IBJNews

Developer puts key Zionsville parcel under contract

Back to TopCommentsE-mailPrintBookmark and Share

A prominent parcel in downtown Zionsville is a step closer to being developed now that a local developer has the property under contract.

The vacant 2.4-acre piece of land at 240 S. Main St. is on the southwest corner of Main and Sycamore streets, and once was home to a Citgo gas station.

A sold sign has been placed on the property, though representatives of both the seller and the buyer declined to divulge the purchaser.

Zionsville gas station property 15colThe purchaser of the vacant 2.4-acre parcel is planning a mixed-use project with residential and commercial space. (IBJ Photo/Perry Reichanadter)

The buyer will lease the land until September 2015 with an option to purchase due to a deed restriction that’s been placed on the land by the seller, said Bo Leffel, a broker with Cassidy Turley, who represents the buyer.

“They’re going to do a first-class mixed-use project there” that will include both residential and commercial space, he said.  

A complicated ownership structure has prevented the land from being sold ever since the gas station closed in March 2008. The land owner is EBO LLC, an ownership entity controlled by a Rochester, Minn., family that inherited the property in 2005. The deed restriction was placed on the property when a relative of the family died.

That there’s been movement on the property is a positive step for the Boone County town, which views the land as a vital link between the business district and new office development expected along 106th Street following the city’s purchase of 80-plus acres of land from Dow Chemical Co.

“Obviously, a vacant corner in the heart of downtown is not something you want to see,” Zionsville Town Manager Ed Mitro said. “There are a lot of encumbrances on that property. It’s not the easiest property to develop.”

Cassidy Turley originally listed the land for $2 million. It’s the latest parcel to change hands in the area that could help Zionsville extend Main Street to the south.

The town of Zionsville at one time had considered buying the parcel but decided the asking price was too high. The town, however, acquired property just to the north, where a PNC Bank branch recently closed.

To the south, a $3 million mixed-use project planned for Zionsville Road and 106th Street, for example, is intentionally replicating Main Street’s period look. Dubbed South Village of Zionsville West, the three-building complex will be anchored by a Bub’s Burgers restaurant.

Town officials rezoned the former Citgo property to a classification known as Village Business District to prevent a service-station-type use on the property.

In March 2009, the station’s fuel drums were removed . A car wash building at the rear was torn down in 2011.

Zionsville, which has a population of about 14,000, has carefully monitored the development of its Main Street retail area for 50 years. In the late 1950s, it began revitalizing the area, which has cobblestone streets, by encouraging building owners to improve their storefronts using a Colonial theme.

More recently, it adopted the Village Business District zoning designation, which is intended to preserve the character of the district by, for example, spelling out what uses are appropriate and limiting building setbacks.
 

ADVERTISEMENT

  • owners still get some blame
    While it's possible that the city may have had stringent guidelines that made development a challenge, that doesn't mean the owners couldn't keep the place during the interim. There were weeds all over and it was an eyesore to the town. All they had to do was basic maintenance to keep it up and they didn't so they do share some of the blame IMO!
  • thank the city
    There needs to be a clsrification. The property has not been further developed because of the city not the owners.TThey have placed unrealistic expectations and guidelines on possible developement deals on that property for more than 5 years. It isn't right to blame a family for the city's actions.
    • finally!
      Thank goodness that something will finally be done with this land! It has been the biggest eyesore in Zville for far too long. It's about time the family/LLC that owns this finally got their act together and sold it. Thanks for 8 years of ugliness, EBO LLC!

      Post a comment to this story

      COMMENTS POLICY
      We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
       
      You are legally responsible for what you post and your anonymity is not guaranteed.
       
      Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
       
      No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
       
      We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
       

      Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

      Sponsored by
      ADVERTISEMENT

      facebook - twitter on Facebook & Twitter

      Follow on TwitterFollow IBJ on Facebook:
      Follow on TwitterFollow IBJ's Tweets on these topics:
       
      Subscribe to IBJ
      ADVERTISEMENT