Who's developing Indiana?

• Author: Dunlap, Phil
• Position: Real-estate developers

The latest from Indiana's major real-estate developers

Indiana is developing, and at an impressive rate. In fact, the environment for commercial development appears particularly healthy. Here's a look at some of the latest projects from the state's top real-estate developers.

CENTRAL INDIANA

One of the most exciting announcements in real estate lately has been the agreement in principle to merge Simon Property Group Inc. and DeBartolo Realty Corp., the result of which would be the largest real-estate company in North America with a total market capitalization of $7.5 billion. The combined entity will be called Simon DeBartolo Group and will be based in Indianapolis.

"For Simon, it adds some spectacular real estate to our portfolio," says Billie Scott, director of public relations at Simon. "We're very compatible in that there's almost no overlap. In fact, there are only two other markets in the country where we both have a mall."

Following the merger with DeBartolo, the new company will run 30 properties in 15 Hoosier cities. The opening of Circle Centre in Indianapolis last year doesn't mean an end to downtown redevelopment for Simon, either. "There'll be further development on Circle Centre, and we're looking at the potential of developing the Circle Block," the southwest quadrant of Monument Circle in downtown Indianapolis, Scott says. There are several hotel operators interested in the site.

Another giant developer headquartered in Indianapolis is Duke Realty Investments, one of the first real-estate investment trusts of the 1990s to focus on office and industrial development. Since the company's reorganization in 1993, 25 buildings and two building expansions totaling more than 4.1 million square feet have been developed and put into service. Last year, Duke purchased a 50 percent interest in a number of industrial buildings in Park Fletcher Business Center, a 635-acre master-planned business park at Interstate 465 and Interstate 70 in Indianapolis. Now, with property also in Park 100 Business Park and the new Lebanon Business Park, Duke owns or has an interest in three of the largest business parks around Indianapolis.

Mansur Development Corp. is actively working around the state. Harold Garrison, chairman of Mansur says, "Mansur and its related partnerships employ more than 440 persons and expect to generate $80 million in gross revenues in 1996.

"We are rehabbing the former Robertson's Department Store in South Bend. It was about 10...