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Developers propose $113M commercial project near I-65 in Whitestown

November 9, 2017

Two Indianapolis-area developers have proposed a $113 million commercial project west of Interstate 65 in Whitestown.

Indianapolis-based Strategic Capital Partners and Carmel-based Lord Realty Holdings LLC have filed plans for a development named GreenParke, which would encompass nearly 170 acres on the west side of Indianapolis Road, north of County Road 650.

Site plans show six office and commercial buildings ranging in size from 168,000 square feet to more than 700,000 square feet for a total of more than 2 million square feet.

The project also would include two smaller buildings totaling 37,500 square feet along County Road 650.

“It’s a site we’ve had on our radar screen for a long time, and we’re excited to try to push this forward,” John Cumming, senior vice president of development for Strategic Capital Partners, said at a Whitestown Town Council meeting Wednesday night.

Whitestown officials are considering providing support for the project by creating a tax increment financing district around the site and use revenues from the TIF district for infrastructure expenses.

According to documents filed with the town, the project could result in the creation of 980 full-time office and warehousing jobs with an average annual salary of $37,415.

Construction is expected to start by June 2019. The project would to take nearly eight years to complete

Cumming said most of the buildings would be around 200,000 to 300,000 square feet.

“Our niche really on the industrial side is to build a smaller to mid-size distribution building,” Cumming said.

Strategic Capital Partners is also building a $20 million, 118-unit student housing project for the University of Indianapolis. Its local portfolio includes Parkwood Crossing, one of the Indy area's largest and highest-profile office parks, which it acquired last year with Philadelphia-based Rubenstein Partners for $162.9 million.

Strategic Capital Partners and Lord Realty Holdings are in the process of acquiring the property from Verus Partners. One tenant is already in the works for the project, according to CBRE first vice president Andrew Morris, who is representing Verus and will be the leasing agent for the development.

Morris told Whitestown Town Council members on Wednesday that LifeNet Health is considering the site for a facility that would bring 75 high-paying jobs.

"It's a fantastic project—very high-end, high-finish facility," Morris said of the LifeNet project. "We really, really think it will be a great thing for the community."

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