Denison Partners LLC and Browning Real Estate are the latest real estate developers to buy land from the Indianapolis Airport Authority.
The airport authority approved two transactions, valued at a combined $432,575, on March 20. The airport is in the process of marketing and selling hundreds of acres of non-aviation land, and these will mark the second and third transactions under that initiative.
Denison will buy a one-acre parcel near the southwest corner of Interstate 70 and State Road 267, and Browning will buy 11.7 acres near the southwest corner of Washington Street and Ronald Reagan Parkway, an airport spokesperson said. The airport did not disclose the street addresses or specific locations of the land.
Browning agreed to pay $31,184 per acre, for a total purchase price of $373,575. Closing the deal is contingent on rezoning. Browning Investments Vice President of Real Estate Development Jamie Browning said he wasn't familiar with the company's plans for the land, and the company offered no further information.
Denison, an entity related to Indianapolis-based Denison Parking, has done projects in Airwest Business Park, Franklin Tech Park and Saratoga, according to an airport brief.
The buyers won't be able to build commerical parking or taxi-staging areas on the land, under a restrictive covenant with the airport.
Both properties are in Hendricks County.