Suburban hotels take a beating as downtown recovers
As revenue per room falls, some hotels outside the center city are going on the auction block.
Commercial Real Estate
Articles
Santorini owner vows to rebuild after fire
An early-Tuesday blaze destroyed the Fountain Square restaurant that Taki Sawi opened in 2001. Fire officials estimate damage between $800,000 and $900,000.
Industry vet sees sectors on upswing, auctions booming
Jeff Henry, managing principal of Cassidy Turley, believes the commercial real estate market has seen the worst but isn't far off the bottom yet. Meanwhile, banks are beginning to jettison properties in a wave of auctions.
Developer of Binford Medical Complex files for Chapter 11
The developer of an unfinished medical office complex on Binford Boulevard has filed for Chapter 11 bankruptcy protection in hopes it can retain control of the property and resume construction later this year.
Broadbent subsidiary seeks bankruptcy reorganization
The owner of the building that houses the Music Mill concert venue listed assets of $1.4 million and liabilities of $1.3 million.
Indiana Landmarks selling downtown headquarters
The building housing the not-for-profit’s current headquarters on the Central Canal is listed for $3.1 million. The not-for-profit is moving into the former Central Avenue Methodist Church in the spring.
Good News Ministries eyes using ex-motel to house homeless
Residents of Irvington are split over whether to support turning the former Indy East Motel into housing for homeless families.
Walnut Street building sold for retail use
The two-story industrial building along the Indianapolis Cultural Trail will be converted into a furniture store.
Legal fight over Pan Am Plaza outpaces redevelopment
Plaintiffs are challenging the city’s 2007 decision to waive a hefty fee that otherwise would have been required to redevelop the crumbling site.
Site chosen for proposed Westfield sports complex
The Hamilton County sports and recreation campus—known as the "Family Sports Capital of America"—is expected to occupy 300 acres and cost millions to fully develop.
BPG sells trio of Keystone Crossing buildings
An affiliate of Pittsburgh-based PWA Real Estate LLC snapped up the three buildings for $15.5 million. The largest totals more than 100,000 square feet and houses such tenants as General Casualty Co., 20/20 Institute and M/I Homes.
Dolce hotel, YMCA part of city-funded ‘North of South’ development
The city plans to issue bonds and use tax-increment financing to fund the $150M project, which also will include 320 high-end apartments and 40,000 square feet of retail space. Construction should begin this year.
$150M ‘North of South’ project moving ahead
Officials are announcing details of an ambitious downtown development planned for 10 acres Eli Lilly and Co. owns near its Indianapolis headquarters. The project will include a hotel, apartments, restaurants and retail space and a YMCA.
REITs use stock sales to grow after paying debt
U.S. real estate investment trusts, including Indianapolis-based Duke Realty Corp., are selling shares to fund property acquisitions after using record cash from equity offerings last year to reduce debt and cover dividends.
Developer seeks rezoning for Canal apartments
The city’s Division of Planning was set to hear a request Thursday afternoon by Valparaiso-based Investment Property Advisors LLC to rezone property near the Central Canal for a 150-unit apartment complex.
Indiana Convention Center might need yet another expansion
The current expansion has absorbed the last of the adjoining space, leaving the convention center landlocked.
Tired-but-proud school buildings find new missions
More unneeded buildings are slated to be sold off by Indianapolis Public Schools, but creative people have turned other former schools into reuse gems.
Hoosier Lottery moving to Meridian Street building
The lottery will move in January to the Buick, a 60,000-square-foot building at 13th and Meridian streets owned by principals of Shiel Sexton Construction.
Harding Dahm drops Grubb & Ellis, strikes merger deal
Harding Dahm & Co., which ranked sixth on IBJ’s most recent list of commercial brokerages, will become Lee & Associates Indianapolis. Terms of the deal were not disclosed.
Fried chicken franchises, Argentine eatery call it quits
Five Popeyes restaurants in Indianapolis owned by one franchisee close down, as does downtown eatery Taste of Tango.