How 3 real estate entrepreneurs expanded during slowdown
Aasif Bade of Ambrose Property Group, Tadd Miller of Milhaus Development and Joe Whitsett of The Whitsett Group saw opportunity as many rivals retrenched.
Development/Redevelopment
Articles
Bloomington approves $27 million downtown hotel project
The Bloomington City Council has approved giving up some city property for construction of a $27 million Hyatt Hotel near the downtown courthouse square.
Lawmaker seeks funding to tackle abandoned housing
State Rep. Ed Clere plans to introduce a bill that would give municipalities explicit powers to create land banks, which can sell surplus property for redevelopment. He also wants to include a revenue source to support land-bank operations and eliminate tax-foreclosure sales as a form of investor speculation.
Airport Authority continues to fight off-site parking lot
The Indianapolis Airport Authority has taken its fight against an off-airport parking operator to the Indiana Court of Appeals after exhausting its options in Marion County Superior Court.
Indianapolis receives $39M loan guarantee from HUD
The city will use the funding to establish a Community and Economic Loan Pool to provide financing for economic development and housing rehabilitation initiatives to benefit people of low and moderate incomes.
Developer unveils 16-home project just east of downtown
The Re-Development Group Inc. bought a1.6-acre site at New York Street and Highland Avenue last May and will raze three 1960s-era office/warehouse buildings to make way for home construction in 2013.
Carmel project dogged by conflict questions
An executive ousted from the firm developing The Barrington in Carmel alleges that the $142 million retirement-community project was driven by conflicts of interest.
Downtown Crowne Plaza undergoing $8M renovation
Guest rooms will receive new furniture and bathrooms new floor tile and granite countertops. Improvements also will be made to public and meeting spaces, in addition to food and beverage areas.
One Mass Ave project starts; another one is in limbo
Insight Development has begun building an $11.5 million, 61-unit apartment project at Massachusetts Avenue and East and North streets. But the fate of the second phase is up in the air because its financing had been tied to a project Insight and Flaherty & Collins Properties had hoped to develop across Mass Ave at the site of the Indianapolis Fire Department headquarters.
$33 million mixed-use project to remake Fishers
Fishers officials are finalizing a deal with a local developer for a mixed-use project that would launch a long-awaited transformation of the town’s suburban core.
City bans bulk land-bank sales after lopsided deal with not-for-profit
Indianapolis last year sold 154 properties from its land bank for $1,000 each to a novice not-for-profit, which immediately flipped them for a total $500,000 profit. More than a dozen have changed hands multiple times since then, making investors more than $1 million. (with interactive map)
LA Fitness buys site near Washington Square, boosting area
LA Fitness plans to build a gym on the former home of a Loews movie theater adjacent to Washington Square Mall in the latest sign of progress for a struggling retail submarket.
Developer gets OK for second phase of apartment project
Trinitas Ventures of West Lafayette plans to break ground next spring on a $20 million student housing project on Indiana Avenue with 214 units. The developer already has built 253 units on the site.
Focal point for Mass Ave project: Huge electronic screen
The most striking feature of a proposed $43-million development along Mass Ave is a Times Square-style electronic screen that would wrap around the building's corner and rise more than three stories.
$43M Mass Ave project to feature 235 apartments, three-story screen
City officials this morning unveiled plans for a $43 million redevelopment of a prime Mass Ave parcel occupied by the Indianapolis Fire Department.
City selects developers for Mass Ave project
City officials have picked the apartment specialist J.C. Hart Co., retail developer Paul Kite Co. and architecture firm Schmidt Associates to redevelop a prime Mass Ave parcel currently occupied by the Indianapolis Fire Department.
Developer secures financing for $9M Irvington project
Developers are one step closer to building a $9 million apartment project to replace a blighted former hotel in Irvington.
Deal clears hurdle to demolish 1920s theater
The St. Joseph County Public Library owns the boarded-up Avon Theater, and library officials want to demolish it and two other vacant buildings to clear room for more parking and a future expansion project.
Milhaus buying site for more downtown apartments
The local developer has agreed to purchase the former Mitchell & Scott industrial complex in the 600 block of College Avenue and is in the process of pulling together a plan for the site.
Keystone Group picked for Butler mixed-use project
The university chose Keystone over Kite Realty Group and Lauth Property Group to build housing, retail and parking worth up to $45 million.