A Greenwood-based firm has secured a five-acre tract northeast of the intersection of Interstate 74 and Post Road where plans are in the works for a hotel and retail offerings.
The Post Road exit is the last major off-ramp before I-465 when approaching Indianapolis from the east on I-74. It's considered one of the least-developed interstate exits in the Indianapolis area.
Shiv Real Estate 16 LLC bought the property at 3337 S. Post Road for $600,000 from Indianapolis-based Deerberg Properties LLC earlier this month. Plans call for the property to be used for a mid-priced hotel—such as a Holiday Inn Express or Hampton Inn—along with outlots for restaurants and other retailers.
Chintu Patel, who owns a nearby Marathon gas station at 3435 S. Post Road and is a partner in the project, said marketing for the property could begin in the next two months. Construction could begin by year’s end.
A 3.8-acre property between the Marathon and 3337 S. Post Road also would be part of the development, Patel said.
He declined to share the overall cost of the project, but said he is investing about $500,000. He said there are “many partners” involved, but declined to share names with IBJ.
Among the fast-food chains being eyed for the project are Arby’s and Burger King, but Patel said other options are also under consideration, including a sit-down restaurant if the hotel is successful. Later phases of the development could include apartments and more retail.
Ross Reller, a broker with Indianapolis-based Resource Commercial Real Estate, said a truck stop or fast-food restaurants would be best-suited for the property, and that a budget hotel could work as well.
“It was a matter of time” before the interchange began receiving heavy development considerations, Reller said, but noted there could be a challenge with infrastructure and utilities.
“Those are things that are going to have to be resolved as part of any redevelopment,” he said.
The project is also likely to require zoning changes, since much of the land is zoned for agriculture or residential development.