Real estate listings: May 21, 2024
The following construction projects and sale and lease deals were included in IBJ’s Real Estate Weekly newsletter on May 21, 2024.
Commercial Real Estate
Articles
Developer plans $16.4M hotel next to growing Crawfordsville business park
The 100-room hotel is planned for a parcel next to Crawfordsville Commerce Park, which got off to a slow start about two decades ago but recently has landed some major tenants.
Drugmaker Novartis to expand nuclear medicine factory near airport, creating 55 jobs
Novartis Manufacturing LLC told a committee of the City-County Council on Monday evening that it plans to spend up to $125 million to construct and equip a 79,000-square-foot-building for radiopharmaceutical manufacturing and distribution on the city’s west side.
Are tacos and burritos sandwiches? A judge in Indiana ruled yes.
A developer of the shopping center property wanted to allow the Famous Taco restaurant to open there, but a nearby condominium association raised concerns that the business violated the property’s zoning policy.
Timeline firming up for converting Gold Building to apartments as construction costs climb
Last month, city officials and the two developers reached a tentative deal for addressing key elements of the overhaul of downtown’s City Market block, including reskinning the Gold Building and renovating the adjacent Ohio Street parking garage.
IEDC seeks sale of 51 acres at former GM stamping plant site
The Indiana Economic Development Corp, in a request for proposals, said it hopes to sell the property along the White River by the end of September, most likely to a master developer.
Sam Ash Music to close all stores, including Castleton location
The announcement comes just more than a month after Sam Ash said it would close 18 of 44 stores as part of a company restructuring meant to make the company stronger.
Owner of historic building in possible MLS stadium development area says she won’t sell
A proposal to develop a Major League Soccer stadium on the east side of downtown Indianapolis is facing some early resistance from the owner of a historic property in the heart of the proposed development area.
City reveals new taxing district map for proposed MLS stadium
The map specifies more than 120 non-contiguous addresses throughout downtown that would be incorporated into a new professional sports development area, or PSDA.
Hendricks closes on $85M purchase of Circle Centre Mall
Hendricks Commercial Properties—the developer of the Bottleworks District—plans to spend at least $600 million to convert the nearly 30-year-old mall into an open air, pedestrian-focused retail, office and residential district.
Non-alcoholic bar Memento Zero Proof Lounge closes in Fishers
Memento co-owner Max Gavin told IBJ the bar at the First Internet Bank building at 8701 E. 116th St. closed due to a lease issue.
Lilly’s $3.7B manufacturing campus in Boone County starting to take shape
The company plans to develop at least 12 buildings totaling more than 1.6 million square feet. The project is expected to anchor the LEAP Research and Innovation District northwest of Lebanon.
Sugar Factory faces eviction at Circle Centre after allegedly failing to pay $300,000-plus in rent
New York City-based Sugar Factory opened in April 2022, replacing the Palomino restaurant that had occupied the space for 23 years. An eviction hearing is set for May 1.
UPDATE: Express files for bankruptcy, announces store closures, possible sale
A consortium that includes Indianapolis-based Simon Property Group has offered a non-binding letter of intent to potentially purchase the majority of its stores and operations. Four Indiana stores are slated for closure, according to bankruptcy papers.
Chalet, Landlocked Baking Company to close as Small Victories tries to sharpen focus
The owners of Indianapolis-based Small Victories Hospitality are closing their hybrid café/bar in Butler-Tarkington and brunch spot in Irvington and arranging for new management of Coat Check Coffee and Provider.
Downtown office properties are facing tough financial years—but mall project offers hope
It’s a challenge hitting urban centers across the United States. Downtown office buildings are seeing their values plummet and vacancy rates climb due to space consolidation and a continued hesitancy toward renewals and new leases following the pandemic.
Carmel to seek outside funding sources for Monon Square South project
Plans call for the project to cost an estimated $47 million and feature a food hall, community gathering space, office space, apartments and a public parking garage.
Six-story apartment building planned on site across from Lucas Oil Stadium
Indianapolis-based TWG says it has all four of the parcels comprising the site under contract, pending city approval to rezone them from the current I-2 industrial classification to a more apartment-friendly designation.
Council committee OKs $12M in TIF funds for proposed north-side apartments
Plans call for the project, named Allison Pointe, to be built on a 10.5-acre undeveloped parcel in a small commercial park just south of Interstate 465, north of 82nd Street and west of Allisonville Road, between Castleton and Keystone at the Crossing
IBJ Podcast: John Stehr, news anchor turned mayor, on tackling one of Zionsville’s hottest issues
Stehr has jumped into the job with a big-picture vision for addressing how to develop the land just south of Zionsville’s gingerbread-like downtown.