Come Sept. 19, Nordstrom Inc.’s got a brand new bag–and, well, shoes, hat and ensemble to match–as the department store
opens a second Indianapolis location, in the Fashion Mall at Keystone. Residing in Parisian’s former quarters,
the new store is poised to burnish the mall’s reputation as the region’s highest-end shopping destination.
Those ubiquitous retail strip centers are beginning to wither under a housing slump that has cast a dark cloud over much of the U.S economy. Heavily dependent on new-home construction, strip-center developments have been hurt by tough residential real estate conditions that have spread into the commercial arena and dampened retail activity. Nationally, the volume of strip-center investment transactions is down 77 percent from a year ago, according to a June commercial report from the Chicago-based National Association of Realtors….
The marketing material for the Sedona Woods community in Fishers boasts that once word gets out, home lots are sure to sell out quickly. In hindsight, the statement couldn’t have been further off the mark. Roughly four years later, the subdivision that ultimately was to contain hundreds of homes built by Davis Homes LLC remains unfinished. And now, after the local builder ceased operations in late July, completion could take even longer. Sedona Woods at Promise Road and 136th Street…
In the buttoneddown world of banking, it doesn’t get much stranger than this: An Indianapolis loan officer with a strong reputation is suddenly dismissed after his employer charges he falsified lending documents. The bank says the fraud exposes it to potential losses approaching $20 million. And here’s the kicker: The employer hasn’t accused the banker of committing the wrongdoing for personal gain. There are no allegations, for instance, of setting up fictitious borrowers to scoop up bank cash on his…
Dear lenders: Perhaps you have seen the recent headlines that declared suburban Indianapolis among the best places in the country to live and raise a family. Perhaps you’ve also taken note that there are a lot of things happening in our communities. Big projects abound in the Indi anapolis area, including Lucas Oil Stadium and the Midfield Terminal at Indianapolis International Airport. People are so excited about the new stadium they lined up for hours trying to get a tour…
Those ubiquitous retail strip centers are beginning to wither under a housing slump that has cast a dark cloud over much of the U.S economy. Heavily dependent on new-home construction, strip-center developments have been hurt by tough residential real estate conditions that have spread into the commercial arena and dampened retail activity. Nationally, the volume of strip-center investment transactions is down 77 percent from a year ago, according to a June commercial report from the Chicago-based National Association of Realtors….
The signs for Leading Edge Commercial Real Estate Services are hard to miss on the south side. And soon, they could be popping up all over central Indiana. The 3-year-old, Greenwood-based brokerage firm has grown from three employees to 14 and now is looking at adding two new offices, including one on the north side. The firm has more than 120 listings, up from about 60 at the start, mostly for office leasing and sales of smaller commercial properties. The…
Now a developer is banking on a new roadway and airport terminal to attract office tenants, although some brokers familiar with the area aren’t sold on the idea. The local office of Chicago-based Verus Partners LLC finished purchasing 200 acres along the east side of the Reagan Parkway and plans to build a 60,000-square-foot, two-story speculative office building. Verus’ mixed-use office and industrial park is called GreenParke at Airwest and could be ready for occupancy by next summer. Infrastructure work…
John E. Huguenard is on a roll. He’s got $1 billion in active industrial listings and is on track to top his $700 million deal volume from last year. The low-key super-broker for the local office of commercial real estate powerhouse Colliers Turley Martin Tucker has closed 17 deals worth a total of $250 million already this year. And that’s no fluke: Huguenard, 45, has sold or leased more than 100 million square feet of industrial property in more than…
Here’s the overall vision for the new Zing restaurant at 543 Indiana Ave. By the way, I’m told the galvanized steel has to cure for one year before they paint it black. The restaurant should open in a couple weeks….
Indy is becoming a hotbed for chain stir-fry restaurants. A popular player, Flat Top Grill, has signed a letter of intent with developer Kite Realty Group Trust to open a new…
Lucas Oil Stadium has nabbed lots of favorable reviews for its retro look, sliding widows looking onto downtown
and retractable roof.
Now a question.
What do you think about the Lucas Oil Stadium name painted in white on the black roof? Does…
Local developer Axia Urban is planning a three-building project that would give the corner of 22nd and Talbott streets a whole new look. The plans, submitted by…
More than 1,000 people from nine states attended an auction Saturday of hundreds
of items seized from Christopher P. White, the founder of bankrupt developer Premier Properties USA Inc.
A couple of restaurant updates today:
Workers are adding a wraparound balcony to Zing, a new small-plate restaurant in the old Payton’s Place at 543 Indiana Ave. Restaurateurs…
Developers White Lodging and REI Investments have made some changes to their plans for a Courtyard by Marriott and a SpringHill Suites next door to the JW Marriott convention hotel, at the request of city planners. Among the changes: signs…
Indianapolis has won the dubious distinction of third place on a Forbes magazine list of the nation’s “Most In-Debt Households”. The magazine uses numbers from Moody’s Economy.com to establish which of…
Kite Realty Group Trust remains mum on its plans for the Rivers Edge shopping center just east of Clearwater Crossing, even in an application for rezoning filed this month. Kite…
A local developer known for its strip centers has stopped building new projects, scaled back its staff, and is trying to
unload several of its properties in an apparent bid to survive. Williams Realty Group earlier this year
shuttered its custom-home-building operation, DayMarc Homes, and now observers are wondering if owners Dave
Crockett and Marc Freije can keep the rest of Williams afloat.
The past 12 months have been hard to take, with all the gloom-anddoom headlines about the weak housing market, subprime credit crisis and softening economy. We’re all ready for some good news. Unfortunately, I can’t provide it here. That’s because executives on the front lines of Indiana business-those most tuned in to the twists and turns of the state’s economy-aren’t ready to call a turnaround yet. In second-quarter conference calls with analysts, the executives are trumpeting their firms’ ability to…
