Property Lines

Welcome to Property Lines, Indy's favorite source for neighborhood real estate news. Your host, IBJ real estate beat reporter Scott Olson, can be reached at solson@ibj.com.
Real Estate & Retail

Impasse over Crown Hill

July 17, 2007
Four months have passed since neighborhood pressure helped defeat a second proposal to develop 70 acres at the north end of Crown Hill Cemetery.Crown Hill Marker A partnership of environmental groups including Indy Parks, Central Indiana Land Trust and Indiana Department of Natural Resources want to buy the mostly wooded land. But so far, their efforts to put it under contract have been rebuffed. Property Lines has learned some of the details of their offer: The group would pay the cemetery the same amount called for in the developer's contract, $5.6 million, provided the price is supported by an appraisal. And the cemetery would have to allow 18 months for fundraising before the deal closes. The groups don't want to begin raising money until they have some comfort they could actually deliver the property, while the cemetery doesn't want to pull the land off the market without a financial commitment. "We're looking for some strong indication there is the financial support," said Crown Hill CEO Keith Norwalk. Jay Peacock, chairman of the cemetery's Board of Managers, said discussion of the land's future is "back to square one."
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