Shopping malls laden with debt face day of reckoning
Experts estimate that several hundred shopping malls could shut down over the next decade after owners relinquish them to lenders rather than make steep loan payments.
Commercial Real Estate
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Proposed $20M Carmel development includes steakhouse, town homes
Chuck Lazzara, who owns the Ritz Charles with his wife, has revealed plans for Monon and Main, a mixed-use project on the southwest corner of Main Street and the Monon Trail.
Indiana gains ground in Fortune 500 amid shuffle among elite
Indianapolis-based Simon Property Group Inc. and Warsaw’s Zimmer Biomet Holdings vaulted back among the top 500 this year, while local oil refiner Calumet Specialty Products Partners plummeted.
Ohio retail owner denies merger discussions with Kite Realty
Shares in WP Glimcher Inc. fell nearly 7 percent Monday after the Columbus-based retail landlord refuted reports it was involved in merger negotiations with Indianapolis-based Kite Realty Group Trust.
Missouri company considers $32 million facility in Indiana
A Missouri development company is considering building a $32 million distribution center in northeast Indiana—its latest big development in the Hoosier state.
Trailblazing grocer exploring move to newer, larger space
The Pogue’s Run food cooperative on the city’s east side is discussing whether to put down stakes a few blocks away in the Clifford Corners mixed-use development.
Progress stalled on proposed downtown concert venue
Progress on redeveloping part of the old General Motors stamping plant land into a downtown concert venue appears to have hit a stumbling block over financing, an official for the RACER Trust told Indianapolis City-County Council members Monday.
Purdue, Browning partnering on $1.2 billion project
The area, called the Purdue Innovation District, will be developed by the Purdue Research Foundation and Indianapolis-based Browning Investments. Plans call for up to 7 million square feet of new developments.
Report of Kite-WP Glimcher merger takes analysts by surprise
At least one industry analyst that follows Indianapolis-based Kite Realty said a union between the two companies wouldn’t make sense, given that most of Kite’s properties are strip centers and WP Glimcher’s are shopping malls.
Indy picking up momentum as ‘walkable’ city, expert says
The challenge, according to an author of a study of pedestrian-friendly cities, is picking up ground on the dozens of major metro areas that also are making walkability a higher priority.
Report: Kite Realty in merger talks with Ohio-based retail REIT
Indianapolis-based Kite Realty Group Trust is in merger talks with fellow retail landlord WP Glimcher Inc., Reuters reported late Wednesday, citing people familiar with the matter.
Major renovation for downtown Marriott to run ‘tens of millions’
The revamp of the 622-room Marriott is meant to bring the hotel up to the same standards as the JW Marriott a block to the west. The latter’s owners have agreed to buy the former for $165 million.
Flaherty & Collins walks the walk with move from suburbs to downtown
Responsible for a portion of downtown’s apartment boom, the developer hopes relocating to Regions Tower will attract the younger workforce it’s helping bring to the urban core.
FOCUS: Investment ramps up in Carmel, Westfield as U.S. 31 construction ends
More than $235 million worth of development is anticipated or already under construction along the roadway through Carmel and Westfield—and that doesn’t include a handful of the projects with undisclosed costs.
UPDATE: City’s second-largest hotel to be sold for $165M
White Lodging Services Corp. and REI Investments have a contract to acquire the 622-room Indianapolis Marriott Downtown hotel, the owner said Thursday.
Future of high-profile Zionsville property thrust into uncertainty
Pittman Partners LLC had proposed a $90 million, mixed-use project known as The Farm near the southwest corner of U.S. 421 and Sycamore Street. It recently withdrew from the project, and a new developer is being sought.
Pittman Partners drops plans to develop $90M Zionsville project
The decision by Pittman Partners principal Steve Pittman is the latest sign of strife among siblings of Dr. John Pittman, a Carmel developer who died in 2014. Another sibling, Mark Pittman, now is leading efforts to line up an alternative developer.
IPS board approves Hendricks’ $260M bid to redevelop Mass Ave site
The board followed an outside committee’s recommendation to accept Hendricks’ proposal to redevelop the land at College and Massachusetts avenues. The vote was not without debate, however.
Circle of innovation: Tech firms flock downtown
Since 2014 alone, 14 tech or tech-related companies opened offices within a quarter-mile radius of the Soldiers and Sailors Monument. And all told, 26 such companies inhabit that roughly 16-block cluster.
Review panel picks Hendricks’ $260M proposal for IPS property
A committee tasked with recommending a bid to redevelop the Indianapolis Public Schools property at Massachusetts and College avenues announced its selection of the Wisconsin-based developer Tuesday evening.