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Cabela's puts Greenwood property up for sale

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Cabela’s is selling the land on which it had planned to build a store in Greenwood.

The Sidney, Neb.-based outdoor-recreation retailer has retained Hilco Real Estate LLC of suburban Chicago to sell the 96-acre site at County Line Road and Interstate 65, Hilco said Tuesday. No asking price was disclosed.

Cabela’s announced in July that it would no longer pursue plans to build a 125,000-square-foot store at the site that would have anchored a development including at least two hotels, a water park and upscale restaurants.

Cabela’s cited economic reasons, including a challenging retail environment, for its decision to scrap the project.

In marketing the site, Hilco cited a retention pond, installation of sewer lines and the availability of electricity as improvements already made to the property. In addition, Graham Road to the east of the property is being expanded to five lanes, and will grow to seven lanes at County Line Road.

“In many ways, this is a turn-key solution for developers who want to piggyback on the development that has already taken place in this sub market,” Josh Joseph, a senior vice president of Hilco, said in a written release.

The city of Greenwood had planned to issue $18 million in economic development bonds, with Cabela's guaranteeing repayment to get the project off the ground.
 

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  • Disappointed
    My husband and I were very disappointed when Cabelas pulled out,It would be a great place ,we don,t have anything that nice close to Indianapolis and our property practicly was right next to it, so that was rather disappointing. It sure dropped the value of our little 2 acres. Sure wish they wuold change there mind. There were a lot of people excited about Cabelas, including a lot of people in Ky, were waiting for it.

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  1. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  2. If you only knew....

  3. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

  4. The facts contained in your post make your position so much more credible than those based on sheer emotion. Thanks for enlightening us.

  5. Please consider a couple of economic realities: First, retail is more consolidated now than it was when malls like this were built. There used to be many department stores. Now, in essence, there is one--Macy's. Right off, you've eliminated the need for multiple anchor stores in malls. And in-line retailers have consolidated or folded or have stopped building new stores because so much of their business is now online. The Limited, for example, Next, malls are closing all over the country, even some of the former gems are now derelict.Times change. And finally, as the income level of any particular area declines, so do the retail offerings. Sad, but true.

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