Cabela’s, the major outdoor store hoping to build south of Indianapolis, has decided to list the land they were to develop with a real estate firm based out of Illinois. The site that was to link Greenwood and Cabela’s is located near County Line Road and I-65 in the Greenwood real estate market.
Suspicions began to swirl that the project would perhaps not get off the ground in early 2008 when the company announced that the development for Cabela’s would be put on hold. As with many other companies impacted by the current financial crisis, Cabela’s then announced about a year and a half later that the store would no longer be built in Greenwood.
Residents of Greenwood were hoping to enjoy the rugged retail experience that now will not happen. Earlier this summer when the company decided not to build one of their massive 100,000+ square feet stores to join Greenwood and Cabela’s due to the state of our national economy, Greenwood had to accept the defeat. The site was also to include a Splash Universe hotel and water resort complex.
Real estate officials are hoping that the strength of other retail nearby will help the corner retain its value and attract buyers. Located in close proximity to the location now for sale are such anchor stores as Walmart, Lowe’s and Target.
Also attractive about the location of this land is its possible draw for the medical office and life sciences community. Several medical buildings are in the area as well as a major hospital. Experts are hoping that builders will take advantage of the land that has already been developed in the submarket of developing this corner.
Residents were hoping that joining Greenwood and Cabela’s would attract more positive attention to their community and therefore raise the values of their Greenwood homes for sale.
Actually, the area has actually been faring very well against the rest of the Indianapolis real estate market according to a recent Greenwood report that showed Johnson County actually sold more homes this year than last. Compared against other Indianapolis homes for sale, Johnson County witnessed an increase in the average price for homes sold as well in 2009.
While Cabela’s may not have been able to bring their retail experience to Greenwood, many other company’s have over the years. The area boasts one of the most satisfying indoor mall shopping experiences in Greenwood Park Mall and the the outlying area seems to have endless shopping opportunities.
Shopping is not the only draw to the area and recent increases in real estate statistics are reflecting this fact. There are many reasons why Greenwood has experienced a 1,000 percent growth in population since the 1950s.
Over the last fifty years, Greenwood has expanded to include community centers and has developed an old towne district. The area can also boast award-winning school systems and ample opportunities for higher education. These include learning centers for ITT Technical Institute, MedTech College and Indiana Tech. Located a short drive away is the University of Indianapolis and Franklin College. Even IUPUI is seeing all the advantages that Greenwood has to offer by planning to open a satellite campus in January 2010.
So while many are disappointed that a megastore like Cabela’s will no longer be building in the area, solidified by the fact that they have now listed the land for sale, Greenwood still has many reasons to be hopeful about the sustaining value of their community.