Indianapolis
Gershman Brown Crowley to Begin Construction on First Phase of $100M Mixed-Use Project in Carmel
Indianapolis-based Gershman Brown Crowley Inc. will soon break ground on the first two components of its $100 million mixed-use development in Carmel. According to the Indianapolis Business Journal, the developer is seeking design approval from the city for a 9,600-square-foot retail building at the southwest corner of 116th and Illinois streets and a 13,200-square-foot CVS pharmacy planned at 116th and Springmill. Gershman Brown Crowley expects to start construction in March. The pharmacy is scheduled to open in September, while the retail building is slated to be finished by October.
Local Investor Group Acquires 188,000SF Office, Storage, Industrial Space in Indianapolis
Private investor group Alcatraz Investments, LLC has acquired the 188,000-square-foot Indianapolis Enterprise Center on the near-east side of the city. Financial terms of the transaction were not disclosed. The facility features office as well as storage and industrial space, and serves small business customers in the downtown Indianapolis market. Alcatraz Investments now plans to upgrade the property, which has experienced four years of deferred maintenance. Scott Meyers, the company’s principal, has owned the center once before, from 2005 to 2007. “We’re genuinely excited about the opportunity to add this property back into our portfolio, having sold it back in 2007,” said Meyers. “The timing was perfect, as demand for storage and Industrial space is growing in this market, and the need for small, affordable office space has never been greater than during the recession.”
General Hotels Plans $8M Renovation for Downtown Crowne Plaza
General Hotels Corp. is planning a major renovation of the Crowne Plaza Hotel in downtown Indianapolis. According to Inside Indiana Business, the $8 million project will include extensive upgrades to the hotel’s 273 guest rooms, as well as improvements to the meeting space and food and beverage areas. In order to ensure minimal impact to hotel guests, the renovation will be conducted in phases. It is scheduled to begin during the first quarter of 2013 and be completed by October. “The hotel’s historical, architectural charm and proximity to downtown’s entertainment districts, sporting venues and attractions, combined with newly renovated state-of-the art comfort will offer planners and visitors an exclusive meeting / lodging experience distinctly set apart from other area hotels,” said Jim Dora, Jr., General Hotels Corp. president and CEO.
Eli Lilly Plans $140M Plant Expansion in Indianapolis
Eli Lilly and Co. has announced plans for a $140 million expansion of the company’s Indianapolis insulin manufacturing operations. The company’s initiative represents one of the largest economic development investments in both the city and state in 2012. Construction on the 80,000-square-foot expansion will begin immediately with completion expected in March 2014. More than 100 permanent jobs for highly skilled technicians, scientists, and engineers will be created once the facility becomes operational in 2015.
City Unveils Plans for Mixed-Use M-F Project in Downtown Indianapolis
City officials have announced the winning bid for the reconversion of a prime Mass Avenue parcel in downtown Indianapolis. The development team will be comprised of apartment specialist J.C. Hart Co., retail developer Paul Kite Co. and architecture firm Schmidt Associates. The anticipated cost of the project is approximately $43 million. Plans call for up to 235 market-rate apartments, up to 40,000 square feet of ground-floor retail and two levels of surface and underground parking. The project will be developed on a 1.45-acre property bordered by Massachusetts Avenue, North New Jersey Street and East North Street. The site is currently occupied by the Indianapolis Fire Department.
Creditor Files to Acquire Comfort Suites City Centre for $7.5M
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.
Thompson Thrift to Break Ground on Fishers Marketplace Mixed-Use Redevelopment
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 to Develop $15.7M Seniors Health Care Facility in Indianapolis
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.
Steak n Shake to Acquire Historic Office Building in Downtown Indianapolis
The sale of the historic Ober Building in downtown Indianapolis has been approved by the Metropolitan Development Commission on behalf of the Capital Improvement Board of Marion County. According to the Indianapolis Business Journal, an affiliate of the locally based Steak n Shake restaurant chain will pay $3.8 million to purchase the 62,500-square-foot office building and another $2 million for improvements. Steak n Shake plans to move its headquarters to floors three through six in the six-story Ober Building located at 107 S. Pennsylvania St. The company’s local offices are currently in the Century Building on the opposite corner of Pennsylvania and Maryland streets.
Appirio to Open 12,500SF Office, Cloud Computing Center in Downtown Indianapolis
Appirio, Inc., a San Francisco-based technology company, has announced plans to open a new office and cloud computing development center in downtown Indianapolis. The company will invest more than $2 million in its expansion, which includes leasing, renovating and equipping 12,500 square feet of space in the Pan American Office Tower. The center is expected to open in October, and to create up to 300 high-wage jobs over the next three years. Appirio considered several other Midwestern cities for its expansion but ultimately chose Indianapolis. “Opening an office and cloud development center in Indianapolis gives Appirio access to a large, highly educated talent base with close proximity to customers and partners.