Roundup: Bowling alley closing
Sport Bowl calling it quitsThe owners of Sport Bowl, a south-side institution for 67 years, plan to close in about a week. The 32-lane bowling alley has struggled since locally based Royal Pin…
Real Estate
Articles
Texas investor enlists former Steak n Shake exec in quest to revive chain
Two executives with longtime ties to The Steak n Shake Co. have joined a dissident Texas investor in his quest to overhaul
the Indianapolis-based restaurant chain. Shareholders who have agreed to work with Sardar Biglari include a former board member
the company once described as a “modern-day founder” of the restaurant chain, along with a former partner in Kelley & Partners
Ltd., the investment firm led by company patriarch E.W. Kelley before his 2003 death.
Commentary: Remember better days at ATA
On ATA, you’re on vacation. That catchy tag line from the past has taken on new meaning to the 600 or so Indianapolis employees who were abruptly and unceremoniously terminated April 3 when the airline shut down for good. The singsong melody that accompanied those words in ATA’s marketing is now a dissonant tune for them and the thousands of ticketed passengers who were left stranded. The airline whose name and jingle once evoked images of fun in the sun,…
Market Tower owners put it up for bid despite tough market
The owners of Market Tower–the city’s fourth-tallest skyscraper–tried to sell the 31-story building this month but apparently
were unable to generate bids that met expectations. The timing of the sale–at a point when financing large deals is difficult–suggests
the owners may be eager to unload the asset.
BEHIND THE NEWS: Plans in beaten-down state test HHGregg’s strategy
HHGregg Inc.’s audacious expansion strategy is about to get its biggest test. Since 1999, the Indianapolis-based electronics and appliance retailer has charged into eight new metro areas, adding 78 stores in such markets as Atlanta; Knoxville, Tenn.; Birmingham, Ala.; and Charlotte, N.C. The company doesn’t tiptoe in. It starts with multiple stores to justify the cost of building distribution infrastructure and launching an advertising blitz. The strategy has allowed it to swiftly build major market shares everywhere it’s gone. Now,…
CVS to replace downtown IHOP
CVS has filed plans to build a new store where an IHOP now stands at the corner of 16th and Meridian streets. The new pharmacy would replace the iconic…
Paramount Tower getting redesign
A development team is redesigning plans for a 16-story student-housing tower it hopes to build on a 2.3-acre site a few blocks east of the Central Canal. The developers,…
Premier Properties auction attracts no bids
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.
The year flew by
Property Lines turns one this week. We’ve reached 300 posts and more than 5,500 comments thanks to the participation and support of a loyal group of readers. Thank you.To mark the occasion, let’s…
Developer plans Carmel project
Locally based Browning Investments plans to develop a 20-acre mix of hotels, office buildings, a medical center and retail space on a vacant former church property along…
Commentary: Jim Browning, a champion of the city
It was probably 15 years ago when Jim Browning called and invited me to lunch for the first time. I don’t recall why he extended the invitation, but I remember from the lunch that he was interested in what I had to say. And that surprised me. I didn’t know Jim then, but I knew of him through his architecture firm, Browning Day Mullins Dierdorf. I also associated him with the group of bold civic leaders who came up with…
INVESTING: Diversifying in right way not as easy as it sounds
When you talk to your financial adviser and he tells you to diversify your investments, you are supposed to find ideas that do not move in direct sympathy with the stock market. In other words, put your money in non-correlated asset classes. The concept here is that, when one area of your portfolio is not doing well, another part is more than making up the slack. This whole program is wrapped up neatly in a cool term called modern portfolio…
Building opportunities: CREW Careers offers girls a glimpse into the diverse world of commercial real estate
While one college basketball team just completed its journey to a national championship, CREW Network’s women hope they’re on a similar winning path-a path to scoring parity in the male-dominated field of commercial real estate. The Commercial Real Estate Women Network is a national member organization dedicated to the advancement of women in commercial real estate. It has 66 chapters, including one in Indianapolis. In 2005, CREW Network completed the industry’s first comprehensive study of the status of women in…
One Indiana Square owner sues insurer over storm-damage repairs
The owners of a downtown skyscraper badly damaged in a 2006 storm are suing their insurance company after it halted payments
on a facade-replacement project. The suit, filed April 1, accuses the insurance company of a “bad faith” attempt to avoid
paying for repairs to the 36-story One Indiana Square building at the northeast corner of Pennsylvania and Ohio streets.
St. V: ERs needed in suburbs: Traditionally unprofitable service could thrive in two growing areas
Building these facilities i n proven “growth markets” such as Boone and Hamilton counties, however, should prove more prosperous, insists St. Vincent CEO Vincent Caponi. A more upscale demographic is the telling factor. Yet, the network of hospitals is not about to abandon its purpose of serving the needy. “That doesn’t mean the poor and underserved aren’t going to be coming to our front door,” Caponi said. “That’s always been part of our mission. We will continue [to], and gladly,…
JW work to begin in June
A three-year project to build a new convention headquarters hotel along West Street now is scheduled to begin on June 1, immediately after the Indianapolis 500, said Mike Wells of developer REI…
BREAKING: Lender to sell Premier properties
An auction this month could strip locally based
Premier Properties USA Inc. of most of its real estate holdings.
More layoffs for developers
News from the city’s development industry has been grim lately. Duke Realty Corp. joined the layoff parade this week, dropping 45 employees (including 20 locally). In January, Lauth laid off 80 employees,…
Kite eyes retail, hotel for Pan Am
A local developer hopes to add restaurants and retail space and possibly more to Pan Am Plaza to capitalize on a growing convention center and the new Lucas Oil Stadium. Kite…
IRT plans $3M renovation
The Indiana Repertory Theatre has won a $3-million grant from the Lilly Endowment to fund renovations of the Indiana Theatre building at 140 W. Washington St. IRT plans to…