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Speedway’s windfall leads to speculation: Questions arise about possible new hotel, turn-two suite upgrades and acquisition of adjacent land

The Indianapolis Motor Speedway’s announcement this month that it would sell its stake in Chicagoland Speedway for $69 million has racing industry experts wondering if the famed Brickyard is planning an expansion. “There are a number of things [IMS President] Tony George could use that money for,” said Dennis McAlpine, a New York-based financial analyst covering motorsports and entertainment. “That’s not to say he’s hurting for cash, but I believe he has projects on his plate.” IMS and Daytona Beach,…

SPORTS: Glimmers of hope give Painter a long honeymoon

In terms of a transition game, Purdue University’s Matt Painter hasn’t yet been able to get out on the figurative fast break. First, there was the year he spent as associate head coach during Gene Keady’s long goodbye, when the Boilers struggled to a woeful 7-21 mark. Then, last season, when Painter assumed full control of the Boilermakers, injuries and suspensions factored heavily into a 9-19 record and a last-place, 3-13 finish in the Big Ten. And this year? With…

Glendale might become open-air center, gain a Target

Kite Realty Group is in final negotiations to bring Target to Glendale Mall as part of a wholesale redevelopment that could transform one of the city’s first enclosed malls into an open-air shopping center.

Making the connection: Lobbyists represent diverse client base in navigating complicated legislative maze

Indiana’s wineries faced potential ruin in early 2006. The U.S. Supreme Court had handed down a decision requiring states to treat in-state and out-ofstate wineries the same. That meant if Indiana wineries were allowed to continue to ship directly to Indiana consumers, out-of-state wineries would be entitled to the same access. Or the state could ban all direct shipments of wine to Hoosier consumers. That’s exactly what wholesalers wanted. But that would have spelled disaster for Hoosier wineries. The wineries…

Techpoint’s new leader sees room to grow: Indiana making progress, but could do better, he says

Techpoint, a locally based technology trade group that represents the interests of about 330 members statewide, is undergoing a transition in leadership. Jim Jay, 37, has been named interim CEO following the resignation of Cameron Carter, who has led the organization since 2003. Directors should begin a formal search for a permanent replacement the first of the year. Whether Jay lands the top job remains to be seen. But in the meantime, the Butler University graduate with an entrepreneurial spirit…

ECONOMIC ANALYSIS: Our technology woes begin in grade school

Those of us who work for universities soon become acquainted with the concept of tenure, which is a status typically conferred upon those of faculty rank who have demonstrated to their colleagues the ability to teach and conduct research to a high standard. Those who achieve tenured status are more free to speak their minds about controversial issues, since it is much more difficult for their superiors to terminate or dismiss them without just cause. The words penned in this…

EYE ON THE PIE: How much do property rights matter?

Rep. Roberta Righteous won reelection to the Indiana House again this year without opposition. We met for coffee and cinnamon rolls at a quiet spot near the Statehouse. “What’s going to be this year’s hot topic in the Legislature?” I asked. “Not prayer,” she said. “Not abortion, not education, not even jobs. The issue will be protecting property rights.” “Are property rights being threatened?” I asked, licking the frosting from my fingers. “No more than usual,” she responded with a…

Bridge project not too far for Zionsville firm: Timber-frame specialist has big role in rebuilding Parke County landmark

The Bridgeton Grist Mill in southern Parke County sat so close to a covered bridge that was destroyed by arson last year that firefighters hosed down the historic structure to keep it from burning, too. The mill, which has churned out flour since 1863, predated by five years the wooden trestle considered one of the most scenic of the 31 covered bridges in the western Indiana county. But a replicated bridge finished in early October resembles the original so closely…

Obstacles couldn’t stop community-minded Shaheen

Yvonne Shaheen, retired CEO of Long Electric Co., is the winner of the 2006 Michael A. Carroll award, given annually in memory of the former deputy mayor to a person who embodies determination, devotion, humility and community.

Health summit to discuss Latinos:

Obesity, mental health and the “Face of the Latino Immigrant” will be among the topics spotlighted Nov. 17 at the third annual Hispanic/Latino Health Summit in Indianapolis. Dr. Maria Soto-Greene will deliver the keynote address on effectively meeting the needs of the Hispanic/Latino community. Soto-Greene is the vice dean of the University of Medicine and Dentistry of New Jersey. Juana Watson, senior adviser on Latino affairs for Gov. Mitch Daniels, will talk about the health care needs of rural Mexicans…

ABDUL-HAKIM SHABAZZ Commentary: How to make elections fairer, more fun

There’s the old saying that when one door closes, another one opens. One could also say the same about political campaigns. On Nov. 7, a number of campaigns will come (thankfully) to an end; the congressional races across the state, the legislative races and my personal favorite, the Marion County prosecutor’s race. But don’t get too comfortable. You’ll have only a few weeks to rest and think about Thanksgiving and Christmas before we start up the 2007 municipal elections, which…

VOICES FROM THE INDUSTRY: Better system of sharing bodes well for profession

When it was built in the 1930s, the original James Whitcomb Riley Hospital for Children was a very large construction project. Yet it required only 40 sheets of drawings, and only the stonework at the entry and the ceiling in the lobby were extensively detailed. The rest of the “detail knowledge” was filled in by contractors. Compare what it took to build Riley with the 50,000-plus drawings issued through six construction managers to build the new Indianapolis Midfield Terminal complex….

Green roofs slow to take root in Indianapolis area: Despite an array of environmental and other benefits, initial costs and lack of incentives put lid on their use

Green roofs color the skylines in Chicago, Philadelphia, Toronto and other North American cities, but Hoosiers have to look high and low to find similar examples of the plant-filled building tops in Indianapolis. “Most green roofs [in other cities] are on the tops of existing buildings, where here they are [more likely to be found] above an underground parking garage that you might not even be aware is there,” said Mark Zelonis, director of the gardens and grounds at the…

Some say Wheeler Mission hurts neighborhood’s potential

A fall merger of two Indianapolis homeless shelters set off a new round of speculation about whether Wheeler Mission Ministries Inc. will continue to operate out of its 245 N. Delaware St. location–a stone’s throw from multimillion-dollar redevelopment under way on Massachusetts Avenue.

INVESTING: Energy, material stocks showing signs of strength

We’ve been talking lately about falling prices and the effects on stock prices. I know everyone gets a big kick out of cheaper gas, and a lot of experts are telling us oil will fall to $40 a barrel. But judging from recent market action, oil and other commodity plays might do better than observers think for the rest of the year. The headline-grabbing news of the weak housing market is doing a great job taking people’s eyes off the…

Century-old landmark building gets new life as condos: Former Ashantii Ballroom renovated into 11 units

He lived in the south Broad Ripple house 11 years, rented it out for another 11, then sold it for three times what he paid for it. Today, McMichael, 43, owns a dozen rental properties around Indianapolis, plus the well-known Rathskeller Restaurant downtown. And recently he’s turned his real estate eye to 16th and Alabama streets where he’s converting the former Ashantii Ballroom into luxury condominiums. “I learned years ago with that first house the power of real estate,” Michael…

VOICES FROM THE INDUSTRY: The cost of green building may not be extra after all

It is a question that comes up at every project kickoff meeting, the $64,000 question that every project owner wants to know from Day One-what is it going to cost to design a “green,” or sustainable building? Typically, that answer has been somewhere between 3 percent and 5 percent extra to obtain Leadership in Energy and Environmental Design, or LEED, certification, the industry’s standard for measuring building sustainability. Admittedly, it’s not an answer based on years of experience building sustainable…

Massive hotel project could advance without city help: Redevelopment would be on a smaller scale

Land near Victory Field could get hundreds of additional hotel rooms even if the developers that control the site don’t receive city incentives they’re seeking for a huge convention hotel project. Merrillville-based White Lodging Services Corp. and Indianapolis-based REI Real Estate Services are asking the city to invest $45 million to $55 million toward a $250 million campus of hotels on land that’s now home to a 235-room Courtyard by Marriott and a TGI Friday’s. If they don’t win the…