Around the United States, office workers sent home when the pandemic took hold in March are returning to the world of adjustments, but offices in many cities still remain mostly vacant.
Ratio is architect for the $550 million project by Kite Realty Group Trust that includes a Signia Hilton, an expansion of the Indiana Convention Center and—eventually—a second, 600-room Hilton-branded hotel.
The redevelopment will exacerbate a challenge already weighing on Marion County: huge swaths of land off the tax rolls because they are owned by not-for-profits and are being used for purposes related to the groups’ missions.
The owners of the Shops at Perry Crossing had been hoping to sell the shopping center before a May deadline to pay off the property’s loan balance, but the pandemic ruined those plans.
While landlords at the priciest, amenity-rich apartments have collected most of their rent payments during the pandemic, owners of older, less fancy units—the backbone of the nation’s affordable housing supply—have not fared as well.
The not-for-profit’s central Indiana organization must vacate its current space and hopes to secure 10,000 square feet at another location that could be leased for a nominal fee.
The proposed complex next to the Madam Walker Legacy Center would include about 344 apartment units ranging from studios to three bedrooms, with most of those likely used by IUPUI students.
Kite Realty Trust collected 80% of base rent from tenants in the second quarter despite the pandemic. That percentage jumped to 87% in July.
Ambrose acquired the 90-acre property at 5655 S. Brookville Road in mid-July for $8.2 million—more than five years after Illinois-based Navistar International Corp. shuttered its foundry operations there.
A third of planned downtown hotel rooms announced before the pandemic are now on hold.
The $300 million hotel will be the most expensive and elaborate new lodging project built in the city since the $450 million JW Marriott complex was completed in 2011. And it will compete directly with the JW.
The former Indiana Farm Bureau Insurance office now houses a coworking space, events center and bar. Also this week: Green District Salads, Old Pro’s Table, BounceU and Della Leva Espresso Bar.
Craig Johnson left behind what court records show is millions of dollars in debt that might not be covered by his estate.
Roughly $162 million has been committed so far to minority-owned businesses helping to build the city’s $575 million criminal justice center complex in the Twin Aire neighborhood.
A proposal to issue economic development tax increment revenue bonds for Kite is slated to be voted on by the City-County Council’s Metropolitan and Economic Development Committee on Monday.
Roughly 22 acres on the northern half of the 104-acre site would be reserved for a multifamily project by Sheehan Development Co. Inc. that would include 320 apartments.
The transit agency is now considering a site on Post Road that is much larger than the former Harrison College site downtown and potentially much less expensive.
Lucky said it plans to close 13 stores and could shutter more during the bankruptcy process.
Cornerstone Cos. Inc.’s latest local project is a three-story, 40,000-square-foot medical office building along North Meridian Street for four tenants.
A subsidiary of Swiss drug giant Novartis AG announced plans Tuesday to build a targeted radioligand therapy plant at Purdue Research Park near Indianapolis International Airport.
