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Ralston Square development lures bar, hotel, bowling alley

A trendy bar and an upscale hotel have agreed to anchor the 11-story Ralston Square project slated for South Street between
Meridian and Pennsylvania streets. The developers of the $60 million mixed-use project are moving forward after landing the
tenants necessary to secure a loan commitment, said Brian Epstein, president of locally based Urban Space Commercial Properties
and a partner on the project.

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Group plots public-private revival for midtown Meridian neighborhoods

There was a time when residents of Meridian Kessler, Butler Tarkington, and Broad Ripple viewed North Meridian Street as a
connection between their neighborhoods. These days, the road feels more like a divide-an intimidating commuter highway between
downtown and the northern suburbs that discourages pedestrian and bicycle traffic. A partnership of community groups including
the Meridian Street Foundation is hoping to change that by giving the neighborhoods a collective identity–Midtown–and mixing
private and public money to fund major infrastructure improvements.

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Developers vie for property by Central Library

Two high-profile property developers are squaring off for the rights to transform a six-story apartment complex adjacent to
the Central Library downtown. Van Rooy Properties and Buckingham Cos. both submitted proposals to redevelop the Ambassador
apartments at 39 E. Ninth St., just north of the library.

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Business leaders battle over real estate left behind by Payton Wells

The Malibus and Impalas disappeared from Payton Wells Chevrolet more than 18 months ago, but the controversy over the defunct
dealership at 1510 N. Meridian St. is far from being in the rearview mirror for some of the city’s top businesspeople and
developers. A court battle over the dealership’s properties could determine when and how the roughly six acres of prime land
are redeveloped.

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Renovated Central Library spawns neighborhood revival

A local developer plans to spend up to $45 million building a “north village of downtown” on several parcels it has assembled
near the Central Library. Buckingham Cos. plans to build apartments, offices, restaurants and retail space-all surrounding
its headquarters in the three-story Stokely-Van Camp building at the southeast corner of Meridian and St. Joseph streets.

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Premier Properties lays off workers as lawsuits, debt pile up

Premier Properties USA Inc. has eliminated about half its headquarters staff–more than 40 employees–as banks seize several
of its properties and CEO Christopher P. White faces a barrage of new lawsuits alleging unpaid bills, defaulted loans, illegally
redirected rent payments and check fraud.

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Browning eyes airport land

Browning Investments is contemplating developing a business park just north of Indianapolis International Airport in what
would be the largest development to date in the so-called Minnesota Street corridor.

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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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