Indiana Economic Digest | Indiana
Advanced Search

• Most Recent

home : most recent : most recent July 21, 2017

7/13/2017 7:23:00 PM
Greenwood preparing to pay $1 million for vacant strip center, may become park

Indianapolis Business Journal

The city of Greenwood is preparing to pay $1 million to purchase the site of vacant strip center just south of the Marion County line along a major thoroughfare.

The 8.6-acre property at 1265 N. Madison Ave. is adjacent to Greenwood Park Mall. The 47-year-old Greenwood Crossing retail center on the site is dominated by a restaurant space that formerly housed El Rodeo and the Patriots Grill, which closed in 2015.

Commercial activity took a major hit, however, following significant flooding in 2008. Updated flood maps produced by the Federal Emergency Management Agency show a majority of the parcel is now in a flood plain, hampering future commercial use, the city said. The property's assessed value has fallen by half since 2012, the city said.

City officials now want to demolish the 41,000-square-foot strip center and convert what many consider an eyesore into something more attractive, possibly a park.

“This is a very important piece of land for Greenwood,” Mayor Mark W. Myers said in a written statement. “The property is right across the street from Greenwood Park Mall, a major destination for both residents and visitors. It’s also one of the first things you see traveling south into Greenwood on Madison Avenue.”

Myers said the city would seek community input for potential uses for the property.

The Greenwood Redevelopment Commission expects to pay about $1 million for the property. The commission is set to vote on the purchase at its next meeting, on Aug. 8. If approved, the city will begin official negotiations with the owner.

Copyright 2017 All Rights Reserved.

Editor, John C. DePrez Jr.; Executive Editor, Carol Rogers; Publishers: IBRC and IAR

Software © 1998-2017 1up! Software, All Rights Reserved