Indianapolis

New York-based German American Capital Corp. could become the new owner of the Comfort Suites City Centre in downtown Indianapolis. In February, the property’s current owner, Warsaw Hotel Partners LLC, an affiliate of Dora Brothers Hospitality Corp. in Fishers, filed for Chapter 11 bankruptcy protection. The petition listed $1 million to $10 million in assets and $10 million to $50 million in liabilities. According to the Indianapolis Business Journal, German American is owed $12 million, which makes it the company’s largest creditor. In a recent court filling, the bank has proposed a “credit bid” of $7.5 million to acquire the Comfort Suites City Centre from Warsaw Hotel Partners. If the plan is approved by a U.S. Bankruptcy Court judge, German American would take ownership of the property by the end of the year. Comfort Suites City Centre is a 3-star hotel that features 130 air-conditioned guestrooms. Amenities include banquet facilities, an indoor pool, a spa tub, a fitness center and a business center. The property was developed with the help of a $12.6 million loan that German American provided in February 2007. By the time the loan matured in November 2010, Warsaw Hotel Partners still owed the bank $11.2 million.

Terre Haute-based Thompson Thrift is set to break ground on the mixed-use Fishers Marketplace redevelopment at State Road 37 and 131st Street. The first phase of the project will include a luxury apartment complex and a retail center, the Indianapolis Business Journal reports. Construction of the Addison Landing at Fishers Marketplace, a 294-unit high-end apartment complex, is scheduled to begin before the end of the year. The $25 million project will include one- to three-bedroom apartments and will be developed on 17 acres of land owned by locally based Rookwood Builders. New York-based Create Architecture Planning & Design will give the structure a distinct, upscale look, Ashlee Boyd, senior vice president at Thompson Thrift, told the newspaper. The project should be completed by the end of 2013.

Mainstreet Property Group LLC has gained approval from the Indianapolis Metropolitan Development Commission to build a $15.7 million senior health care center on the city’s east side. According to the Indianapolis Business Journal, a portion of the project could be financed by $7.4 million in city-issued bonds. Plans call for 100 beds for skilled care, short-term rehabilitation and assisted-living patients. The facility will be developed on a nine-acre parcel located at 16th Street and Arlington Avenue. Earlier this year, the Cicero-based developer purchased the property from the city for $912,500. Zeke Turner, Mainstreet’s CEO, told the newspaper that the new center is expected to employ up to 150 people.

The Corydon Group has acquired a 17,000-square-foot historic building in Indianapolis for $1.4 million. The public affairs firm purchased the vacant property at 125 W. Market Street from local businessman John Thompson. According to the Indianapolis Business Journal, the Corydon Group plans to renovate the building by early November and occupy the 4,200-square-foot top floor of the three-story building. The first and second levels will be leased, Corydon Group founder Chris Gibson told the newspaper. Financing of the purchase and the improvements is handled by Key Bank, and the renovations will be performed by Blaze Construction. An archivist has also been hired to investigate the property’s history, which could date back to the 1880s.

by Adriana Pop, Associate Editor The Metropolitan Development Commission has approved Flaherty & Collins Properties’ request to add two upper-level pedestrian connectors to the five-story parking garage planned for downtown Indianapolis. According to the Indianapolis Business Journal, one of the bridges would lead to West New York Street to the south of the garage, connecting […]