The Carmel-based homebuilder said Tuesday that it will shut down if outside investors or a line of credit aren’t obtained soon. The company previously received a cash infusion last June from a group of subcontractors.
Home building in the Indianapolis area fell by more than 30 percent n January over the same month of 2010.
Locally, building permits were up 17 percent in the nine-county area, from 222 in November 2009 to 259 in November 2010.
Health care shows signs of life, and multi-family buildings continue to hold their own, experts said during a recent IBJ Power Breakfast.
The Estridge Cos. said it is reducing Symphony from a planned 1,400 acres to a size that will closer rival the Carmel-based home builder’s 436-acre Centennial development, also in Westfield.
The number of building permits filed in the nine-county metropolitan area dropped by 18 percent in August from the same time a year ago, falling from 354 to 290. The drop marks the third consecutive month permits have fallen.
Housing starts are up 25 percent from their bottom in April 2009. But they remain 74 percent below their peak in January 2006.
Bank of Indiana files complaint against the home builder, alleging it failed to repay a $1 million investment due June 30. The complaint further accuses law firm Krieg DeVault LLP of malpractice and breach of fiduciary duty.
The Estridge Cos. has withdrawn a proposal to build a massive youth sports complex in its master-planned Symphony development in Westfield.
The Westfield planning commission has asked city employees to further review the 1,400-acre mixed-use project that could include
thousands of homes, shops, a YMCA and a baseball stadium.
Beleaguered home builder doesn’t appear to have funds available to pay an attorney to prepare
necessary paperwork for Chapter 7 liquidation, trustee says in court filing.
Estridge Cos.’ subcontractors have invested $10 million into the firm led by COO Matt Cohoat and CEO Paul Estridge Jr.—an
infusion that paves the way for them to proceed with
a massive development in Westfield.
A Cincinnati-based homebuilder’s expansion into Indianapolis marks the second time in six months a builder from the
Queen City has carved out space in the metropolitan area.
The number of building permits filed in the nine-county metropolitan area has been flat the past two months following a flurry
of activity leading up to the expiration of federal home-buying tax credits.
May saw a 17-percent decline in the single-family home market, which had benefited earlier in the year from federal tax credits.
It was the largest monthly drop in single-family construction since January 1991.
A drop in building permits, a gauge of future activity, along with the expiration of a government tax credit for home purchases
suggest the construction gains could fade soon.
Salin Bank argues that it wants to "control its own destiny" by selling 49 lots the homebuilder defaulted on rather
than have court-appointed receiver coordinate the sale.
This spring’s Parade of Home is being held about two weeks earlier than normal to help builders lure homebuyers who want to
take advantage of federal incentives intended to give the residential real estate market a boost. Builders also are taking
chances on more spec homes.
Construction spending fell for a third straight month in January as a slight rebound in housing was not enough to offset widespread
weakness in a number of commercial areas.
The troubled home builder’s $14.5 million in liabilities are twice as much as its assets, receiver tells Marion County judge,
who takes the recommendation under advisement.
