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Real Estate & Retail

City may lift Pan Am covenant

December 19, 2007
panam.jpgIndiana Sports Corp. has asked the city to reduce the portion of Pan Am Plaza included in a covenant that restricts development. If approved, the updated covenant would cover only 10,000 square feet, including a flag, torch and plaque commemorating the 1987 Pan American Games. The plaza as a whole is about 88,000 square feet. There's no plan in place yet for redevelopment, said John Dedman, a spokesman for the Sports Corp. "It's really just a way to make our real estate holdings more marketable," he said. Sports Corp. has been trying for months to sell the plaza and skating rinks. The Metropolitan Development Commission is scheduled to consider the request today.


Also on today's agenda:
Greenwalt Development Inc. has applied to rezone 2 acres near the corner of 86th Street and Michigan Road for a tool and equipment rental facility. The property is just west of a Goodwill store and north of Lowe's. Planning staff has recommended denial because of the project's incompatability with the surrounding area.
The Commission also will consider the sale, for $2,500 or less, of several residential parcels to Riley Area Development Corp., Martindale-Brightwood Community Development Corp., Near North Development Corp., King Park Area Development Corp. and West Indianapolis Development Corp.

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