The developer plans to spend $5 million for the property on the south side of 116th Street at Maple Drive, near Chatham Tap tavern in the Maple Del subdivision and work with the city to develop it. If the two sides can’t come to an agreeable development, the city will buy the property from Hageman and proceed with another builder, city spokeswoman Ashley Elrod told the newspaper.
There is a land acquisition agreement, indicating a mixed use project, which could include apartments, shops and offices, along with a parking garage and sometimes a hotel.
Details of the development or how soon construction might start were not available.
The Redevelopment Commission has approved Hageman’s latest plan, but a resolution of City Council support was postponed at its regular meeting on June 17 because Hageman still has not secured purchase agreements for three of the 17 properties, IndyStar reports.