HHGregg shares slide on disappointing quarterly results
HHGregg Inc. lost more money than expected in its latest quarter as sales slumped dramatically, the Indianapolis-based appliance, electronics and furniture retailer reported Thursday morning.
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Developer plans five-story Broad Ripple office building
At 85 feet, the ambitious project, set to be built on the property of a vacated American Legion post, would be the tallest in the village, even topping Browning Investments’ proposed retail-and-apartment development.
Duke Realty reports strong quarterly results
Duke Realty Corp. saw a surge in revenue, profit and funds from operations in the second quarter compared with a year ago, the Indianapolis-based real estate developer said late Wednesday afternoon.
Roundup: Tinker Coffee, Tilted Kilt, Bar Rio and more
Tinker Coffee Co., set to open just west of the Foundry Provisions cafe, will continue the trend of projects along 16th Street with Tinker in the title–a nod to 16th Street’s original name.
Shopping mall owner offers $5.6B for competitor
Klepierre SA, which is partly owned by Indianapolis-based Simon Property Group, has offered to buy Dutch competitor Corio NV to solidify its position as Europe’s second-largest publicly traded-shopping mall operator.
Hunt Construction acquired by L.A. engineering firm
The city’s largest construction contractor, whose local projects include Lucas Oil Stadium and the JW Marriott hotel, has been acquired by Los Angeles-based engineering firm Aecom Technology Corp.
Contracts to buy homes decrease nationally
Sales have been slowed by a mix of meager wage growth, rising home prices, and mortgage rates that rose steadily through the end of last year.
Groundbreaking set for $15M Speedway roundabout
The town of Speedway plans a two-lane roundabout to replace the current stoplight-controlled intersection at West 16th and Main streets, and Crawfordsville Road, outside the Indianapolis Motor Speedway.
Former piano factory burns down in Muncie
Old building also had been used as chemical distributorship.
Carmel residents balk at sewer-overflow tank planned next to church
The Clay Township Regional Waste District has made a $106,800 offer to King of Glory Church to buy land for the above-ground tank, which would be the size of a one-story McMansion.
Carmel budget hawks want harder line on deals with developers
The Carmel Redevelopment Commission’s 2014 revenue is estimated to exceed expenses by less than $100,000—a narrow margin for an agency with annual debt payments totaling $17.5 million.
Indiana Limestone Co. digs out of deep hole
In February, Indiana Limestone Co. filed for bankruptcy. But two months later, Chicago-based Wynnchurch Capital Ltd. bought the quarry company out of bankruptcy. ILC is now digging out and looking at a brighter horizon.
Bar owner alleges racism in lease dispute
The owner of a nightclub in the heart of Broad Ripple believes his landlords nearly doubled his rent for just one reason: to force him and his mostly African-American clientele from the building.
Developer pitches 5-story office building for Broad Ripple
A local developer plans to build a five-story office building on the site of a closed American Legion post in Broad Ripple.
Newcomer’s $25M spec project taps area’s industrial muscle
A Kansas City, Mo.-based developer has broken ground on a 740,000-square-foot distribution center in Lebanon, further juicing the Indy area’s status as a hot industrial market.
Simon profit jumps on improving occupancy, rents
The company reported a 20-percent increase in profit in the second quarter as occupancy in its malls climbed to 96.5 percent, prompting Simon to raise its guidance.
Kite Realty to engineer 1-for-4 reverse stock split
The move will hike the real estate firm’s stock price, combining every four shares into a single share. Kite officials hope a double-digit price will give shares a more stable foundation and an image makeover.
UPDATE: Lowe’s to invest $20.5M in customer-service center
The home-improvement retail titan plans to begin hiring immediately for the center on the northeast side, pledging to employ as many as 1,000 workers making wages of $10 to $14 per hour.
Downtown roundup: BL&T, Mo’s, Starbucks and Pattern
A new restaurant is set to take space at 1 N. Meridian St., Mo’s is reopening and a popular Starbucks location is temporarily closed for remodeling.
Area home-construction permit filings tick up
Filings in the nine-county metro area have shown slight year-over-year improvement in four of this year’s six months.