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6/23/2008 9:32 AM

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Staff And Wire Reports

The Indianapolis real estate developer whose many commercial projects included The Foundry shopping center in South Strabane Township, has been charged with theft and fraud in Indiana.

According to a June 17 story by the Associated Press, Premier Properties USA founder and Chief Executive Officer Christopher White, was charged in what what Marion County Prosecutor Carl Brizzi says was an attempt to keep his company solvent.

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According to court documents, 50-year-old White was charged with stealing at least $100,000 from National Bank of Indianapolis. White was the founder and head of Premier Properties USA, the developer of the open-air Metropolis mall in Plainfield, Ind., and other retail projects in several states.

Premier filed a Chapter 11 reorganization bankruptcy in April. It was converted into a Chapter 7 liquidation in late May after Premier lost control of its properties.

The Foundry, which has been plagued by soil movement problems since part of its first phase was opened in the spring of 2007, has lost the three original retailers that opened there to temporary closures.

On Friday, JC Penney, which announced its temporary closure earlier this month, said it is considering several options, including possibly moving back to the Washington Mall, its original location before it moved to The Foundry in March 2007.

Only Max & Erma's restaurant remains open at the site.

In May, ownership of The Foundry and several other Premier projects in other states reverted to Atlanta-based Dominion Capital Management LLC, a private equity firm which had loaned substantial amounts of money to Premier.

DeBartolo Development of Tampa, Fla., has been named property manager for The Foundry, but on Friday, the head of its development and leasing area said the company is not ready to discuss its plans for the project.

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