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Japan's Nippon Steel on Monday announced it will buy U.S. Steel for $14.9 billion.

Why it matters: U.S. Steel's rise and fall has carried (and dragged) Indiana for more than a century, with the decline of Rust Belt manufacturing leaving industrial ruins.

Flashback: U.S. Steel built Gary, Indiana, in the early 1900s, propelling it to a city of nearly 180,000 people in 1960.

Gary is named after Elbert Gary, a co-founder and longtime chairman of U.S. Steel.

The company has laid off nearly 30,000 employees in Gary since the 1970s, while the city's population has fallen to 68,000.

Gary Works remains U.S. Steel's largest plant, with more than 4,000 workers, per the company.

Of note: Along with Gary, other U.S. Steel co-founders included Andrew Carnegie, J.P. Morgan and Charles M. Schwab.

The big picture: One of America's most iconic companies will be owned by a foreign entity, despite domestic interest earlier this year.

Details: The $55-per-share offer represents around a 40% premium to where Pittsburgh-based U.S. Steel shares ended trading on Friday.

It's also substantially higher than the rebuffed bids from American rivals Cleveland Cliffs and Esmark.

What's next: Nippon says it will honor all of U.S. Steel's existing labor union agreements.

The deal will require regulatory approvals.

Gary, Indiana, namesake U.S. Steel to sell

U.S. Steel's rise and fall has carried (and dragged) Indiana for more than a century.

A sign warning against trespassing is posted on a fence that surrounds U.S. Steel's Gary Works facility.

A sign warning against trespassing is posted on a fence that surrounds U.S. Steel's Gary Works facility. Photo: Scott Olson/Getty Images

Steel

Japan&#x27;s Nippon Steel on Monday announced it will buy <a class="gtmContentClick" data-vars-link-text="U.S. Steel" data-vars-click-url="https://www.axios.com/2023/08/22/us-steel-steelworkers-union-cleveland-cliffs-esmark-arcelormittal" data-vars-content-id="0007e1a5-7c3c-4594-af95-90f438f0e4c5" data-vars-headline="Gary, Indiana, namesake U.S. Steel to sell" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/08/22/us-steel-steelworkers-union-cleveland-cliffs-esmark-arcelormittal" target="_self">U.S. Steel</a> for $14.9 billion.Why it matters: <a class="gtmContentClick" data-vars-link-text="U.S. Steel&#x27;s" data-vars-click-url="https://www.axios.com/2023/12/18/us-steel-nippon-japan-sale" data-vars-content-id="0007e1a5-7c3c-4594-af95-90f438f0e4c5" data-vars-headline="Gary, Indiana, namesake U.S. Steel to sell" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/2023/12/18/us-steel-nippon-japan-sale" target="_self">U.S. Steel&#x27;s</a> rise and fall has carried (and dragged) Indiana for more than a century, with the decline of Rust Belt manufacturing leaving industrial ruins.

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Latest news on Wall Street, Corporate America and financial regulation.

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Indianapolis is getting out of the urban indoor shopping mall business.

Driving the news: Hendricks Commercial Properties has agreed to acquire Circle Centre Mall early next year and gut it as part of a $600 million redevelopment project including housing, offices, entertainment and modern retail space, per the IBJ, which has the scoop.

Why it matters: Hendricks gets things done.

Its success on other projects instills confidence that Circle Centre will once again become a signature property after some false starts.

Context: The Wisconsin-based developer is behind the booming Bottleworks District on Mass Ave., including redevelopment of an old Coca-Cola bottling plant.

It also built IronWorks at Keystone, one of Indianapolis' most acclaimed apartment projects.

What they're saying: "Hendricks has a proven track record of innovation and creativity," Downtown Indy CEO Taylor Schaffer tells Axios. "It's incredible to think that in less than a decade, they have transformed a brownfield bus depot into the world-class destination that is Bottleworks."

"That same sort of visionary investment is exactly what Circle Centre needs."

State of play: Circle Centre, though profitable, is an increasingly vacant fortress spanning two blocks adjacent to downtown's biggest attractions.

An aerial rendering showing Circle Centre Mall redeveloped with an open-air interior.

Street-facing facades would be preserved in the Circle Centre Mall redevelopment. Image: Courtesy of Hendricks Commercial Properties

Details: Hendricks plans to demolish Circle Centre's interior corridor and replace the rows of empty stores with landscaped open-air spaces between Meridian and Illinois streets.

The historic street-facing facades would be preserved.

Plus: Hendricks wants to detach the glassy Artsgarden from the mall, creating a grand staircase on the southeast corner of Illinois and Washington streets.

What's first: The developer expects to start with a $100 million first phase on the south block, with a tentative completion scheduled for 2028, coinciding with the city's plan to make Georgia Street more pedestrian friendly.

Of note: The city and state are offering a combined $64 million in tax credits and forgivable loans, per the IBJ.

Flashback: Circle Centre opened in 1995, at almost the precise moment when enclosed shopping malls started to fade out of style.

After Nordstrom closed in 2011, most big-name stores slowly followed, with the pandemic delivering a knockout blow.

Simon Property Group, a former co-owner and manager, announced plans to add apartments or condos in 2015, but the idea fizzled.

Between the lines: A convoluted ownership structure with 17 stakeholders — some of whom were content with the mall's consistent profits — made consensus hard to find.

Meanwhile, the city owns the land and parking garages, which Hendricks also agreed to buy.

Mayor Joe Hogsett called the complex deal between the mall owners, Hendricks, the city and state a "monumental transformation" for downtown.

The bottom line: Developments on this scale fail often.

Hendricks' involvement is fueling optimism that Circle Centre's rebirth is finally here.

$600M Circle Center project would gut indoor mall

A rendering showing plans to turn the middle of Circle Centre Mall into an open-air area with green space.

A development plan for Circle Centre would gut the interior stores and turn the middle of the property into an open-air walkway. Image: Courtesy of Hendricks Commercial Properties

Indianapolis, Indiana

Indianapolis is getting out of the urban indoor shopping mall business.Driving the news: Hendricks Commercial Properties has agreed to acquire Circle Centre Mall early next year and gut it as part of a $600 million redevelopment project including housing, offices, entertainment and modern retail space, per the IBJ, <a class="gtmContentClick" data-vars-link-text="which has the scoop" data-vars-click-url="https://www.ibj.com/articles/hendricks-strikes-deal-to-acquire-circle-centre-plans-600m-redevelopment?utm_source=ibj&amp;utm_medium=home-carousel" data-vars-content-id="2d636047-3eb0-436c-b3e5-70f437b81128" data-vars-headline="$600M Circle Center project would gut indoor mall" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.ibj.com/articles/hendricks-strikes-deal-to-acquire-circle-centre-plans-600m-redevelopment?utm_source=ibj&amp;utm_medium=home-carousel" target="_blank">which has the scoop</a>.

Real Estate

Whats Next

Axios What's Next

Data: CDC; Note: Data for the two most recent weeks may be incomplete due to delays in reporting; Chart: Alice Feng/Axios

Indiana is a COVID-19 hot spot as we head into the holiday travel season.

Why it matters: While many Americans have some combination of natural and vaccine-induced immunity, COVID still makes people sick and forces them to miss school, work and holiday activities.

Driving the news: As of early December, Indiana was among 22 states with "very high" COVID wastewater levels as defined by the CDC, which compares current rates to baseline measurements at sites nationwide.

Many states with "very high" levels are concentrated in the Midwest and Mid-Atlantic.

Of note: Wastewater analysis is one of the best methods for tracking the spread of COVID these days, given how few people are testing and how few of those results are reported to local or state health officials.

Threat level: COVID remains a potentially fatal disease for vulnerable groups, especially the elderly and immunocompromised.

There have been nearly 67,200 deaths nationwide related to COVID so far this year, per provisional CDC data. That's down significantly from approximately 246,200 last year and 463,300 in 2021, but still a considerable toll.

Plus: Some evidence suggests multiple exposures can have a cumulative negative effect, though research here remains ongoing.

Meanwhile, the CDC recently sounded the alarm on low levels of COVID, flu and RSV vaccinations so far this winter.

Only about 11% of Indiana residents have received the most recent COVID booster, the lowest rate among neighboring states, per the CDC.

💭 My thought bubble: COVID entered my house two weeks ago via my daughter's day care, where at least half her class was infected.

After living through drive-up testing and stringent rules, it's fascinating to see how routine the illness has become.

No one at my daughter's doctor's office wore masks or minded touching her even after she tested positive.

Everyone just sort of expects to get COVID — and, right now, everyone is getting it.

Indiana sees holiday COVID-19 surge

Indiana is a COVID-19 hotspot as we head into the holiday travel season.

COVID-19

Indiana is a COVID-19 hot spot as we head into the holiday travel season.Why it matters: While many Americans have some combination of natural and vaccine-induced immunity, COVID still makes people sick and forces them to miss school, work and holiday activities.

Health

Data: American Public Transportation Association; Note: Includes all modes; Chart: Axios Visuals

IndyGo is set to enter 2024 with continuing ridership struggles, a simmering battle with state lawmakers and no permanent leader.

Driving the news: IndyGo has accepted the resignation of its much-heralded CEO, Inez Evans, just weeks ahead of a new state legislative session where lawmakers are once again preparing to take aim at the Indianapolis transit agency.

Why it matters: Evans' successor must oversee IndyGo's bus rapid transit buildout alongside a persistent post-pandemic drop in ridership.

By the numbers: IndyGo's local routes handled 549,206 rides in November, down about 30% from 788,240 in November 2019.

Nationally, public transit ridership is still down about 23%, Axios' Alex Fitzpatrick and Kavya Beheraj report.

Between the lines: The agency's lingering ridership struggles, plus rising construction costs, will fuel another attempt by some Republican lawmakers to derail plans for the Blue Line, the third leg of the city's BRT project.

State Sen. Aaron Freeman, R-Indianapolis, told Fox59 he "will certainly have a bill" aimed at stopping IndyGo from dedicating two lanes on Washington Street to the Blue Line.

IndyGo for years has said eliminating the lanes would kill the project because federal funding requires them.

Catch up fast: Freeman and other Republicans have introduced similar legislation repeatedly over the past three years.

He argues IndyGo has failed to perform and that tying up the lanes will harm car commuters.

Reality check: Those legislative efforts have died each year and did not even come close to passing in 2023.

State of play: Jennifer Pyrz, a civil engineer who has been a leader on the Purple Line, has taken over as interim CEO and has experience navigating the Statehouse.

What they're saying: "She understands this agency and the vital service the IndyGo team provides," IndyGo board member Mary Ann Fagan said of Pyrz in a statement.

What's next: The agency expects to launch its search for a permanent CEO "over the next several months," per a statement.

The bottom line: It's a perilous moment for IndyGo's leadership transition.

Axios' Alex Fitzpatrick and Kavya Beheraj report

IndyGo's next leader faces slow pandemic recovery, state fight

The agency enters 2024 with continuing ridership struggles and a simmering battle with lawmakers.

IndyGo is set to enter 2024 with continuing ridership struggles, a simmering battle with state lawmakers and <a class="gtmContentClick" data-vars-link-text="no permanent leader" data-vars-click-url="https://www.axios.com/local/indianapolis/2023/12/01/indygo-inez-evans-ceo-resigns" data-vars-content-id="bb540f16-8797-4879-8b68-84792f3b9044" data-vars-headline="IndyGo&#x27;s next leader faces slow pandemic recovery, state fight" data-vars-event-category="story" data-vars-sub-category="story" data-vars-item="in_content_link" href="https://www.axios.com/local/indianapolis/2023/12/01/indygo-inez-evans-ceo-resigns" target="_self">no permanent leader</a>.Driving the news: IndyGo has accepted the resignation of its much-heralded CEO, Inez Evans, just weeks ahead of a new state legislative session where lawmakers are once again preparing to take aim at the Indianapolis transit agency.

Transit

Politics

One of Indianapolis' hottest commercial properties is pushing the boundaries of downtown, with more momentum on the way.

Driving the news: The Stutz building is attracting a flurry of office and retail tenants, while also becoming a trendy go-to site for events.

Cafe Patachou and Amelia's Bakery are two recent additions.

The intrigue: It's isolated in a relatively dead area of downtown, bounded by Senate and Capitol avenues and 10th and 11th streets.

You won't stumble upon it accidentally — you have to want to go there — a rare example of a success story lacking robust walkability nearby.

Yes, but: Early tenants are giving people plenty of reasons to want to go there, even if they aren't artists with studio space in the building.

The complex boasts a trendy coffee shop (Barista Parlor), a bar (Turner's), a taqueria (Julieta Taco Shop) and a gardening store (Grounded Plant & Floral Co.).

Flashback: The building was a Stutz Motor Co. auto manufacturing plant until the mid-1930s.

Eli Lilly & Co. used it as a paper packaging warehouse from 1940 until 1982.

It became a space for artists in the 1990s.

What's next: New York developer SomeraRoad is planning to build hundreds of apartments adjacent to the building on top of offices, retail and a car museum.

What we're watching: The Stutz appears to be only the beginning of increased activity in the northwest portion of downtown.

More than $9 billion in development projects are slated for downtown in the coming years, per the IBJ, chief among them a $4.3 billion Indiana University Health hospital complex that will drive foot traffic south of 12th Street — and to the threshold of the Stutz in the coming years.

What they're saying: "That connectivity (with IU Health) will probably help get some leasing momentum," Matt Waggoner, a senior managing director for commercial brokerage JLL, tells Axios.

The bottom line: The Stutz stands alone, for now, but it sits in an area of downtown that could take off in just a few years.

Stutz's success a new beginning for downtown Indy

One of Indianapolis' hottest commercial properties is pushing the boundaries of downtown.

A Stutz sign outside the redeveloped Stutz building.

An auto manufacturing plant until the 1930s, the Stutz building has found new life as offices, retail and a car museum. Photo: James Briggs/Axios

One of Indianapolis&#x27; hottest commercial properties is pushing the boundaries of downtown, with more momentum on the way.Driving the news: The Stutz building is attracting a flurry of office and retail tenants, while also becoming a trendy go-to site for events.

James Briggs

Featured stories

$600M Circle Center project would gut indoor mall

Stutz's success a new beginning for downtown Indy

Indiana sees holiday COVID-19 surge

Gary, Indiana, namesake U.S. Steel to sell

IndyGo's next leader faces slow pandemic recovery, state fight