Proposed deal with Gershman Partners envisions $40 million entertainment, retail center
Indy Fuel owners Jim and Sean Hallett are committed to cultivating youth sports in Central Indiana, and the Halletts recently reinforced that message by announcing a proposal to develop a sports and family entertainment destination along Interstate 65 in Greenwood.
The proposed project, developed by Hallett-owned Indiana Ice Arenas LLC and Indianapolis-based Gershman Partners, includes more than $40 million of private investment and would encompass 60 acres of long-admired real estate along I-65, south of County Line Road. Both organizations have signed letters of intent with the city expressing their intentions and requests for incentives.
There are two components to the development. The first, Greenwood Sportsplex, serves as the anchor destination. The 175,000-square-foot facility would house two ice rinks, two turf fields (convertible to two additional ice rinks), five basketball courts (convertible to 10 volleyball courts), a fitness/training facility, pro shop, locker rooms and food service facilities.
Greenwood Mayor Mark W. Myers says the project has the potential to spotlight Greenwood as a regional hub for youth sports.
“The initial phase of this development would bring nearly 300,000 square feet of sports and entertainment facilities to Greenwood,” said Myers. “The project creates a focus for youth sports in the Midwest and positions our city to host a variety of regional and national events. It also provides a unique recreational opportunity for residents of Greenwood and surrounding areas.”
Indiana Ice Arenas estimates an investment of $25 million to construct the Greenwood Sportsplex, which would be one of the largest facilities of its kind in the nation.
“From Day One, our mission has been to create and sustain a future for hockey in Indiana,” said Sean Hallett. “With the Greenwood Sportsplex, we’re able to move closer to that goal while offering a number of opportunities in other youth sports as well. This is going to be a first-class facility.”
The second component is a multi-phased development. The initial project includes entertainment, dining and hospitality destinations. Gershman Partners would invest an additional $15 million and has initial agreements in place with Xscape Theatres and Main Event Entertainment to serve as anchors.
This first phase also includes approximately 10 outlots geared toward dining, retail and entertainment. Other plans for the site include both a 200-room hotel and convenience store. Future phases include space for additional retail and restaurants, as well as medical and office space.
“We recognized the potential for this project for quite some time,” said Ryan Gershman, Principal, Gershman Partners. “Today, we are pleased to announce that the first phase of the project is moving forward as both a community and regional destination for sports, entertainment, dining and retail.”
Gershman says they are in negotiations for some of the spaces, while other lots are still being marketed.
Myers commended Greenwood residents for their interest and input during an extended planning process and expressed his enthusiasm for an even bigger and better opportunity with Indiana Ice Arenas and the Hallett family.
The Greenwood Redevelopment Commission (RDC) will hold a special meeting this evening to hear a presentation on project details and requested incentives, which include up to $3.7 million for construction of site improvements, up to $1.8 million for off-site infrastructure improvements on County Line and Graham roads, and reimbursement of up to $3 million for capital improvements at Greenwood Sportsplex, payable over 10 years with continual operations.
RDC President Brent Tilson says the project will serve as a catalyst for future development.
“This is a special opportunity for Greenwood,” said Tilson. “The value to our city is immediate and will only increase over time. We’re confident this will spur accelerated development in both the immediate and surrounding areas.”
The city now has letters of intent with both organizations. The letters indicate a desire for definitive agreements to be in place by the end of August.
After hearing a presentation later today, the RDC will vote on the incentive packages during its upcoming meeting on July 11. Other required approvals include standard variance requests through the Board of Zoning Appeals and plat/site plan approval from the Advisory Plan Commission.
For more information, visit greenwood.in.gov/sportsplex.
