Local industrial demand cooling as brokers look to fill massive buildings
The slowdown in leasing activity, which began late last year, is putting some developers in a tricky spot.
Commercial Real Estate
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Emmis lists Monument Circle HQ for $35M
The seven-story, 140,000-square-foot structure at 40 Monument Circle was built in 1998 as a dedicated home for Emmis, then a growing media company.
IBJ Podcast: The story behind Peterman’s wild growth across Indiana since brothers took over
Pete Peterman couldn’t have imagined how much and how fast the company would grow under the new generation, which had a strategy that required a fundamental change in the business.
Downtown office space at crossroads, local broker says
John Robinson, managing director for the Indianapolis division of Chicago-based JLL, said during an IBJ panel discussion Friday that he expects at least three of downtown’s 10 major office towers to go through foreclosure or take big losses in a sale over the next few years.
Apartments planned for former bar site near Lucas Oil Stadium
A Greenfield-based developer plans to demolish the former Stadium Tavern to make way for a four-story apartment building.
TWG’s ambitious Old City Hall proposal chosen over several other bids
A few of other bids were similar to the selected proposal put forth by TWG Development, while others went in a distinctly different direction. Here’s a look at those proposals.
Bakery planned for Shelby Street corridor near Garfield Park
Cafe Babette LLC plans to take over the former location of The Garfield Eatery & Coffee, which closed in December 2016.
Signia, convention center expansion clear early design hurdle
The plan allows for a 468-foot-tall hotel tower—which would make it the tallest hotel in the state, and the fourth-tallest building overall.
Circle Tower owner facing foreclosure for alleged nonpayment
Chicago co-working company Expansive bought the landmark building on Monument Circle before the pandemic. Centier Bank says Expansive still owes $12.9M on its loan and has fallen behind on payments.
IPS seeks relief from law requiring $1 building sales to charter schools
The court filing by IPS is the latest move in a long-running dispute between the district and the charter sector over facilities and resources, as charter enrollment grows and IPS enacts academic and other changes to attract students.
Urgent care for pets to take over Fletcher Place doughnut shop location
Indianapolis Animal Urgent Care is expected to open in October near Eli Lilly and Co.’s corporate headquarters.
After building sale, 500 Festival planning to leave downtown HQ for North Mass corridor
The not-for-profit group that organizes events celebrating the Indy 500 sold its headquarters building in November, in part to tighten its focus on operations and away from property management.
Merchants Bank planning 111,000-square-foot HQ expansion in Carmel
The building, according to designs by Carmel-based Studio M Architecture and Planning LLC, will have a brick and glass facade and include a walkway constructed above 3rd Avenue SW that will connect with the existing bank headquarters.
Total Wine, Academy Sports, others adding Avon stores
Liquor superstore Total Wine & More is taking over 28,000-square-foot space formerly occupied by a Bed Bath & Beyond housewares retailer.
Upscale steakhouse chain planning downtown Indy entry
Houston-based Landry’s Inc. plans to open a Del Frisco’s Double Eagle Steak House in a space in downtown’s core that has housed several upscale eateries.
Truck dealer seeks tax breaks for $85M hub overhaul on south side
About 50 full-time jobs with an average pay of $29 per hour are expected to be created along with the expansion for Stoops Freightliner-Quality Trailer.
Property loans are so unappealing that banks want to dump them
This year’s rise in borrowing costs has made commercial real estate one of the hardest-hit areas of the economy. Property sales, especially for office buildings, have slowed to a trickle, giving landlords and lenders few markers to determine the value of certain assets.
Momentum builds to turn dormant far-east-side high school into services hub
The Indianapolis Department of Metropolitan Development has started soliciting ideas for what could be done with the site of the former John Marshall High School, which it purchased from Indianapolis Public Schools for $725,000 last month.
Developers revise plan for controversial $61M residential project north of Broad Ripple
The owners of Willows Event Center on Spirit Lake are reviving efforts to redevelop the site with apartments and townhouses, almost a year after withdrawing their proposal amid pushback from neighbors.
IPS plan to sell school buildings could create conflict with charters, lawmakers
The district plans to give preference to not-for-profits or government agencies before selling to other buyers.