Zionsville RDC approves Lot 9 closing for Intelligent Living Solutions, hears Lot 3 proposal from Jaffe Realty

ZIONSVILLE, Ind. — The Zionsville Design and Redevelopment Commission on Aug. 26 approved resolutions to complete the sale and fund the closing of Creekside Lot 9 to Intelligent Living Solutions and heard a detailed development presentation for Lot 3 from Jaffe Realty Company.

The approvals cleared the way for a Lot 9 closing that Deputy Mayor (name not provided) told commissioners was scheduled "to be closing today on Lot 9, which will be Intelligent Living Solutions." The commission then voted to approve a property-transfer resolution and a separate deposit resolution specifying how closing funds would be handled.

The votes were procedural and carried without roll-call tallies. Vice President Norris made the motion to approve the property-transfer resolution; a second was given and the chair called the question. The subsequent deposit resolution was also moved, seconded and approved.

Why it matters: Creekside is the town’s active redevelopment area. Actions that finalize land transfers and fund closings move private construction and tenant build-outs closer to reality, which the Deputy Mayor and developers said will generate local tax revenue and jobs.

Developer presentation and project details

Adam Collins, representing the development team and speaking for Jaffe Realty Company, presented preliminary plans for Lot 3. Collins described the proposal as a two-story commercial building of roughly 20,000 square feet (about 10,000 square feet per floor) intended for office/medical use and potentially a two-tenant configuration. He said estimated total project investments are "approximately $10 to $12,000,000," the design and tenant selection schedule anticipates closing and tenant confirmation followed by design and construction, and that a full build-out could take up to 24 months from closing.

Collins summarized schedule and purchase terms presented to the commission: a purchase price presented in the materials ($156,000), $15,000 down, a 180-day due-diligence period and 30 days from the end of due diligence to closing. He also said the developer agreed to reimburse certain transaction costs up to $25,000. Collins described an internal target that tenants would be identified within about 120 days and that design would take about 4–6 months with construction lasting roughly 14–18 months depending on the tenant finish structure.

The commission and staff discussed roadway work tied to Creekside development. A commissioner asked whether the road reconfiguration would proceed as planned; staff said the reconfiguration is expected next summer and that the town found efficiencies by combining it with resurfacing of 106th Street. Staff said design work is scheduled to begin in October under Lance’s team and indicated the project’s costs would likely be included in the town’s budgeting cycle so funds could be appropriated before year-end. "So it'll come out of the Creekside corporate parks funds most likely," a staff member said.

Other Creekside updates and market work

In the Director’s Report the Deputy Mayor updated commissioners on other Creekside parcels: Lot 2 is moving forward with Kryder and Kryder and will appear before the planning commission, and the town expected to close on Lot 9 that day. He also said a hotel market study has commenced; the consultant did preliminary work, held a kickoff call on Aug. 7 and will visit the town for a site visit the following week, with draft study timing projected for September or October.

On a separate point about an announced Hy-Vee interest in the area, commissioners asked for an update. Staff said the developer remains interested but "they were having trouble with costs and making the project work," and that there were no new definitive plans. The mayor had reportedly been told the same; officials described the developer as waiting for construction costs to come down.

What the commission decided and next steps

The commission approved the Lot 9 property-transfer resolution and the related deposit resolution, allowing the closing to proceed and directing how the closing funds will be handled. The Lot 3 presentation required no vote; the development team said it will complete due diligence, confirm tenants and proceed to design and permitting after closing. Staff committed to coordinate the roadway design with resurfacing schedules and to include budget items in the town’s upcoming budget discussions.

No dollar amounts beyond the developer’s investment estimate and the purchase terms were formalized by the commission during the meeting; no final tenant leases were approved.

Ending: Commissioners scheduled regular follow-ups and staff indicated Creekside items, disbursements and project updates would appear in future meeting packets so the commission can track closings, roadway work and project budgets.