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Estridge scales back Symphony development in Westfield

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The developer of the planned 1,400-acre Symphony project in Westfield is scaling back its size by about two-thirds.
 
The Estridge Cos. said Tuesday afternoon that it now will develop Symphony in phases rather than proceed with the entire project at once.

Company President Paul Estridge attributed the decision to the anemic residential housing market.

“Because of the weak economic climate and feedback we’ve received from members of the community, we’ve decided to significantly reduce the proposed [planned unit development] size and scope of Symphony,” he said in a prepared statement.

Estridge is reducing Symphony from a planned 1,400 acres to a size that will closer rival the Carmel-based home builder’s 436-acre Centennial development, also in Westfield.

Officials will re-evaluate the project and return to the Westfield Plan Commission with a smaller parcel for zoning consideration in the “coming weeks,” the company said.

The home builder’s decision to scale back the massive Symphony development follows its announcement last month that it would withdraw a proposal to build a massive youth sports complex within the master-planned project.

Estridge had envisioned about 150 acres of youth sports fields as part of its 1,500-acre Symphony development. The Westfield Sports Commission last month selected about 300 acres of land—about the size of the King's Island theme park—north of State Road 32 and west of State Road 31 for the sports complex.

The $1 billion Symphony project still calls for a 5,000-seat multipurpose stadium that would host an independent, minor-league baseball team, along with a new YMCA branch.

The youth sports complex is part of Westfield Mayor Andy Cook’s vision to establish the fast-growing Hamilton County suburb as the “Family Sports Capital of America.” Westfield developers Steve Henke and Beau Wilfong organized and promoted the selected site and will participate in the development of the project.

Estridge plans to develop Symphony along Towne Road between 146th and 161st streets.

“Our core vision for the area hasn’t changed, but the current economics of the project have, so we must alter our plans accordingly,” Estridge said in his statement.

As IBJ reported Sept. 16, the home builder is being sued by Bank of Indiana for allegedly failing to repay a $1 million investment the bank provided to Estridge.

The lawsuit filed in Marion Superior Court charges that Estridge, along with Indianapolis-based Indiana Securities LLC, committed securities fraud in connection with an offering the bank says was due to be paid off June 30.

Meanwhile, Cook said Westfield officials look forward to continuing to work with Estridge.

“The city of Westfield appreciates the time and resources Estridge has dedicated to Symphony,” he said in a prepared statement. “This is an economic development project cities across the country would relish.”

In its entirety, Symphony also would include condominiums and apartments, in addition to retail shops, restaurants and hotels. The project already features the Wood Wind Golf Club.

Estridge had asked Westfield to invest $70 million in the project to fund roads and sewers, as well as the stadium, which has a preliminary price tag of $15 million. Establishing a tax-increment financing district could help the city pay for the infrastructure improvements and stadium project, Cook said.

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  • slightly better than ...
    An Estridge development scaled back 66% is just slightly better than Carbon Motors deal in Connersville!
  • Not in Westfield
    How can the City of Westfield continue considering giving Estridge over $75 million. Westfield is rife with half-empty subdivisions. Estridge is on the brink of bankruptcy. Estridge is being sued for a financial default. No one in Westfield wants a minor-league baseball stadium. Westfield is already committing hundreds of millions of dollars to the Grand Junction and the Sports Complex.

    No a single cent of taxpayer dollars should be spent on this project. Not a single cent.

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  1. So much for Eric Holder's conversation about race. If white people have got something to say, they get sued over it. Bottom line: white people have un-freer speech than others as a consequence of the misnamed "Civil rights laws."

  2. I agree, having seen three shows, that I was less than wowed. Disappointing!!

  3. Start drilling, start fracking, and start using our own energy. Other states have enriched their citizens and nearly elminated unemployment by using these resources that are on private land. If you are against the 'low prices' of discount stores, the best way to allow shoppers more choice is to empower them with better earnings. NOT through manipulated gov mandated min wage hikes, but better jobs and higher competitive pay. This would be direct result of using our own energy resources, yet Obama knows that Americans who arent dependent of gov welfare are much less likely to vote Dem, so he looks for ways to ensure America's decline and keep its citizens dependent of gov.

  4. Say It Loud, I'm Black and Ashamed: It's too bad that with certain "black" entertainment events, it seems violence and thuggery follows and the collateral damage that it leaves behinds continues to be a strain on the city in terms of people getting hurt, killed or becoming victims of crimes and/or stretching city resources. I remember shopping in the Meadows area years ago until violence and crime ended make most of the business pack you and leave as did with Lafayette Square and Washington Square. Over the past 10 to 12 years, I remember going to the Indiana Black Expo Soul Picnic in Washington Park. Violence, gang fights and homicides ended that. My great grandmother still bears the scares on her leg from when she was trampled by a group of thugs running from gun fire from a rival gang. With hundreds of police offices downtown still multiple shootings, people getting shot downtown during Black Expo. A number of people getting shots or murdered at black clubs around the city like Club Six on the west side, The Industry downtown, Jamal Tinsley's shot out in front of the Conrad, multiple fights and shootings at the skating rinks, shootings at Circle Center Mall and shooting and robberies and car jackings at Lafayette Mall. Shootings and gang violence and the State Fair. I can go on and on and on. Now Broad Ripple. (Shaking head side to side) Say It Loud, I'm Black and I'm Ashamed.

  5. Ballard Administration. Too funny. This is the least fiscally responsive administration I have ever seen. One thing this article failed to mention, is that the Hoosier State line delivers rail cars to the Amtrak Beech Grove maintenance facility for refurbishment. That's an economic development issue. And the jobs there are high-paying. That alone is worth the City's investment.

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