Developer ready to start northeast-side grocery project

January 27, 2014
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An Indianapolis developer has closed on the sale of a nearly vacant shopping center on the northeast side to make way for a new retail project that will be anchored by a Wal-Mart Neighborhood Market.

56th and emerson
                              grocery site plan 225pxDouglas Realty Advisors partnered with Wal-Mart to buy the 10-acre property on Jan. 17 from a Louisville investment group.

Built in the 1970s, the 108,000-square-foot shopping center at 56th Street and Emerson Avenue was once anchored by an O’Malia’s grocery store but has just one tenant remaining—a Dollar General store.

As part of the redevelopment, a new Dollar General store will be built across the street where the 56th Street Fish Market was located. It closed in 2007, and IBJ reported in its Jan. 20 issue that the owner has launched another market, Caplinger’s Fresh Catch, at 75th Street and Shadeland Avenue.

Meanwhile, Douglas Realty’s project will include a 42,000-square-foot Neighborhood Market and 15,000 square feet of small-shop retail space. (Click on image above for a detailed site plan.)

Demolition is set to begin in March, with the grocery store opening by the end of the year. The total investment in the property will be about $15 million, said Douglas McAuley, a partner in Douglas Realty.  

“Once upon a time, it was a very viable grocery center,” he said of the property formerly known as the Windridge Center. “It drew a lot of traffic from the neighborhood. So there’s a pretty big void.”

McAuley said the nearest groceries are Kroger stores at 71st Street and Binford Boulevard and at 42nd Street and Arlington Avenue.

Douglas Realty received unanimous approval from the Metropolitan Development Commission in July to rezone the land.

The firm is developing a similar project on the west side in the Highland-Kessler neighborhood at the southwest corner of Michigan Road and Kessler Boulevard.

The project also calls for a 42,000-square-foot Neighborhood Market, which should be open in the summer, in addition to 18,000 square feet of retail space.  

Wal-Mart is making a push into Indianapolis with its Neighborhood Market stores, which are much smaller than its supercenters. Its latest store, at 131st Street and State Road 37 in Fishers, opened earlier this month.
 

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  • Awesome
    Great news. This area has needed attention for a long time, and I believe the neighborhood can more than support the business. Good to see some action here!
  • Wonderful !
    Millersville has great neighborhoods, the beautiful Fall Creek Trail, and will finally have a grocery, shops, restaurants again! Seriously can't wait. Thank you, Doug. Thank you, Neighborhood Market!
  • A Real Community Effort
    Much credit for this redevelopment should be given to the community surrounding the site especially Ms. Diehr who has worked tirelessly to make it happen. Many thanks on behalf of all your neighbors.
  • This is Great News!
    Having a grocery close by is good for the area. I really miss that convenience. Thanks to the developer and a special thanks to those in the neighborhood that worked to make this happen!
  • Flooding
    By placing the new building closer to the retention pond, won't this put the building in danger of flooding? There have been times where Fall Creek has flooded all the way across the road and half way up the parking lot right where the new building will be constructed.
  • Great Local Boost!
    Great news! This is a beautiful part of our NE side - so glad to see development underway.

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  1. The $104K to CRC would go toward debts service on $486M of existing debt they already have from other things outside this project. Keystone buys the bonds for 3.8M from CRC, and CRC in turn pays for the parking and site work, and some time later CRC buys them back (with interest) from the projected annual property tax revenue from the entire TIF district (est. $415K / yr. from just this property, plus more from all the other property in the TIF district), which in theory would be about a 10-year term, give-or-take. CRC is basically betting on the future, that property values will increase, driving up the tax revenue to the limit of the annual increase cap on commercial property (I think that's 3%). It should be noted that Keystone can't print money (unlike the Federal Treasury) so commercial property tax can only come from consumers, in this case the apartment renters and consumers of the goods and services offered by the ground floor retailers, and employees in the form of lower non-mandatory compensation items, such as bonuses, benefits, 401K match, etc.

  2. $3B would hurt Lilly's bottom line if there were no insurance or Indemnity Agreement, but there is no way that large an award will be upheld on appeal. What's surprising is that the trial judge refused to reduce it. She must have thought there was evidence of a flagrant, unconscionable coverup and wanted to send a message.

  3. As a self-employed individual, I always saw outrageous price increases every year in a health insurance plan with preexisting condition costs -- something most employed groups never had to worry about. With spouse, I saw ALL Indiana "free market answer" plans' premiums raise 25%-45% each year.

  4. It's not who you chose to build it's how they build it. Architects and engineers decide how and what to use to build. builders just do the work. Architects & engineers still think the tarp over the escalators out at airport will hold for third time when it snows, ice storms.

  5. http://www.abcactionnews.com/news/duke-energy-customers-angry-about-money-for-nothing

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