Browning Investments is contemplating developing a business park just north of Indianapolis International Airport in what
would be the largest development to date in the so-called Minnesota Street corridor.
A Bloomington company that revived a former Thomson Consumer Electronics/RCA plant in that city is taking a shot at redeveloping
one of the largest industrial eyesores in Indianapolis, also a former RCA complex. Pinnacle Properties plans to spend $20
million redeveloping the 13-building property northwest of Sherman Drive and East Michigan Street.
A high-flying Carmel businessman who moved his base of operations to Miami a couple of years ago is accused of burning through
$160 million of investors’ money in the collapse of his real estate empire.
The Nature Conservancy has agreed to buy a blighted industrial property on the eastern edge of downtown to develop a new Indiana
headquarters. The $4.5 million project–which will revitalize or replace the former home of Nemec Heating & Supply Co. at
614 E. Ohio St.–should provide another boost to an area that has been bulking up on development, mainly residential.
Paris-based utilities giant Veolia Water has reached a deal to move its North American headquarters into the 16-story National
City Center, providing a boost to a downtown building still reeling from the loss of Simon Property Group Inc.
The retail juggernaut at 86th Street and Keystone Avenue could get even stronger in the next several years. Locally based
Premier Properties USA Inc. revealed plans in 2007 for a $750 million redevelopment of a prime corner near The Fashion Mall
at Keystone.
Christopher P. White is arguably the city’s most daring real estate developer. But an IBJ review of hundreds of pages of public
records shows White and his Premier Properties USA Inc. are facing major financial and legal challenges.
The massive new AllPoints Midwest industrial park in Plainfield has landed its first tenant in a mega deal that likely will
be the area’s biggest industrial lease in 2007. Local logistics firm Prime Distribution Services Inc. has signed a lease for
1.2 million square feet in the 920-acre park, a joint venture between Indianapolis-based Duke Realty Corp. and Browning Investments
Inc.
Entertainment is a big part of a $480 million development proposed for the south side of downtown–plans include a 3,400-seat
theater to attract the likes of Bruce Springsteen and first-run tours of Broadway shows such as “Wicked.” The question is
whether the city can support another midsize venue.
If Circle Centre mall were built today, it would cost $420 million. Throw in another $60 million, and you’ve got the price
of Legends District-SoDo, a proposed mixed-use development on the south edge of downtown.
The developer of a $750 million mixed-use project called Venu has acquired a 13-acre site across the street from where another
developer had planned to build condos and a Whole Foods Market.
A local development team is working on a 10-story, mixed-use tribute to a man who helped design the original plan for Indianapolis,
Alexander Ralston. The $60 million project, dubbed Ralston Square, would feature a 150-room hotel, 55 condos, a 617-space
parking garage and 41,000 square feet of retail space.
Premier Properties USA Inc. is preparing to go head-to-head with Simon Property Group Inc., the nation’s largest and most
powerful mall developer, across the street from Simon’s top-performing The Fashion Mall at Keystone. Premier is proposing
a 2.3-million-square-foot, $750 million development at 86th Street and Keystone Avenue called Venu.
Now that most of the existing buildings along South Meridian Street downtown have been rehabbed for condos, restaurants or
hotels, developers are eyeing surface parking lots. Local companies filed plans recently to replace two such gaps in the Wholesale
District streetscape with mixed-use projects.
Jaron Garrett hasn’t developed anything like the 25-story tower he’s proposing. And he doesn’t come close to having the financial
muscle to pull off the $30 million project on his own. But Garrett is determined to sell his vision of transforming a downtown
eyesore at Washington and Pennsylvania streets into a twisting glass-and-steel apartment tower.
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.
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.
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.
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?
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.
