Skip Ribbon Commands
Skip to main content

News release

INDIANAPOLIS

High-Profile Development Opportunity Available on the North Meridian Corridor

JLL leads client efforts to redevelop unique site


​INDIANAPOLIS, AUGUST 24, 2017 – JLL Indianapolis announces it has been retained by Corporex Co., a Kentucky-based real estate development company, as the listing agent for the site of the former Five Seasons Sports and Country Club. The property, recently renamed The Crossing at 96th Street, is located in the prime north Meridian submarket at 1300 E. 96th Street. The opportunity is available for redevelopment.

The property is located on Carmel's front doorstep on the Southside of Interstate 465 between N. Meridian Street and N. Westfield Boulevard with an average of 144,000 vehicles passing per day.

"It is a prime parcel with unparalleled visibility from Interstate 465," says Thomas Deere, EVP for Corporex. "With the scarcity of land available in the Meridian and I-465 corridor, it is the premiere place to be in the suburban office market."

Given the property's former use and its visibility to I-465, it is a unique offering. Since obtaining a zoning change from the city of Carmel, redeveloping the 14.68-acre site now allows for up to 650,000 square feet of office space or 295,000 square feet of renovations to the existing buildings. The Planned Unit Development District (PUD) zoning encourages a more creative approach in land and building site planning which is necessary given the nature of the existing site. The property features two buildings with a variety of sports courts, indoor/outdoor pool, fitness center, spa and event space. The property is located in an ideal area of Indianapolis as one of the most sought after submarkets.

"The property is easily accessible and offers unequalled visibility on I-465," says Managing Director John Robinson of JLL Indianapolis, and listing agent for the property. "This property is one of the largest development opportunities available in the area and the zoning allows a lot flexibility for what can be created in this space."

Corporex Co. has successfully renovated existing fitness clubs in the past and encourages the new entity to consider all of the options. Similar to a renovation completed for a software company in Cleveland, Ohio, the Indianapolis property renovation could allow for additional levels added to the existing buildings and also include a multi-story parking garage. Some of the existing features of the building, such as fitness center or dining area, are highly desirable tenant amenities in existing office buildings and could be incorporated into the renovated space.

"The existing amenities at this property plus the location of the property with direct accessibility to the popular Monon Trail combined the tenant demand in this area make this property a unique opportunity," says Robinson. "Corporex's proven success in converting other properties through redevelopment is an added benefit to this project."

For more news, videos and research resources on JLL, please visit the firm's U.S. media center Web page: http://bit.ly/18P2tkv.

About Corporex

Corporex is a privately held investment company with broad holdings throughout the United States. We create investment opportunities for our capital partners through traditional real estate assets as well as an ever-broadening array of other opportunistic investments. Today, Corporex controls over $1 billion of real estate investments located in 20 major markets across the United States. For further information, visit corporex.com.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.