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Town eyeing vacant lot
The town of Zionsville is negotiating to purchase a vacant lot in the village’s historic downtown that formerly was occupied by a Shell service station.
Town Council members earlier this month voted unanimously to hire two independent real estate appraisers to assess the empty lot at the corner of Main and Pine streets. They will submit their appraisals within 30 days, at which time the town will determine whether it’s interested in acquiring the lot from owner David Byard.
Byard, of Village Development One LLC, had planned to develop a mix of luxury condominiums and retail space on the site. The Zionsville Plan Commission gave its approval in June 2004. But this summer he told city leaders the poor real estate market has motivated him to sell the property.
The Swiss Group Inc. had planned to purchase the land to also develop a mixed-use project with nine condos on the second and third floors and 8,600 square feet of retail on the ground floor. An underground garage with space for 26 vehicles would have been included as well.
But the Indianapolis broker and developer backed out of the deal due to the uncertainty in the financial markets, said Frank Swiss, president of The Swiss Group.
If the town buys the site, it would pave it to help alleviate a shortage of parking space in the downtown area. It is estimated the lot could accommodate as many as 36 parking spaces.
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