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21-acre Greenwood tract marketed for apartment development

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A 21-acre site in Greenwood where a high-profile local developer once planned to build condominiums is back on the market and repackaged as land best suited for apartments.

J. Greg Allen owned the property south of Smith Valley Road and east of State Road 135 but handed it back to the bank when demand for condominiums crashed with the housing market, said Ross Reller, senior vice president and director of land services for Colliers International.

Reller is marketing the site for BMO Harris, the bank that took possession of the land from Allen. The property is listed at nearly $1.4 million, or $63,500 per acre.

“It’s going to be a great site for market-rate apartments,” Reller said. “The suburbs have a good, healthy market for apartments, although a lot of new projects have started.”

greg allen greenwood tract 15colMuch of the apartment-development activity is occurring in downtown Indianapolis, where several projects have either recently been completed or are under construction, pushing downtown's population to new heights. Demand also is strong in the northern suburbs, such as Carmel and Zionsville, where higher rents can support market-rate projects.

At the Whitestown-Zionsville border, luxury apartment developer Watermark Residential has started on a $23 million multifamily community. Dubbed The Villas by Watermark, the 24-building complex will have 266 living units—a mix of one-, two- and three-bedroom apartments—plus a pool, clubhouse and other amenities.

The 19-acre community is on the south side of Whitestown Parkway, east of County Road 700 East and west of M/I Homes’ Maple Grove neighborhood.

Developers need high density, between 12 to 15 units an acre, to make a project work, and that’s typically not found in Greenwood’s zoning regulations, said George Tikijian of the Tikijian Associates apartment brokerage. He said Greenwood's lower density could pose problems for Reller as he markets the property.

“There really hasn’t been anything built down there in years,” he said. “The most recent property [built] is quite a bit south [near Whiteland] and has struggled to lease up. But that location is inferior to this site.”

Because the parcel Reller is listing is zoned for unlimited density, actual density for a project likely would be determined through approval of the site plan. He thinks allowing 12 to 15 units per acre would be reasonable.

Reller said he has seen a lot of interest in the property but has not received an offer. He said it might take a developer six months to make a formal offer after expressing interest.

“What we’re asking buyers to do is as much of the preliminary due diligence as possible up front prior to writing an offer so we know we have someone who is ready, willing and able,” Reller said.

Allen did not return a phone call seeking comment on the Greenwood property.

Allen redeveloped the $14 million downtown Indianapolis Allen Plaza at Virginia Avenue and Pennsylvania Street. The project, completed in 2009, includes 31 condo units in addition to office and retail space.
 

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  • Apartments not needed
    This area of Center Grove has already seen enough development of apartments. I would hope before anymore are built, someone looks at the occupancy of the other apartments along 135 just to the south of Smith Valley Rd.

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  1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

  2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

  3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

  4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

  5. Look at the bright side. With the new Lowe's call center, that means 1000 jobs at $10 bucks an hour. IMS has to be drooling over all that disposable income. If those employees can save all their extra money after bills, in five years they can go to the race LIVE. Can you say attendance boost?

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