Premier Properties USA Inc. has eliminated about half its headquarters staff—more than 40 employees—as banks seize
several of its properties and CEO Christopher P. White faces a barrage of new lawsuits alleging unpaid bills, defaulted loans,
illegally redirected rent payments and check fraud.
Premier Properties USA Inc. is scrambling to keep up with bills for basic services including snow removal,
security and interior design—more signs of financial troubles for the developer of Metropolis in
Plainfield and the proposed Venu project in Indianapolis.
An IBJ review of hundreds of pages of public records shows Christopher P. White and his Premier
Properties USA Inc. are facing major financial and legal challenges. The most glaring signs of trouble: Contractors have filed
more than $3.5 million in liens against Premier’s retail properties in Plainfield; the state of Indiana is trying to
recover $375,000 in sales taxes on White’s airplane; and the contractor who renovated his Lake Clearwater mansion
is suing him to recover more than $600,000 in unpaid bills.
Speedway officials broke ground Thursday morning on the first phase of a $500 million redevelopment project they hope will transform the small town into a year-round racing-themed destination.
Buyers armed with cash stand to snap up distressed properties for 40 percent less than their 2008 appraised values.
WestGate@Crane Technology Park is adding office buildings for defense contractors next to the secretive Naval Surface Warfare
Center at Crane.
A judge on Wednesday afternoon sentenced Christopher P. White to one year on home detention and three years of probation in
connection with a $500,000 bad check he wrote last year as he tried to save his real estate development firm, Premier Properties
USA Inc.
General Growth is the second-largest U.S. mall owner, trailing only Indianapolis-based Simon Property Group, with more than
200 regional malls in 44 states.
Senior real estate executives remain pessimistic about the prospects for the Indiana market in 2010, although they see signs
of improvement in the investment and residential sectors. That’s according to a survey of leaders of the local real
estate community that the Urban Land Institute plans to unveil Thursday.
Locally based Duke Realty Corp. netted more than $1 million during a Tuesday auction of surplus development parcels in Indianapolis,
Fishers, Plainfield and Lebanon.
Indianapolis-based Duke Realty Corp. announced Monday that its chief operating officer will leave the company at the end of
the year.
Van Rooy Properties plans to spend $5.5 million renovating a 277-unit west side apartment complex that it acquired a month
ago in an unusual deal.
Some contractors, many of whom are desperate to replenish backlogs decimated by the recession, are not telling prospective
clients the whole story about exit strategies.
The Greater Bloomington Chamber of Commerce is opposing Mayor Mark Kruzan’s proposal to restrict chain stores and
restaurants downtown.
Board president says he quit after Indianapolis Mayor Greg Ballard declined proposal to shut down historic landmark until
2013 for major renovation.
Clarian Health has resumed construction on its Saxony Medical Center in Fishers after an 8-month hiatus, the Indianapolis-based
hospital system announced Friday.
The Indiana Finance Authority declined to sell a 19-acre development parcel between the White River and Fall Creek near downtown Indianapolis after it received only two bids at an auction Thursday.
Simon Property Group Inc. reported slightly higher funds from operation for its fiscal third quarter, but FFO fell on a per-share
basis thanks to the company’s issuance of more than 50 million new shares so far this year.
The NCAA executive committee on Thursday approved a $35 million addition to the governing body’s headquarters in White River
State Park in Indianapolis.
Despite a swooning economy that has hammered the time-share condominium industry over the last 18 months, Resort Condominiums
International continues to outperform its market. That’s not to say there hasn’t been some pain at
the company formerly headquartered in Carmel.
