Craft brewery on tap for Speedway’s Main Street
Daredevil Brewing Co.’s plans call for a 10,000-square-foot building to be constructed on a two-acre lot that it purchased at the southeast corner of West Main and Gilman streets.
Commercial Real Estate
Articles
Brokers trying to reverse vacancy in downtown Indy offices
The vacancy rate for Class A space approached 20 percent in 2011 for the first time in at least 15 years and kept trending upward, settling at 21.4 percent at the end of last year.
Indiana Landmarks rescues endangered Jewish landmark
The preservation group paid $50,000 to rescue the near-north side temple on Ruckle Street, which was first occupied by the Beth-El congregation. After a roof replacement, officials hope to find a tenant for the historic building.
Committee urges hiring commitment for $81M MSA tower project
A City-County Council committee recommended approval for the 28-story building but only if the developer pledges that 30 percent of the workers it hires to build the tower live in Marion County.
Former Simon exec sentenced in mail fraud scheme
Carmel resident Mark Palombaro received a sentence of 18 months in a federal prison for perpetrating a construction kickback scheme in Pennsylvania that prosecutors say netted him $766,000.
Kite floats two-tower Pan Am Plaza project
The latest plan to redevelop Pan Am Plaza calls for two hotels, residential units and restaurants spread across two towers as tall as 20 stories each, sources familiar with the details told IBJ.
Simon names spinoff Washington Prime Group, picks CEO
Simon Property Group Inc. has chosen the name for its planned spinoff of strip shopping centers and smaller enclosed malls, and hired Mark Ordan to be the new company’s CEO.
State Auto’s Midtown HQ building on block
State Auto Insurance is seeking to sell its nearly 200,000-square-foot regional headquarters building in Midtown and is listing the property for $9.1 million.
UIndy plans $50M in expansion projects
The bulk of the money, to be spent over five years, will go to a 134,000-square-foot health sciences center, which will provide training space for the university’s nursing, physical therapy and other health care students.
Weaver’s site sale could lead to Broad Ripple village-park connector
Weaver’s Lawn & Garden Shop at 1316 Broad Ripple Ave. has been in business for decades. Now that family members have sold the property, local leaders hope the land eventually can serve as a recreational link.
ExactTarget mulls building downtown tower
ExactTarget Inc. is evaluating downtown sites where it could build a headquarters tower as large as 500,000 square feet, real estate brokers familiar with the discussions told IBJ.
Office space shrinking in Indianapolis area
Technology and work habits are prompting firms to squish space allotted to workers.
New Jersey firm pays $30.2M for Plainfield warehouse
Chambers Street Properties purchased the 622,440-square-foot distribution center completed early last year. Hartz Pet Products occupies the entire space.
Dunham’s $30M expansion in Marion to create 135 jobs
The sporting good retailer, which has more than 200 stores in 17 states, will consolidate distribution into a new, 735,000-square-foot building.
Broad Ripple brokers propose office project on College Avenue
Scott Lindenberg and Thomas Willey want to replace two rental homes they own just north of Kessler Boulevard with a 5,700-square-foot, two-story office building.
IU official: Bloomington campus parking can raise $43M profit
Chief Financial Officer MaryFrances McCourt didn't say how parking rates would be adjusted to create that projected boost and where the extra money would be directed.
Zionsville sticks with big-box ban despite growth push
Even as retail development continues to proliferate just outside Zionsville’s borders, town officials say they remain committed to an 8-year-old zoning ordinance banning big-box stores.
Artist Noel to sell Sanctuary in Zionsville, relocate to New York City
Nancy Noel is putting the massive gallery and event space on the market for $1.85 million. She’ll keep her residence in the area, but plans to open a gallery in the Big Apple.
Prominent criminal lawyer: Airport site for complex ‘cannot work’
A spokesman for Indianapolis Mayor Greg Ballard said the airport site hasn’t officially been selected, although it did score highest among sites the city evaluated.
Proposed criminal justice complex draws five bidders
In the meantime, city officials are arranging to meet with lawyers, judges and residents who are concerned about moving jails and courts from downtown’s core.