Denison light-replacement project shows expanding base of green vendors in region
Indianapolis parking garage operator Denison shuns sexy LED lighting for Fishers supplier’s induction lights.
Real Estate
Articles
Criminal charges possible in Premier blowup
Authorities are considering pursuing criminal charges against Christopher P. White and other executives at Premier Properties
USA Inc. in connection with deepening troubles at the local development firm, sources familiar with the matter told IBJ.
Premier lays off workers as lawsuits, debt pile up
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.
Creditor pursues troubled Premier’s property
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.
Memo: Unpaid contractors demanding payment from Premier Properties
Premier Properties USA Inc. is scrambling to keep up with bills for basic services including snow removal,
security and interior design—more signs of financial troubles for the developer of Metropolis in
Plainfield and the proposed Venu project in Indianapolis.
SPECIAL REPORT: Financial travails dog ‘mystery man’ at helm of Premier Properties
An IBJ review of hundreds of pages of public records shows Christopher P. White and his Premier
Properties USA Inc. are facing major financial and legal challenges. The most glaring signs of trouble: Contractors have filed
more than $3.5 million in liens against Premier’s retail properties in Plainfield; the state of Indiana is trying to
recover $375,000 in sales taxes on White’s airplane; and the contractor who renovated his Lake Clearwater mansion
is suing him to recover more than $600,000 in unpaid bills.
Speedway breaks ground on redevelopment project
Speedway officials broke ground Thursday morning on the first phase of a $500 million redevelopment project they hope will transform the small town into a year-round racing-themed destination.
Developer eyes Penn Centre as it wraps up Allen Plaza
Allen Commercial Group is offering for sale the first of 30 condos in its flagship nine-story Allen Plaza building along Pennsylvania
Street downtown. And the firm is working on a phasing plan for its much-larger Penn Centre proposal.
RELLER: Refinancings likely to undermine prices for commercial real estate
Buyers armed with cash stand to snap up distressed properties for 40 percent less than their 2008 appraised values.
Fledgling technology park is development bright spot
WestGate@Crane Technology Park is adding office buildings for defense contractors next to the secretive Naval Surface Warfare
Center at Crane.
Homeownership losing cachet due to housing bust, job losses
Multifamily housing may not benefit anytime soon from falling rates of homeownership.
Premier Properties founder gets home detention for fraud
A judge on Wednesday afternoon sentenced Christopher P. White to one year on home detention and three years of probation in
connection with a $500,000 bad check he wrote last year as he tried to save his real estate development firm, Premier Properties
USA Inc.
Home-construction starts, permits plunge unexpectedly
The Commerce Department said Wednesday that construction of new homes and apartments fell 10.6 percent in October, to the
lowest level since April.
Simon exploring bid to purchase rival General Growth
General Growth is the second-largest U.S. mall owner, trailing only Indianapolis-based Simon Property Group, with more than
200 regional malls in 44 states.
Locals expect few bright spots in 2010
Senior real estate executives remain pessimistic about the prospects for the Indiana market in 2010, although they see signs
of improvement in the investment and residential sectors. That’s according to a survey of leaders of the local real
estate community that the Urban Land Institute plans to unveil Thursday.
Failed jewelry retailer to sell millions in inventory
An old-line Indianapolis jewelry business has shut down, setting the stage for the sale of millions of dollars in remaining
inventory through auctions planned in Indianapolis, Chicago, Miami and Naples, Fla.
October retail sales rise slightly, beat predictions
Retail sales rose more than expected in October due largely to a big rebound in auto sales. But broader consumer spending
remains under pressure.
Rich buying again, but middle class still hurting
Recent earnings reports from major retailers suggest that the wealthy, who pulled back their spending the hardest during the
financial meltdown last fall, are once again being enticed to open their wallets and going back to higher-end outlets. But
those on the lower economic rungs are still scrimping by, heading to Walmart for the basics.
City Market gets OK to evict anchor Constantino’s
The cash-strapped, half-vacant City Market is playing legal hardball with five current or former tenants that are behind
on rent, a move that’s led to the imminent eviction of Constantino’s Market Place.
Teachers’ pension fund poised to buy downtown building from Duke
The Indiana State Teachers’ Retirement Fund is negotiating to buy a 12-story office building across from the
Statehouse in what could be the year’s largest downtown office transaction.