A U.S. bankruptcy judge has scheduled an April 28 emergency hearing over Premier Properties USA Inc.’s refusal to turn over records
concerning its retail properties including Metropolis mall in Plainfield.
Premier Properties USA Inc. filed for bankruptcy protection yesterday, narrowly avoiding the appointment of a receiver to
take control of the troubled Indianapolis company.
No bids were submitted today at an auction for control of 10 properties owned by Indianapolis-based Premier Properties USA
Inc., the financially troubled development company run by Chris White.
An auction this month could strip locally based
Premier Properties USA Inc. of most of its real estate holdings.
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.
Wachovia Bank has begun foreclosure proceedings on one of Premier Properties USA Inc.’s most prized developments, a giant
Ohio lifestyle center anchored by Target and J.C. Penney. The Charlotte, N.C.-based bank also is foreclosing on a vacant former
Wal-Mart store in front of Premier’s Metropolis mall in Plainfield.
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.
The developer of a $750 million mixed-use project called Venu has acquired a 13-acre site across the street from where another
developer had planned to build condos and a Whole Foods Market.
Premier Properties USA Inc. is preparing to go head-to-head with Simon Property Group Inc., the nation’s largest and most
powerful mall developer, across the street from Simon’s top-performing The Fashion Mall at Keystone. Premier is proposing
a 2.3-million-square-foot, $750 million development at 86th Street and Keystone Avenue called Venu.
A local firm plans to redevelop a quiet corner near the Fashion Mall into a mixed-use behemoth with a full-service hotel,
5,000-seat theater, hundreds of condos, and more than a million square feet of office and retail space.
