Members of the Metropolitan and Economic Development Committee said they needed more information on Flaherty & Collins’ proposed $81 million high-rise project on the former Market Square Arena site.
The city’s largest real estate brokerage predicts that 2014 will mark the first year the economy feels like it’s actually recovering, as all sectors of the commercial real estate market continue to improve.
Cincinnati-based Neyer Properties has made its first foray into the Indianapolis market by purchasing two buildings near Keystone at the Crossing. A $2 million renovation is in the works.
The Marott Center was built in 1906 as one of the first multi-level department stores in Indiana and is listed on the National Register of Historic Places.
Office brokers say the 662,000-square-foot-building, downtown’s third largest, could fetch more than $60 million, or about $100 a square foot.
The buyer, Equus Capital Partners, has made a habit of purchasing large-scale, Class A office properties on the north side of the city.
The local developer’s purchase of the complex is part of a shift within the company to complement its traditional development business with acquired properties.
Construction firm Meyer Najem Corp. is planning a $5.5 million office building in downtown Fishers to house its growing operations and other high-potential businesses. A proposed deal calls for the town to contribute 1.7 acres of land and $1.4 million.
Zeller Realty Group has acquired the 300,000-square-foot Meridian Plaza right on Carmel’s front door step, and is gearing up for a $4 million revamp.
Edgeworth Laskey Properties LLC, which has developed three buildings within Allison Pointe Park, bought the 10.5-acre parcel along Interstate 465 from a suburban Chicago company.
Attorney and real estate developer Paul J. Page will serve two years of probation and pay a $10,000 fine for concealing the source of a $362,000 down payment on his purchase of a state-leased office building in Elkhart.
The two eight-story, granite-clad buildings are highly visible along the North Meridian Street corridor, which has become attractive to investors as the market’s vacancy rate continues to fall.
The owners of the 19-building Precedent Office Park are putting the massive property up for sale, eight years after buying it for $143 million at the height of the real estate boom.
The two Class A office buildings totaling 348,000 square feet are close to being sold after falling into foreclosure during the implosion of defunct local developer Premier Properties USA Inc.
Cummins spokesman Jon Mills said the company wants to consolidate its two offices in downtown Indianapolis where about 100 employees work in areas such as communications, information technology and investor relations.
The Landmark Center at 1099 N. Meridian St. and the historic Century Building at 36 S. Pennsylvania St. (pictured) are both in receivership but attracting interest from potential buyers and tenants.
The owners of the buildings, about three dozen entities and individuals, owe $16.6 million, or the entire balance of the loan they received in 2006 to purchase the properties, according to court documents.
Economic development leaders in Fishers are asking the Town Council to OK a six-year property tax abatement to help First Internet Bancorp construct as many as two office buildings.
Downtown’s vacancy rate continues to hover around 20 percent, according to mid-year market reports, with more space becoming available than was leased. Meanwhile, the northern suburban market is showing the most improvement.
The three buildings near I-465 and North Meridian Street that make up Meridian Corporate Plaza were lost by Lauth Investment Properties LLC in its bankruptcy reorganization.
