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Wellness-based development would be first of kind here

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A new health and fitness facility under construction in Avon has led to plans for an almost 30-acre mixed-use complex on the north side of U.S. 36 believed to be the first of its kind in this market.

The project, called Satori Pointe, is being marketed to potential developers as a campus where medical offices, fitness-oriented retailers and residents would co-exist.

Deeni Taylor, regional executive vice president for Bremner Duke Healthcare Real Estate, said multi-use developments holistically focused on health and well-being exist in Dallas and Raleigh but he’s not aware of any here.

Taylor, whose firm isn’t involved in the project, said health care real estate is doing better than most sectors. “We’re seeing activity in some markets pick up. Now that hospitals see what health care reform is going to look like, they’re releasing some projects and going forward.”

He said mixing health care development with retail and housing in a village concept has been successful elsewhere.
Satori Pointe, which is just east of Dan Jones Road, would serve as a front door to the 122,000-square-foot Hendricks Regional Health YMCA, which broke ground last December.

That $18 million project was billed as unique when it was announced because it’s the result of a partnership between a health care organization, Hendricks Regional Health, and a fitness organization, the YMCA. It will pair physician and outpatient services and sports medicine facilities run by Hendricks with the Y’s fitness center, gymnasium and indoor aquatics center. It’s slated to open next May.

Satori Pointe will lie on either side of a broad boulevard leading from U.S. 36 to the Hendricks Regional Health YMCA. The development’s name comes from the Japanese Buddhist term for enlightenment.

Tim Norton and Jeff Merritt of Summit Realty are the brokers for the five development sites in the complex, The sites range in size from just under four acres to more than nine acres. The shovel-ready sites are divisible if more than one user is interested in the same site. The two that front U.S. 36 are being marketed for retail use. Two others are suggested for office/professional use, and the largest site is envisioned for apartments and/or senior housing.

Merritt said there’s been strong interest in the housing parcel from independent living/senior living developers. He and Norton are pursuing bookstores, fitness apparel retailers, natural and organic grocers and restaurants that promote healthy menu items for the retail space.

“We want Avon residents to come here every day to work out, go to the office, go to the grocery,” Merritt said.

The land is owned by Hendricks Regional Health, which installed infrastructure and utilities. The asking prices for the retail parcels range from $650,000 to $850,000 an acre. The housing and office parcels are marketed for $425,000 an acre.

Merritt said it’s possible Hendricks will end up developing one of the office parcels itself.

“I believe Satori Pointe will be a model for health and wellness developments,” Dr. John Sparzo, Hendricks Regional Health’s vice president of medical affairs, said in a prepared statement.

A fitness trail will line the perimeter of the development, which also will include park space and athletic fields.
 

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  • No Different Than Saxony in Fishers
    How is this different from the original vision of the Saxony development in Fishers? Perhaps the implementation will be more in-line with the vision, but the idea is not unique to the area.

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  1. PJ - Mall operators like Simon, and most developers/ land owners, establish individual legal entities for each property to avoid having a problem location sink the ship, or simply structure the note to exclude anything but the property acting as collateral. Usually both. The big banks that lend are big boys that know the risks and aren't mad at Simon for forking over the deed and walking away.

  2. Do any of the East side residence think that Macy, JC Penny's and the other national tenants would have letft the mall if they were making money?? I have read several post about how Simon neglected the property but it sounds like the Eastsiders stopped shopping at the mall even when it was full with all of the national retailers that you want to come back to the mall. I used to work at the Dick's at Washington Square and I know for a fact it's the worst performing Dick's in the Indianapolis market. You better start shopping there before it closes also.

  3. How can any company that has the cash and other assets be allowed to simply foreclose and not pay the debt? Simon, pay the debt and sell the property yourself. Don't just stiff the bank with the loan and require them to find a buyer.

  4. If you only knew....

  5. The proposal is structured in such a way that a private company (who has competitors in the marketplace) has struck a deal to get "financing" through utility ratepayers via IPL. Competitors to BlueIndy are at disadvantage now. The story isn't "how green can we be" but how creative "financing" through captive ratepayers benefits a company whose proposal should sink or float in the competitive marketplace without customer funding. If it was a great idea there would be financing available. IBJ needs to be doing a story on the utility ratemaking piece of this (which is pretty complicated) but instead it suggests that folks are whining about paying for being green.

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