After receiving no bids for projects for the southwest corner at 106th Street and Bennett Parkway earlier this year, the Zionsville Redevelopment Commission agreed to sell the 1.52-acre property Monday night.
Indianapolis-based Scannell Properties will buy the land for $63,840. The deal is expected to close before the end of the year.
Christopher Miller, development manager with Scannell, said the company does not have a specific project determined, but expects to construct a warehouse or office building.
The property sits just to the south of Zionsville’s Creekside Corporate Park and to the northwest of the FedEx distribution center.
The Zionsville RDC issued a request for proposals for the land at the beginning of the year, but it did not receive any bids. Scannell submitted an offer in June, and the redevelopment commission accepted the offer Monday.
The RDC also started the process to extend the life of the tax increment financing district that includes Creekside Corporate Park on Monday.
As it stands, the TIF district would expire in 2029. Creating a new allocation area within the TIF district would extend its life 25 years.
The 66-acre commercial park, which could provide up to 540,000 square feet of office space, remains mostly undeveloped, aside from the 150,000-square-foot headquarters that Hat World Inc. is constructing for its Lids Sports Group operation.
The Zionsville Town Council and Zionsville Plan Commission have to sign off on the new TIF allocation.