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Trustee inches toward redeveloping property portfolio

Center Township Trustee Carl Drummer and his predecessors have stockpiled more than money over the years. The trustee’s office
also holds a portfolio of mostly undeveloped properties worth at least $10 million. Several key parcels have been on the trustee’s
books-and off the tax rolls-for decades. Drummer has made some progress in finding uses for the properties since an IBJ special
report first questioned his holdings in November 2006. But it would have to be measured in inches. The most…

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Developer with environmental bent has $20M pipeline of projects

Expensive suits and luxury cars are standard issue for most developers, but not for the owners of locally based Casa Verde
LLC. Three of four owners sport beards. They build only Leadership in Energy and Environmental Design, or LEED, certified
projects. But don’t let the hippie image mask the company’s mission: Make green by building green.

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Former RCA industrial site to get $20M rehab

A Bloomington company that revived a former Thomson Consumer Electronics/RCA plant in that city is taking a shot at redeveloping
one of the largest industrial eyesores in Indianapolis, also a former RCA complex. Pinnacle Properties plans to spend $20
million redeveloping the 13-building property northwest of Sherman Drive and East Michigan Street.

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Nature Conservancy buys blighted industrial site

The Nature Conservancy has agreed to buy a blighted industrial property on the eastern edge of downtown to develop a new Indiana
headquarters. The $4.5 million project–which will revitalize or replace the former home of Nemec Heating & Supply Co. at
614 E. Ohio St.–should provide another boost to an area that has been bulking up on development, mainly residential.

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Developers have new plans for corner

The retail juggernaut at 86th Street and Keystone Avenue could get even stronger in the next several years. Locally based
Premier Properties USA Inc. revealed plans in 2007 for a $750 million redevelopment of a prime corner near The Fashion Mall
at Keystone.

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Concert hall component would test demand

Entertainment is a big part of a $480 million development proposed for the south side of downtown–plans include a 3,400-seat
theater to attract the likes of Bruce Springsteen and first-run tours of Broadway shows such as “Wicked.” The question is
whether the city can support another midsize venue.

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SoDo proposal faces stiff odds

If Circle Centre mall were built today, it would cost $420 million. Throw in another $60 million, and you’ve got the price
of Legends District-SoDo, a proposed mixed-use development on the south edge of downtown.

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Turf war unfolds in Babe Denny neighborhood

A long-neglected neighborhood south of downtown called Babe Denny suddenly is in the spotlight, attracting attention from
city planners, code enforcers, land speculators and a politically connected attorney.

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City fights property owners over value of land by stadium

A legal fight is brewing over a 2.3-acre parking lot sandwiched between the RCA Dome and Lucas Oil Stadium. The state is seeking
to acquire the property through eminent domain and is fighting an appraisal that puts its value at $7 million. The owners,
meanwhile, contend the land is worth about twice as much.

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Ralston Square project would honor city’s first planner

A local development team is working on a 10-story, mixed-use tribute to a man who helped design the original plan for Indianapolis,
Alexander Ralston. The $60 million project, dubbed Ralston Square, would feature a 150-room hotel, 55 condos, a 617-space
parking garage and 41,000 square feet of retail space.

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Wholesale District developments would replace parking lots

Now that most of the existing buildings along South Meridian Street downtown have been rehabbed for condos, restaurants or
hotels, developers are eyeing surface parking lots. Local companies filed plans recently to replace two such gaps in the Wholesale
District streetscape with mixed-use projects.

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City paves way to redevelop Bush Stadium site

Indianapolis has initiated the redevelopment process for Bush Stadium, its shuttered sports landmark. The Metropolitan Development
Commission has hired a pair of local firms for $25,000 to appraise historic Bush Stadium–a first step toward reuse or, more
likely, at least partial demolition.

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24-year-old developer tackles $30M deal

Jaron Garrett hasn’t developed anything like the 25-story tower he’s proposing. And he doesn’t come close to having the financial
muscle to pull off the $30 million project on his own. But Garrett is determined to sell his vision of transforming a downtown
eyesore at Washington and Pennsylvania streets into a twisting glass-and-steel apartment tower.

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Mayor says MSA ‘not a priority’

With the Nov. 6 mayoral election looming, Mayor Bart Peterson seems content to wait for a third term to choose who will redevelop
the Market Square Arena site. He’s willing to put off the opportunity to wipe past failures clean in large part because the
political climate has changed.

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Pan Am development deal dies

Fallout from the subprime mortgage fiasco has scuttled a developer’s plans to acquire Pan Am Plaza and could complicate a
host of other development deals under way in Indianapolis.

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Pan Am buyer to raze rinks

A Texas firm has agreed to buy Pan Am Plaza’s 12-story office building and skating rinks and is planning to replace the rinks
with a more-than-$50-million restaurant and retail development.

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Hotel tower planned by stadium, Lilly campus

After years of designing banks, churches and condo conversions, Prince/Alexander Architects Inc. is working
with unnamed partners on a plan to replace its headquarters with a $47 million, 24-story hotel and condo development called
West Merrill Tower.

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Condo owners in quandary over developer’s offer

The questions these days among residents of Lakes at the Crossing, a quiet community of 77 condos tucked behind a strip center
and an office park along 86th Street at Keystone Avenue, are: Who will sell, and for how much?

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