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Investor places first bet on Zionsville's Main Street

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A building on Main Street in Zionsville that local lore says has housed a tavern or restaurant continuously since the 1880s has a new owner who promises to keep the streak alive.

Eric Bretzman, an engineer for Chip Ganassi Racing, closed March 1 on the purchase of 40 S. Main and negotiated a new long-term lease with il Villagio, an Italian restaurant that has operated in the 4,000-square-foot building for 10 years.

Emilio Cento, the owner of the restaurant, wasn't available for comment, but Bretzman and the broker who sold the building, Ross Reller of Colliers International, said Cento had been on a month-to-month lease because the building wasn't being maintained.

Cento's success with the restaurant in the face of deferred maintenance that sometimes had him paying for repairs out of his own pocket played a role in the decision by Bretzman and his wife to buy the building, which is their first commercial property.

"He's survived the 'infant mortality rate' of restaurants," Bretzman said of Cento, who he's betting will be a solid tenant.
 
Il Villagio is closed—but not for long—while the building gets a new roof and new mechanical systems. Cento said he wanted to be able to serve Easter brunch, and Bretzman has promised the building will be able to accommodate diners again by March 26.

The building housed Adam's Rib & Seafood house immediately before Cento took over the space.

Reller listed the building for its out-of-town owner in the fourth quarter of last year for $385,000. He said the listing price was firm, with no allowance for the building's deteriorated condition. He's not surprised it sold, primarily because of the location.

"To be on the bricks and have a little piece of the village" is a big deal in Zionsville, Reller said, referring to the cobblestone street that runs through the heart of the town's business district.

Bretzman sees a big potential upside for rents, which he said are running at the low end of a range between $15 and $24 a square foot. He thinks an improving economy will give a lift to what is already a desirable location.

Tammy Kelly, who manages the commercial division for ReMAX Ability Plus, agrees with Bretzman's assessment.

She just leased 1,700 square feet to Inga's Gourmet Popcorn, which will open this summer at 140 S. Main.

Kelly has two other listings in the neighborhood:

—The 14,000-square-foot Carter Building, at 91 S. Main, which is listed for $2 million. Built in 2006 by the late Robert Carter to house his toy museum, the building has off-street parking, custom oak finishings, high ceilings and a one-bedroom apartment. Kelly said it would make a great live-work space.

—A former flower shop at 305 S. Main. The 2,023-square-foot building is listed for $375,000. It's for sale or lease.

 

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  1. I had read earlier this spring that Noodles & Co was going to open in the Fishers Marketplace (which is SR 37 and 131st St, not 141st St, just FYI). Any word on that? Also, do you happen to know what is being built in Carmel at Pennsylvania and Old Meridian? May just be an office building but I'm not sure.

  2. I'm sorry, but you are flat out wrong. There are few tracks in the world with the history of IMS and probably NO OTHER as widely known and recognized. I don't care what you think about the stat of Indy Car racing, these are pretty hard things to dispute.

  3. Also wondering if there is an update on the Brockway Pub-Danny Boy restaurant/taproom that was planned for the village as well?

  4. Why does the majority get to trample on the rights of the minority? You do realize that banning gay marriage does not rid the world of gay people, right? They are still going to be around and they are still going to continue to exist. The best way to get it all out of the spotlight? LEGALIZE IT! If gay marriage is legal, they will get to stop trying to push for it and you will get to stop seeing it all over the news. Why do Christians get to decide what is moral?? Why do you get to push your religion on others? How would legalizing gay marriage expose their lifestyle to your children? By the way, their lifestyle is going to continue whether gay marriage is legalized or not. It's been legal in Canada for quite a while now and they seem to be doing just fine. What about actual rules handed down by God? What about not working on Sundays? What about obeying your parents? What about adultery? These are in the 10 Commandments, the most important of God's rules. Yet they are all perfectly legal. What about divorce? Only God is allowed to dissolve a marriage so why don't you work hard to get divorce banned? Why do you get to pick and choose the parts of the Bible you care about?

  5. Look at the bright side. With the new Lowe's call center, that means 1000 jobs at $10 bucks an hour. IMS has to be drooling over all that disposable income. If those employees can save all their extra money after bills, in five years they can go to the race LIVE. Can you say attendance boost?

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