Bank seeks to foreclose on architectural firm’s HQ
KeyBank has filed a lawsuit against A2SO4 Architecture and is asking a judge to appoint a receiver to manage the property at 540 N. College Ave. The bank says it is owed nearly $1 million.
Urban Development
Articles
IndyGo jettisons big-name designers
An internationally known architectural team chosen to design a proposed IndyGo transit hub is no longer on the project, to no surprise of local architects who insist the transit agency botched the selection process from the start.
Athenaeum weighs bids for surface lot redevelopment
Three developers are competing to build a mixed-use project likely to include a parking garage on a surface lot adjacent to the historic Athenaeum building.
Big names lining up to tackle Market Square site
City officials will have at least four proposals to consider for redevelopment of a downtown parking lot where Market Square Arena once stood. Bids are due to the city by April 22.
Site swaps could clear the way for $43M Mass Ave project
City officials are working on a deal that could result in a new headquarters and downtown station for the Indianapolis Fire Department, a fresh user for a vacant former car dealership, and long-awaited groundbreaking on a $43 million apartment and retail redevelopment on Mass Ave.
Ballard plans new redevelopment effort for Market Square site
Mayor Greg Ballard, in his annual State of the City speech scheduled for Friday, plans to call for new proposals for the downtown site that previously was home to Market Square Arena. The city expects the proposals to include a high-rise building with a major retail component.
Local housing projects get $3.4M boost from tax credits
The Indianapolis developments include new apartments for seniors, the developmentally disabled and homeless veterans, using sites such as Fort Harrison and the former Central State grounds.
Downtown projects face crucial hurdles
Two downtown apartment projects seek critical government approvals in the next month, while another commercial project is on track to start this year.
Soccer stadium could be development springboard
Landing a North American Soccer League franchise might be the easiest part of Indianapolis developer Ersal Ozdemir’s grand plan, which includes building a downtown soccer stadium and surrounding it with retail and residential space.
Plans afoot to redevelop Payton Wells properties
A local developer hopes to build a $20 million apartment and retail project on one of several Old Northside lots once used by the defunct car dealership Payton Wells.
Investor: Kroger missed chance to buy ‘linchpin’ property
Owner of real estate near 16th and Central says grocery chain showed little interest, but Kroger says it still wants property to make way for new downtown store.
Indianapolis receives $39M loan guarantee from HUD
The city will use the funding to establish a Community and Economic Loan Pool to provide financing for economic development and housing rehabilitation initiatives to benefit people of low and moderate incomes.
Developer unveils 16-home project just east of downtown
The Re-Development Group Inc. bought a1.6-acre site at New York Street and Highland Avenue last May and will raze three 1960s-era office/warehouse buildings to make way for home construction in 2013.
One Mass Ave project starts; another one is in limbo
Insight Development has begun building an $11.5 million, 61-unit apartment project at Massachusetts Avenue and East and North streets. But the fate of the second phase is up in the air because its financing had been tied to a project Insight and Flaherty & Collins Properties had hoped to develop across Mass Ave at the site of the Indianapolis Fire Department headquarters.
City bans bulk land-bank sales after lopsided deal with not-for-profit
Indianapolis last year sold 154 properties from its land bank for $1,000 each to a novice not-for-profit, which immediately flipped them for a total $500,000 profit. More than a dozen have changed hands multiple times since then, making investors more than $1 million. (with interactive map)
Developer gets OK for second phase of apartment project
Trinitas Ventures of West Lafayette plans to break ground next spring on a $20 million student housing project on Indiana Avenue with 214 units. The developer already has built 253 units on the site.
Focal point for Mass Ave project: Huge electronic screen
The most striking feature of a proposed $43-million development along Mass Ave is a Times Square-style electronic screen that would wrap around the building's corner and rise more than three stories.
City asks developers to make local hires in downtown TIF
Indianapolis city-county councilors hope expanding the downtown TIF district will mean more jobs for their constituents. Developers, city contractors and other firms benefiting from the expanded economic-development zone must try to ensure that 40 percent of their work force comes from within the expanded TIF area.
Virginia Avenue attracts yet another project
Englewood Development has under contract the former Shirley Engraving property at 460 Virginia Ave., where it plans up to 50 apartments, about 5,000 square feet of retail space and an underground parking garage.
Steak n Shake paying $3.8M for Ober Building
An affiliate of the Steak n Shake restaurant chain has agreed to pay $3.8 million to acquire downtown's Ober Building from the Capital Improvement Board of Marion County. The restaurant chain likely will move its headquarters to the 1910 building.