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Real Estate & Retail

Massive $90M Greenwood retail project facing delays

January 24, 2017

The site in Greenwood where Gershman Partners plans to build a mammoth retail project still sits empty, more than a year after the local developer announced the $90 million project. 

gershman greenwood town centerGreenwood Town Center has yet to take shape. (Image courtesy Gershman Partners)

Construction on the 700,000-square-foot Greenwood Town Center was expected to begin in late 2016, with completion targeted for late this year, Gershman said in its October 2015 announcement.

But there’s still no activity at the site at the southeast quadrant of the interchange of Interstate 65 and County Line Road. Nor is any expected anytime soon, Greenwood Mayor Mark Myers told Property Lines.

Gershman has secured commitments from some prospective tenants but is having trouble landing larger anchors, he said.  

“They’re still not getting the number of businesses coming in to let them start,” Myers said. “Until they see more retail come in, we’re not ready to break ground.”

The city is providing assistance for a new road from County Line into the project, which INDOT has approved.

Gershman provided the following statement to Property Lines: “Greenwood Town Center remains a priority for us and its development continues to move forward. A wide range of businesses have shown tremendous interest and discussions are ongoing. We remain committed to the project and look forward to sharing more information when details are finalized."

Gershman is no novice when it comes to big retail projects and has built a strong track record through the years. It has developed several major retail projects in central Indiana, including Hamilton Town Center in Noblesville and The Bridges in Carmel.

The Town Center project would include shopping, dining and entertainment tenants.

In the meantime, Myers remains hopeful.

“I think the reason [for the delay] is there just aren’t enough rooftops east of [Interstate] 65 yet,” he said. “The retailers are cautious because they’re not seeing enough residents.”

The project should benefit from several other major retailers at the interchange, including a Kroger Marketplace, a Super Walmart and a Costco.

But previous attempts to develop the site have failed. Cabela's pulled its plans in 2009, and GoodSports backed out in 2014, when it couldn't secure financing for a sports complex and hotel project.

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