Party City is going out of business after a nearly 40-year run
Employees at three Party City stores told The Washington Post that they were notified the closures would occur by the end of February.
Commercial Real Estate
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Indianapolis couple sues IU professor, students for $2B alleging they stole project plans
Tim and Doris Anne Sadler say the students disclosed the couple’s plans for a 1,550-acre development in Puerto Rico to a company that used the information to take over the project.
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Keystone at the Crossing office park ownership changes hands
The nearly 1.1-million-square-foot campus, which includes five office buildings and one small retail building, was purchased by Interamar and Typerion Holdings for an undisclosed price.
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Commission gives positive feedback on ISO’s Hilbert Circle Theatre plans
The Indianapolis Symphony Orchestra presented its renovation plan Wednesday night in a preliminary review by the Indianapolis Historic Preservation Commission, which has purview because both the interior and exterior of Hilbert Circle Theatre are protected as historically significant.
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Brazilian steakhouse to open at Fashion Mall Commons retail center
Terra Gaucha Brazilian Steakhouse will take over a spot Fleming’s Prime Steakhouse & Wine Bar occupied from 2005 to 2020.
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Articles
Big Lots conducts going-out-of-business sales after sale of company falls through
According to the company’s website, all stores are closing and discounts of up to 50% are being offered on the entire assortment goods.
Is the run of bank branch closures ending? Maybe.
Even in the era of online banking, banks say they still value the physical location, and several are making significant investments in expanding and improving their branch networks.
Developer proposes plan for mixed-use buildings at Grand Millennium in Westfield
The plan would feature approximately 366 apartment units, 60,000 square feet of medical office space, 12,500 square feet of retail space and 447 parking spaces.
IEDC requests additional $60M for Lilly, Meta land, infrastructure at LEAP
The state’s job-creation agency is seeking $27 million to purchase about 307 acres and pay for deposits and option payments for additional land west of Interstate 65. Another $33 million is being sought for infrastructure work.
Indianapolis Airport Authority gets OK from FAA to close heliport
The Federal Aviation Administration has informed the Indianapolis Airport Authority it can move ahead with decommissioning the Indianapolis Downtown Heliport property to make way for the site’s eventual redevelopment.
City set to buy Simon-owned parking lot in proposed stadium district
The site is currently an 80-space surface parking lot operated by Indianapolis-based Denison Parking as well as the Presidential Place pocket park operated by Indy Parks.
Office building owners finally see payoff from millions in upgrades
Experts say some improvements—particularly those focused on wellness—help soften the blow for employees returning to their cubicles after growing acclimated to working from home.
Triton Brewing Co. to close after 13 years at Fort Ben
Triton Brewing Co., known for its Rail Splitter IPA, was an early participant in the rise of Indianapolis craft beer makers.
It’s ‘game over’ for Tilt Studio arcade at Circle Centre Mall
Closure of Tilt Studio arcade follows exit of Regal UA Circle Centre movie theater on the fourth floor of Circle Centre Mall.
Maven Space moving from downtown to north side
The woman-focused business and social group is relocating to Nora after more than two years in the historic OneAmerica Gibson Building on North Capitol Avenue.
$8M townhouse development planned for north-side brownfield
The 20-unit townhouse project will consist of six buildings just south of 22nd Street, across from the development group’s M22 apartment project.
IBJ Podcast: Inside jeweler’s decision to close one of downtown’s oldest businesses
Windsor Jewelry has operated within a stone’s throw of Monument Circle since 1919. Owner Greg Bires details his decision to close after the store survived the pandemic and the 2020 downtown riots.
Accounting firm KSM announces move to new nearby office
Indianapolis’ largest accounting firm said its move to a new office within the same 96th Street business park will give it a chance to reconfigure its workspace to fit the realities of the post-pandemic office environment.
Developer preparing for second phase of Farm development in Zionsville
Pittman Partners plans to build up to 225,000 square feet of commercial space at The Farm at the corner of Michigan Road and Sycamore Street.
City weighing whether to award $40M in TIF, forgivable loan funds for Simon-led hotel, entertainment project
The $312 million project calls for a 170-room Shinola Hotel, a 4,000-seat live performance venue operated by Live Nation, an enclosed parking garage and a skybridge connecting to Gainbridge Fieldhouse.
Lauth names new CEO, leader of multifamily division
The Carmel-based commercial real estate firm said longtime developer and real estate consultant Adam Broderick has been named the company’s chief executive.
Lucas Oil Products moves headquarters from California to Indy’s Keystone corridor
An affiliate of the automotive lubricant company acquired the two-story building near the Fashion Mall at Keystone last year for $9.5 million.
Q&A: Architect Stephen Alexander talks about Stadium Village
The longtime architect said he wants to see the neighborhood replicate a sort of Olympic Village surrounding Lucas Oil Stadium. He talked to IBJ about the progress he believes the neighborhood has made toward that goal.
Future of John Marshall school building unclear after city withdraws offer to buy closed school
The city had planned to purchase the property from IPS for $725,000 as part of a project to transform the campus into an “Opportunity Hub” of social, community, and health services.