Local homebuilder Paul Estridge Jr. has agreed to purchase the sprawling Simon estate on Ditch Road known as Asherwood and is proposing a development of 100 custom homes and an inn on the 107-acre property.
Brad Davis and Paul Estridge Jr. belong to a select fraternity. They’re prominent Indianapolis homebuilders whose companies faltered during the housing downturn, only to re-emerge in another incarnation.
Paul Estridge Jr. says he is returning to the home-building business after securing $25 million from a private-equity firm in North Carolina. The venture’s first project will be Harmony, a 270-acre community in Westfield.
The Broad Ripple High School graduate took a flyer on building custom homes in 1967 and created an empire in the city’s northern suburbs.
The Estridge Group, which had operated in the Indianapolis area since 1967, has become part of Houston-based David Weekley Homes. Estridge had struggled in recent months to stay afloat during the severe housing downturn.
Paul Estridge Jr. says he’s in talks with three investors who are interested in keeping his company in business.
E.Com Technologies LLC, which serves the large Centennial subdivision in Westfield, cannot expand its service territory without the state agency’s permission. Charges of anti-competitive behavior led to the decision.
The Estridge Cos. said it is reducing Symphony from a planned 1,400 acres to a size that will closer rival the Carmel-based home builder’s 436-acre Centennial development, also in Westfield.
The Estridge Cos. has withdrawn a proposal to build a massive youth sports complex in its master-planned Symphony development in Westfield.
The Westfield planning commission has asked city employees to further review the 1,400-acre mixed-use project that could include
thousands of homes, shops, a YMCA and a baseball stadium.
Estridge Cos.’ subcontractors have invested $10 million into the firm led by COO Matt Cohoat and CEO Paul Estridge Jr.—an
infusion that paves the way for them to proceed with
a massive development in Westfield.