reports, the former high-growth startup is retrenching and has notified thousands of Indiana patients that they’ll need to get new doctors—although that isn’t always the case. Also in this week’s issue, Taylor Wooten explains how the city of Indianapolis is preparing for more severe weather in years to come and devoting more people to the effects of climate change. And Dave Lindquist has the story of a former NFL SkyCam crew leader who has launched his own pizzeria featuring Detroit-style pies.