Prime Zionsville land inching toward development

April 23, 2013
Back to TopCommentsE-mailPrintBookmark and Share

After several delays, Zionsville officials are working toward a late-May deadline for wrapping up a complicated plan to buy 91.3 acres of land from Dow Chemical Co.—clearing the way for commercial development worth an estimated $55 million.

Zionsville Community Schools and the town of Zionsville are collaborating on the deal, which has changed in scope since it was announced last year due to environmental concerns on a portion of the original 126-acre property.

The purchase price dropped along with the size of the project, from $5.7 million to $3.2 million.

If the deal goes through, the school district will use money from a 2005 bond issue to pay for the property, keeping almost nine acres for storage and maintenance operations. The town would take title to the rest of the land that straddles 106th Street east of Zionsville Road, making annual payments to the schools through 2028.

Once the town installs underground utilities, Indianapolis-based Rockland Development LLC would begin developing the site. Rockland principal Paul Kite expects the first 86,400-square-foot commercial building to be complete in 2015, to be followed by five more structures over the next five years.

“We’ve been working as a group on putting something together on the Dow site since 2007,” Kite, a veteran local real estate developer, told the Zionsville Redevelopment Commission on Monday night. “Our intent is to see the property developed in a sensible and positive way for the town.”

Rockland struck the original land deal with Dow, then offered the purchase rights to the town in exchange for an exclusive development agreement. Residents at the Monday meeting asked Kite why he didn’t buy the property himself.

“I wish I could have,” he said. But in the current real estate environment, “no one can buy land for speculative development anymore.”

Kite said he already has heard from potential users of the site, which Dow was unwilling to sell piecemeal. He expects to focus on developing office space, with the goal of attracting corporate headquarters, high-tech and biomedical uses.

“We’re trying to increase the daytime population of the Village,” he said, referring to the town’s retail-oriented central business district. “It will only benefit the town economically.”

A preliminary assessment shows the property was in use as far back as 1913, when Pitman-Moore Co. had a pharmaceutical manufacturing facility there. Dow bought it in 1960 and used the plant to make human and veterinary vaccines until 1976. Buildings on the site were gone by 1989, and in the mid-1990s Dow entered a voluntary remediation program to resolve some lingering environmental issues.

State regulators signed off on a portion of the remediation in 2005, clearing the land that is part of the Zionsville deal. Remediation is still under way in the portion of the property excluded from the sale.

Results of a more-thorough environmental study are expected to be made public in advance of the Redevelopment Commission’s next meeting April 29.

ADVERTISEMENT

Post a comment to this blog

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
  1. Of what value is selling alcoholic beverages to State Fair patrons when there are many families with children attending. Is this the message we want to give children attending and participating in the Fair, another venue with alooholic consumption onsite. Is this to promote beer and wine production in the state which are great for the breweries and wineries, but where does this end up 10-15 years from now, lots more drinkers for the alcoholic contents. If these drinks are so important, why not remove the alcohol content and the flavor and drink itself similar to soft drinks would be the novelty, not the alcoholic content and its affects on the drinker. There is no social or material benefit from drinking alcoholic beverages, mostly people want to get slightly or highly drunk.

  2. I did;nt know anyone in Indiana could count- WHY did they NOT SAY just HOW this would be enforced? Because it WON;T! NOW- with that said- BIG BROTHER is ALIVE in this Article-why take any comment if it won't appease YOU PEOPLE- that's NOT American- with EVERYTHING you indicated is NOT said-I can see WHY it say's o Comments- YOU are COMMIES- BIG BROTHER and most likely- voted for Obama!

  3. In Europe there are schools for hairdressing but you don't get a license afterwards but you are required to assist in turkey and Italy its 7 years in japan it's 10 years England 2 so these people who assist know how to do hair their not just anybody and if your an owner and you hire someone with no experience then ur an idiot I've known stylist from different countries with no license but they are professional clean and safe they have no license but they have experience a license doesn't mean anything look at all the bad hairdressers in the world that have fried peoples hair okay but they have a license doesn't make them a professional at their job I think they should get rid of it because stateboard robs stylist and owners and they fine you for the dumbest f***ing things oh ur license isn't displayed 100$ oh ur wearing open toe shoes fine, oh there's ONE HAIR IN UR BRUSH that's a fine it's like really? So I think they need to go or ease up on their regulations because their too strict

  4. Exciting times in Carmel.

  5. Twenty years ago when we moved to Indy I was a stay at home mom and knew not very many people.WIBC was my family and friends for the most part. It was informative, civil, and humerous with Dave the KING. Terri, Jeff, Stever, Big Joe, Matt, Pat and Crumie. I loved them all, and they seemed to love each other. I didn't mind Greg Garrison, but I was not a Rush fan. NOW I can't stand Chicks and all their giggly opinions. Tony Katz is to abrasive that early in the morning(or really any time). I will tune in on Saturday morning for the usual fun and priceless information from Pat and Crumie, mornings it will be 90.1

ADVERTISEMENT