By Ann Marie Shambaugh
The Zionsville Economic Redevelopment Corporation is considering selling Creekside Corporate Park for approximately $6.1 million.
Zionsville-based Rockland Development is offering to purchase approximately 41 acres of developable land for $150,000 per acre. The two sides are still determining how much land can be considered developable, so the final acreage amount could change.
Zionsville Director of Planning and Economic Development Wayne DeLong said that the town has always intended on selling Creekside since it bought the land in 2013. DK Pierce and LIDS have already built in the business park, and their lots would not be included in the sale. The town would retain ownership of the natural woodlands, which make up nearly 40 percent of the park; roads; a pocket park; and nearly one mile of public pathways.
The Town of Zionsville borrowed $3 million to purchase the land and has spent more than $4.2 million on infrastructure improvements. With other associated and anticipated costs, DeLong estimated the town will have invested nearly $7.7 million in developing Creekside.
“For any town – especially Zionsville – to buy real estate, it’s not about profit,” DeLong said. “We’re not looking to make money. We are looking to make an investment in the community.”
The town would use the proceeds of the sale to pay down debt incurred in the development of Creekside, DeLong said.
RDC board members discussed the offer at their May 22 meeting but did not take a vote. They plan to revisit the issue at the June 26 meeting after vetting the purchase agreement and reviewing details of the offer. The issue is not expected to go before the Zionsville Town Council.
DeLong said the town invested in Creekside to promote economic development by increasing Zionsville’s daytime population, which is expected to provide a boost to the nearby shops and restaurants in the downtown area.
Officials from Rockland Development did not respond to a request for comment as of press time.