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Hat World to Invest $21.77M in Major HQ, Distribution Expansion in Indiana

27 Jan 2014, 11:20 pm







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by Adriana Pop, Associate Editor

Hat World Inc. has announced it would invest $21.77 million in the expansion of its headquarters and distribution operations in central Indiana and create up to 758 jobs by 2025.

As part of its expansion, the Indianapolis-based company will build and equip a new 150,000-square-foot headquarters office at Creekside Corporate Park in Zionsville.

According to the Indianapolis Business Journal, the development is slated to rise on 15.6 acres of land that the Zionsville Redevelopment Commission has agreed to sell to Hat World for $577,200. The transaction is expected to close in May.

Hat World also plans to lease more than 600,000 square feet of additional warehouse space in Indianapolis. The company currently operates out of 225,000 square feet of leased space in Park 100 and another 285,000 square feet of leased space on 76th street on the northwest side of the city.

Hat World will relocate its headquarter operations to Zionsville and fill approximately 300 new administrative, finance, human resources and business development positions in late 2015 or early 2016. The company will also hire new manufacturing, distribution and warehouse associates in Indianapolis in the third quarter of this year.

If it meets its job creation plans, Hat World will receive up to $3.4 million in conditional tax credits and up to $300,000 in training grants from the Indiana Economic Development Corp. The city of Indianapolis is also supporting the expansion at the request of Develop Indy, a business unit of the Indy Chamber, while the town of Zionsville is considering additional tax abatement and incentives.

Hat World, which does business as Lids Sports Group, manufactures hats and other sports apparel and operates more than 1,000 retail stores under the brands of LIDS, Locker Room by LIDS, LIDS Clubhouse and LIDS Team Sports.

The company opened its first store in Lafayette in 1995 and currently employs more than 1,000 associates in Indiana and more than 9,000 retail associates across the United States, Canada and Puerto Rico. In 2004, it was acquired by Nashville, Tenn.-based Genesco Inc.

“Hat World has seen tremendous growth in the past decade and I’m happy to see them continue to grow here in Indy,” Indianapolis Mayor Greg Ballard said in a news release. “As the company continues to grow, the expansion of their manufacturing and distribution operations in Indy shows a confidence in our workforce and our central location to support their ever-growing production needs.”

Photo credits: LIDS Sports Group



Starwood to Open Landmark Canterbury Hotel Downtown as Le Méridien Indianapolis

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by Adriana Pop, Associate Editor

Starwood Hotels & Resorts has announced that the iconic Canterbury Hotel in the heart of downtown Indianapolis will reopen under the company’s Le Meridien brand in November.

Owned by Rockbridge and managed by Azul Hospitality, the 12-story property is currently undergoing a $9.5 million renovation.

Upon completion, Le Méridien Indianapolis will offer 100 modern guest rooms, local cuisine in a re-designed restaurant and lounge, an expanded fitness center and more than 1,750 square feet of upgraded meeting and event space.

The hotel is located within walking distance of the Indiana Convention Center, Indiana Statehouse and the offices of numerous corporations including Eli Lilly, Brightpoint and Wellpoint. A private entrance will directly connect the hotel to the Circle Centre Mall, where guests can access the city’s climate-controlled, indoor Skywalk system.

 “Le Méridien Indianapolis will bring a renewed energy to this historic landmark building, offering travelers a modern hotel experience in the heart of the city’s vibrant downtown,” said Allison Reid, senior vice president of North America Development, Starwood Hotels & Resorts Worldwide Inc. “We are proud to expand our relationship with both Rockbridge and Azul Hospitality as we prepare to introduce this contemporary lifestyle brand to Indianapolis.”

Starwood Hotels & Resorts Worldwide Inc. acquired the Paris-born Le Méridien brand in November 2005. Currently represented by nearly 100 properties in more than 40 countries, the brand unlocks destinations for guests through arts, culture and cuisine. More than 80 of its properties are located in Europe, Africa, the Middle East and Asia-Pacific.

Recently opened Le Méridien hotels are located in Bali, Atlanta, Dallas, Istanbul, Oran (Algeria), Arlington (Virginia, USA), and Coimbatore (India).

In the next 12 months, new such properties are slated to welcome their first guests in Chicago, Zhengzhou (China), Mahabaleshwar (India), Ho Chi Minh City (Vietnam), Cairo (Egypt), Qingdao (China), Dhaka (Bangladesh), Tampa (Florida) and Columbus (Ohio).

Photo credits: www.canterburyhotel.com



Edward Rose Plans $80M Mixed-Use Development in Carmel

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by Adriana Pop, Associate Editor

A large-scale mixed-use complex could soon rise on one of the last remaining undeveloped sites in Carmel’s Old Meridian district.

According to the Indianapolis Business Journal, a plan commission committee is currently reviewing the $80 million project proposed by Edward Rose Properties Inc. Plans call for 400 apartments, a four-story parking garage, above-ground-floor retail space, 65 single-family town homes, a senior-living community (with independent living, assisted living and memory care units) and a 100-plus-room boutique hotel.

Known as “The District”, the project will cover an approximately 30-acre parcel southwest of a roundabout at Main and Old Meridian streets.

To the west, the new development will neighbor Rose’s existing residential community, the 325-unit Alexandria Apartments (pictured). It will be also near Keystone Realty Group’s planned Sophia Pointe residential complex, which will offer 200 apartments.

Other residential developments planned for the area include a 280-unit apartment complex on Carmel Drive and the 235-unit Highpointe on Meridian project on the west side of U.S. 31 at Main Street.

“You really can’t go wrong there,” George Tikijian of local apartment brokerage Tikijian Associates, told the newspaper.

Demand for apartments remains strong in Carmel, which has experienced a vacancy rate of around 5 percent in 2013.

Established in 1921, Edward Rose Properties has developed single-family homes until 1965, when it shifted its focus towards multi-family construction. To date, the company has built over 65,000 apartment units in 13 states.

Besides the Alexandria complex in Carmel, Edward Rose operates five other communities in Indiana, including the Bavarian Village, Latitudes, Scarborough Lake and Sundance Apartments, all of which are located in Indianapolis, and the Polo Run Apartments in Greenwood. The company is also building the 180-unit Bella Vista project in Fishers.

Photo credits: Edward Rose Properties



Pedcor to Expand Massive City Center Mixed-Use Development in Carmel

23 Dec 2013, 10:07 pm







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by Adriana Pop, Associate Editor

Developer Pedcor Cos. is planning to invest between $80 million and $100 million in the expansion of its major commercial and residential Carmel City Center development.

According to the Indianapolis Business Journal, the addition will bring four mixed-use buildings, a parking garage with ground-floor commercial space, as well as an expansion of the Pedcor Square office complex.

A pair of four-story structures known as The Baldwin and The Chambers will rise south of Carmel City Center. The new development will feature office and commercial space on the first two floors, while the upper floors will include residential units.

Plans also call for The Holland, a five-story building along the east side of the Monon Trail, with first-floor commercial and four floors of residential or office space; The Wren Towers, a six- or seven-story commercial and residential building just west of The Baldwin and City Center; a four- or five-level parking structure with 650 spaces; and a two-story office building known as Five Pedcor Square.

Bruce Cordingley, Pedcor’s president and CEO told the newspaper that the timing and financing of the new developments would be determined after discussing the project with the Carmel City Council and city development groups early next year.

In August 2010, Pedcor completed the first phase of the Carmel City Center development, which brought 106 apartments to the market, along with 62,000 square feet of commercial space.

Another addition to the complex is currently under construction. Called The Nash, a three-story mixed-use building rising on the west side of Rangeline Road will feature 31 one-, two- and three-bedroom apartments, 8,000 square feet of street level commercial space, as well as 42 underground parking spaces. Pedcor’s investment in this phase of the project amounts to approximately $10 million.

Photo credits: Pedcor Cos.



Summit Realty to Manage Leasing of 673,000 SF BMO Plaza in Downtown Indianapolis

9 Dec 2013, 11:10 pm







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By Adriana Pop, Associate Editor

True North Management Group LLC has selected Cushman & Wakefield/Summit Realty Group to handle marketing and leasing activities for the 673,000-square-foot BMO Plaza office building in downtown Indianapolis.

According to the Indianapolis Business Journal, the 28-story, multi-tenant property at 135 North Pennsylvania is 57 percent occupied. BMO Harris Bank, the U.S. Department of Defense and General Electric Capital Services are among the building’s tenants. Amenities include on-site banking, dining and structured parking.

The tower’s currently vacant top six floors totaling nearly 106,000 square feet are considered to be the largest block of contiguous space available in the city’s downtown office market.

Summit’s leasing team of Bill Ehret and Nancy Gibbs took over agency services for the property last month.

“We are excited to work closely with such a strong ownership group. We are charged to make sure prospective tenants understand the value of this outstanding asset located in the heart of downtown Indy,” Bill Ehret, SIOR, Partner and Co-Founder of Summit said in a news release.

In other news, the Indianapolis Business Journal reports that StreetLinks Lender Solutions is planning to relocate its 200 employees from the current headquarters on the south side of Indianapolis to downtown.

The company will occupy 25,000 square feet on the ground floor of Milhaus Development’s $30 million mixed-use Artistry project currently under construction at 451 E. Market Street. The relocation is scheduled to occur next spring.

The first phase of Artistry will bring 258 apartments and up to 68,000 square feet of commercial space. A second phase of the project encompassing two new mixed-use buildings with 242 apartments and around 20,000 square feet of commercial space is expected to break ground in May 2014.

“Indianapolis has always been our home. However, this is the first time we’ve been able to seriously consider the downtown market,” StreetLinks President Tom Hurst told the newspaper in a written statement. “A traditional downtown high-rise just doesn’t fit who we are as a company. Artistry offered the unique feel and cultural vibe we were looking for, along with fantastic proximity to downtown residential options and entertainment.”

Photo credits: Summit Realty Group