The owner of the Five Seasons Family Sports Club in Carmel has put the property on the market and is promoting it as an opportunity for an office redevelopment.
Covington, Kentucky-based Corporex Cos. has hired commercial real estate firm JLL Indianapolis to list the nearly 15-acre site, JLL announced Thursday, about three weeks after Corporex said Five Seasons would close on Sept. 30.
The property, which Corporex has renamed The Crossing at 96th, is located at 1300 E. 96th St., just south of Interstate 465.
“It is a prime parcel with unparalleled visibility from Interstate 465,” said Thomas Deere, executive vice president of Corporex, in a written statement. “With the scarcity of land available in the Meridian and I-465 corridor, it is the premier place to be in the suburban office market.”
John Robinson, managing director of JLL’s local office, said the property presents multiple options for a new owner.
The Five Seasons could continue to operate as a fitness club, or the buildings could be redeveloped into office space by adding onto them or tearing them down. It’s also possible Corporex could redevelop the property by retaining ownership and leasing to tenants, Robinson told IBJ.
“All the scenarios have multiple options,” he said.
Corporex has renovated existing fitness clubs, including a project the developer completed for Westlake, Ohio-based Hyland Software near Cleveland in 2013 after Corporex closed the club.
The first Five Seasons club was founded by Corporex in 1988 in Crestview Hills, Kentucky. It initially operated as Four Seasons, but the owners later changed the name to avoid confusion with the high-end Four Seasons hotel chain.
Corporex added several clubs over the next decade in the Midwest, but never got close to its original five-year goal of developing 30 clubs nationwide. The local club opened in 1996.
The company also operates Five Seasons locations in Northbrook and Burr Ridge, Illinois, and Cincinnati and Dayton, Ohio.
In Carmel, Corporex received approval in late 2016 from city officials to rezone the site from R-1 residential to allow for a planned unit development district. The new designation allows for up to 650,000 square feet of new office space or 295,000 square feet of renovations to existing buildings.