A new development along Interstate 65 could become a regional draw for Whitestown as Grand Park is for Westfield, IKEA for Fishers and the Palladium for Carmel.
The project would include 1.3 million-square-feet of outlet, retail, medical, hotel and multi-family housing space. The development, which is still in the first stages of planning, would bring in $28 million annually in state and local revenue.
“This would be a major multi-state regional draw,” said Whitestown Town Manager Dax Norton. Norton compared the development to Tanger Outlets, a high-end, outdoor outlet mall located in Grand Rapids, Michigan.
The 1,360,500-square-foot project would include:
The town has been in talks with Gershman Partners about a public-private partnership to develop the potential project, which would be located to the east of I-65 at County Road 550 North. Gershman has an option to purchase the land, Norton said. The current landowners are Donald and Virginia Clark, according to property tax records.
Gershman did not respond to a request for comment. The company has not yet submitted any plans to the town, Norton said.
Talks with Gershman “reenergized” Whitestown’s interest in the construction of a new I-65 interchange, Norton said. In late September, the Indiana Department of Transportation announced a $40 million project to construct that new interchange.
According to preliminary plans for the retail site, the interchange would lead directly into the Gershman development.
Whitestown and INDOT are currently working to rephrase an agreement under which the town would repay INDOT $10 million for the interchange, with funding coming from a Tax Increment Finance district yet to be created.
The Whitestown Town Council tabled a previous draft of the agreement at its September meeting because the town wanted the language of the partnership clarified, Norton said.
According to its website, Gershman developed Hamilton Town Center in Noblesville and The Bridges, a mixed-use, 250,000-square-foot retail and restaurant hub in Carmel.
Norton said he hopes plans for the Whitestown complex will be submitted by the beginning of 2018.
A development like this would add another element that could attract people to Boone County, said Molly Whitehead, executive director of the Boone County Economic Development Corp.
“It’s just one more thing that we’ll have in our toolbox to be able to show that you can have whatever lifestyle you would like in Boone County,” she said. “You can live in a suburban area or a rural area, but the amenities people are looking for… having those nearby is a major tool for us to have.”