Pan Am development deal dies
Fallout from the subprime mortgage fiasco has scuttled a developer’s plans to acquire Pan Am Plaza and could complicate a
host of other development deals under way in Indianapolis.
Commercial Real Estate
Articles
Class A towers paying B taxes
When it comes to advertising and marketing, the city’s two tallest skyscrapers are Class A, all the way. But throw out that
notion at tax time. The owners of Chase Tower and OneAmerica Tower–and some of the city’s other large office buildings–have
successfully lobbied for lower building “grades” that save them big bucks on property taxes.
Hotel tower planned by stadium, Lilly campus
After years of designing banks, churches and condo conversions, Prince/Alexander Architects Inc. is working
with unnamed partners on a plan to replace its headquarters with a $47 million, 24-story hotel and condo development called
West Merrill Tower.
Condo owners in quandary over developer’s offer
The questions these days among residents of Lakes at the Crossing, a quiet community of 77 condos tucked behind a strip center
and an office park along 86th Street at Keystone Avenue, are: Who will sell, and for how much?
St. Vincent taking over Thomson HQ
A shrunken Thomson, the former manufacturer of RCA
televisions, is vacating a landmark office building at its Carmel headquarters to make way for St. Vincent Health, the parent
company of a growing chain of Indiana hospitals.
Broker wants Lucas Oil to move HQ near airport
Marvin Miller is representing a landowner trying to sell 125 acres just north of Indianapolis International Airport. But Miller
wants him to give away some of the property to persuade California-based Lucas Oil to move its headquarters there, jump-starting
the stagnant area in the process.
Lilly vacating 99,000 square feet in 30 S. Meridian building
Eli Lilly and Co. has decided to vacate 99,000 square feet of office space at 30 S. Meridian St. in yet another blow to the
struggling downtown market. Roughly 1.8 million square feet of space already is sitting idle downtown, putting downward pressure
on rents.
New Nordstrom an obstacle for fragile downtown mall
When Nordstrom in 1992 signed its lease to open in Circle Centre, mall developers extracted an unusual commitment. The Seattle company agreed not to open another Indianapolis-area store for at least five years. So when Nordstrom last month announced it will launch a second location here, in The Fashion Mall at Keystone, it caught the attention of Herman Renfro, a former Simon Property Group Inc. development executive who oversaw Circle Centre.
Canal site picked for $33M project
A local developer plans to build a $33 million, four-story apartment and retail complex on the Central Canal just north of
Michigan Street. Flaherty & Collins Properties has the three-acre parcel under contract from American United Life Insurance
Co.
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.
Binford med center making headway
The building skeleton planted recently at the corner of 65th Street and Binford Boulevard offers only a hint of the $29 million medical complex Ken Schmidt wants to grow there. The Indianapolis developer will add four more buildings and a separate pharmacy to the 17 acres of land he bought several years ago. The end result, he said, will be a medical plaza that offers a unique blend of services encompassing dental work, radiology and ambulatory surgery, among other specialties….