Indianapolis
Milhaus’s $26M Downtown Redevelopment Obtains Rezoning, Design Approvals
Milhaus Development has received design and rezoning approvals from the Historic Preservation Commission to repurpose the former Mitchell & Scott industrial site in downtown Indianapolis into a five-building apartment complex.
Located in the Chatham-Arch historic district, the $26 million project will bring a total of 236 apartments, including studio, one-, two- and three-bedroom units. Rents will range between $900 and $2,000 per month.
Fishers Medical Office Building Wins BOMA’s TOBY Award
The Building Owners and Managers Association (BOMA) has named the St. Vincent Medical Center Northeast, a medical office building in Fishers, the North Central Region winner of The Outstanding Building of the Year (TOBY) program.
Developed and managed by Duke Realty, the approximately 119,800-square-foot facility at 13914 Southeastern Parkway opened in 2008. The building is part of Ascension Health’s newly built St. Vincent Fishers Hospital.
Hertz Investment Acquires 650,000 SF Office Property in Indianapolis
Hertz Investment Group of Santa Monica, CA has closed on the purchase of the 650,000 square-foot Capital Center Office Tower Complex in Indianapolis from Invesco Real Estate. The local office of CBRE represented the seller in the transaction.
According to the Indianapolis Business Journal, the complex is the 12th-largest in the city and the fifth-largest downtown.
Located on Illinois Street, between Ohio and New York streets, the two-building Class A office property is comprised of the 17-story North Tower and the 22-story South Tower. Amenities include an underground parking structure with 525 spaces, two restaurants, conference facilities, a sundry shop, a coffee shop and a fitness center.
Hendricks Breaks Ground on $30M Redevelopment of Retail Strip in Indianapolis
Developed by Hendricks Commercial Properties of Wisconsin, the five-story mixed-use project will replace the vacant Woodfield Centre retail strip at the southwest corner of Keystone Avenue and East 86th Street with 120 high-end apartments and 36,000 square feet of ground-level retail space. According to the Indianapolis Business Journal, a 10,000 square feet restaurant could soon become the property’s anchor tenant. The developer expects to have a commitment by June, the newspaper reports.
Plans also call for 350 surface parking spaces for shoppers and a 150-space underground garage for residents. Construction is expected to be complete by next summer.
Prologis Inks Deal with Subaru for 715 KSF near Indy
Prologis Inc. has signed a build-to-suit agreement with Subaru of America for a 715,000-square-foot distribution center in the Indianapolis area.
Eli Lilly Plans $180M Expansion of Insulin Cartridge Plant in Indianapolis
Locally based pharmaceutical giant Eli Lilly and Co. is considering an additional $180 million investment in its Indianapolis-based insulin manufacturing operations.
Plans call for an 84,000-square-foot expansion of the company’s $140 million plant currently under construction in the southwest area of downtown Indianapolis. The new facility will increase the company’s insulin-active-ingredient manufacturing capacity and create a second insulin-cartridge-filling line. The production area is expected to become operational in March 2014, while construction on the insulin-cartridge-filling line would be complete by 2016.
Vista Capital Arranges $7.7M CMBS Loan for Extended-Stay Property in Indianapolis
Vista Capital Company has negotiated and closed $7.7 million of financing for the five-story Staybridge Suites hotel in downtown Indianapolis. The 10-year CMBS loan was provided by a European-based group of investors who were attracted by the market and by the strong performance of the asset.
The extended-stay, InterContinental-branded hotel was built in 2000 by its current owner. The property offers 146 rooms, along with a variety of amenities, including a business center, a fitness center and an indoor pool.
Mayor Greg Ballard Plans Redevelopment of Former Market Square Arena Site
The City of Indianapolis is ready to take another shot at redeveloping the former site of Market Square Arena (MSA), which it segmented into parking lots.
During his annual State of the City speech, Mayor Greg Ballard has announced that his administration is now seeking plans and proposals to repurpose the northern half of the former MSA site into something better than surface parking.
Baldwin & Lyons to Spend $20M-$30M on New HQ Facility in Carmel
Baldwin & Lyons, one of Indiana’s largest insurance companies, plans to relocate its headquarters from downtown Indianapolis to Carmel. According to the Indianapolis Business Journal, the company’s lease for 81,000 square feet in the Landmark Center at 1099 N. Meridian St. will expire in August.
In Carmel, Baldwin & Lyons has agreed to invest between $20 and $30 million to acquire and improve a 184,000 square-foot facility at 111 Congressional Blvd. Rick Trimpe and John Vandenbark of CBRE represented the seller, Lauth Property Group, while Baldwin & Lyons was represented by Rich Forslund and Matt Waggoner of Summit Realty.
Developers Selected to Build $22.9M Office Facility at IUPUI Campus
In a public-private development deal, REI Real Estate Services and its partner, Vermillion Enterprises LLC of Chicago, have been selected to build a 100,000-square-foot office facility on the IUPUI campus. According to the Indianapolis Business Journal, the proposed five-story building would house the university’s School of Philanthropy, as well as the offices of Chancellor Charles R. Bantz.
The IU Trustees have received a total of 18 development proposals for the $22.9 million project. Pending a final approval from the Commission for Higher Education and the State Budget Committee, construction could begin this summer and be complete next year.