Group eyes new vision for Circle
A group of local business and civic leaders are hoping to transform Monument Circle into a grand public space in the European model, a pedestrian-friendly piazza that draws crowds year-round to…
Real Estate
Articles
Safeco weighs downtown exit; owners of insurer’s building market space
Insurance giant Safeco Corp. is expected to either vacate or scale back its downtown operation next year–a move that could
deal a major blow to the office market. At stake are about 700 downtown jobs, some or all of which could be eliminated or
shifted to the suburbs. A final decision about the fate of Safeco’s five-building downtown office complex likely will come
after Boston-based Liberty Mutual completes its $6.2 billion acquisition of Seattle-based Safeco.
EYE ON THE PIE: What really drives Hoosier economy?
I enjoy the propaganda of government agencies pleading the causes of special interests. This is the opening sentence of our state profile prepared by the U.S. Small Business Administration’s Office of Advocacy: “Small businesses are the heart of Indiana’s economy.” Frequently, we hear that farming is the beating heart of our economy. Others claim the thumping sound we hear is that of manufacturing. Teachers tell us the economy is only as steady as its educational footing. Steel has a claim…
Lilly Endowment crawls toward diversification goal: Bear market, low Lilly stock price slow selloff
Lilly Endowment Inc. is still on its journey to sell off $2 billion of its Eli Lilly and Co. shares. But after a slow start and a few stops for rest, it may take a little longer to get there than originally thought. The endowment, the single largest holder of Lilly stock, announced its plan to diversify its holdings back in July 2006. For nearly 70 years, the not-for-profit held its wealth almost exclusively in the pharmaceutical company’s stock. So…
BEHIND THE NEWS: Cautious streak helps Duke weather tumultuous times
Duke Realty Corp. has stayed largely out of the headlines this year, which in an economy like this is a pretty good sign. Another Indianapolis developer, Lauth Property Group, has shed more than half its 450-person work force, and Premier Properties Inc.- perhaps the city’s most daring developer-lurched into bankruptcy court. Meanwhile, Duke, which specializes in suburban office and industrial development, keeps on chugging. To be sure, the company isn’t immune to broader economic slowdown. In April, it laid off…
Watch out, King David
A California chain called Jody Maroni’s Sausage Kingdom plans to open a new store in Circle Centre Mall. The restaurant calls itself “Home of the Haut Dog” and serves gourmet…
UIndy unveils new dorm
The University of Indianapolis plans to break ground on a new $9-million residence hall, the campus’ sixth, on Thursday. The four-story…
Buggs Temple restaurant closing
Tavern at the Temple restaurant at 11th Street and the Central Canal in Buggs Temple will close for good on Wednesday. Creation Cafe, a casual restaurant and…
Sour market slows Penn Arts work
Developer Christopher Piazza says “difficult market conditions” have led to a delay for his $3-million renovation of the Penn Arts building at 16th and Pennsylvania…
Before & After: Fountain Square
A former used-appliance store in Fountain Square has a whole new look after a $300,000 renovation. The property at 1315 Shelby St. now has four…
$7,500 tax credit for first-time home buyers showing signs of kick-starting market
Residential real estate brokers are an optimistic bunch, finding plenty of room for hope even when the outlook is grim.
But lately, many of them are downright giddy, and for good reason: Evidence is mounting that a new $7,500
government incentive for first-time homeowners is starting to push buyers off the sidelines.
Mall parking gets pricier
The operators of Circle Centre’s parking garages have raised rates in a move designed to ensure spaces are available for shoppers and to bring in additional revenue. The new…
BW3 proposes calmer look
The back-and-forth continues between city planners and the developer of a new Buffalo Wild Wings restaurant along Washington Street downtown. Franchise owner Pete Watson has offered to tone down the facade a bit, offering this picture:
New life for Whole Foods plan?
An Atlanta firm is hoping to revive the development of a Whole Foods grocery at the northwest corner of 86th Street and Keystone Avenue. Dominion Capital, which took over the site…
Developer betting on cottage homes
Buyers in Seattle, Milwaukee and even Bloomington have snapped up new cottage homes in developments that
turn the McMansion trend on its dormer-decorated head. But will Indianapolis buyers have a similar appetite
for the tiny energy-efficient homes clustered around community greens? A local developer is betting they
will.
INVESTING: Distressed assets today lead to profit tomorrow
Two real estate guys told me recently that the market might be able to grab some traction if the banks would face reality about the true worth of the stuff on their books. Write-offs are large, with an estimated $450 billion written down worldwide this year to date. And if you make an offer for real estate that is less than what the bank has written it down to, most likely your offer will be rejected. The bank is still…
Light reading + who is closing
Let’s start with some real estate news from this week’s IBJ in print:
Charter Homes owner Jerry Jaquess fancies himself a white knight for King Park, a neighborhood once known…
Paramount Tower plan shrinks
Developers are taking a new approach to a student housing project proposed for a 2.3-acre parking lot a few blocks east of the Central Canal….
Charter Homes builder draws scrutiny for odd sales claims, multiple liens
Charter Homes owner Jerry Jaquess fancies himself a white knight for King Park, a neighborhood once known mainly for its
rampant crime, boarded-up homes and vacant lots. But as he’s constructed a slew of homes and carriage houses there, the local
builder has stirred up several lawsuits, dozens of liens and persistent questions about whether his business is legit.
No-bid contract lets local firm suggest sales or sale-leasebacks of city property
The Mayor’s Office has quietly agreed to consider selling some of the city’s more than 1,100 properties, including police stations, maintenance buildings and parks, in a bid to raise cash to help balance the budget. The city awarded the potentially lucrative no-bid contract to Venture Real Estate Services, a politically connected real estate firm led by John Bales.