University High School in Carmel has sold about 36 acres of surplus land along 116th Street, on which a developer plans to build a high-end subdivision.
Pittman Real Estate Services LLC purchased the 36 acres in a deal that was finalized last week and has filed plans with Carmel to build a 48-home custom subdivision. Terms of the acquisition were not disclosed.
The developer is seeking approval from the Board of Zoning Appeals for a handful of zoning variances necessary for the project to move forward.
Steve Pittman, owner of Carmel-based parent firm Pittman Partners, said in a media release the property’s West Carmel location—near University High School, Town Meadow Elementary, Creekside Middle School and local parks—would make the subdivision a desirable place to live.
Pittman Partners has developed several projects in the northern suburbs, including Bellewood and the Estates of Clay West in Carmel and Long Brook in Zionsville.
Last spring, University High School completed a master plan for 115 acres it owns along 116th Street between Shelborne and Towne roads.
School leaders identified about 36 acres of land they say they wouldn't need and weighed whether to sell the land or find some other use for it.
Shortly after, the school board hired John Snell of Snell Real Estate Evaluation Co. to gauge buyer interest. The board sought a buyer that was well regarded in the community but also the right fit for next to the school.
Pittman Partners was the right choice, school board chairman Jeff Lewis told families in a statement sent out last week.
As part of the agreement, University High School will retain access to part of the land—green space—for educational purposes.
Proceeds from the sale will go toward reducing the school’s debt load, Lewis said.
The sale is also consistent with one of the school’s strategic goals of gaining more visibility in the community by increasing exposure and traffic near campus.