Zionsville Times Sentinel

October 16, 2013

Development may come to Citgo site

By Matt Werner
Staff Writer

Zionsville — An unnamed developer hopes to file plans for a mixed-use development on the former Citgo site at the corner of Main and Sycamore streets.

Bo Leffel, of Cassidy Turley, said he was not able to disclose the name of the developer but said the last plans he saw for the site were for a “high-end, mixed-use development.”

“There will be a residential component to it,” Leffel said. “I don’t know when, specifically, they will have a public plan.”

Leffel said the property has been under contract with several developers throughout the years.

“This is one of three developers to have the property under contract in a span of six months,” he said. “Things have evolved numerous times. All three were planning on some sort of mixed-use development.”

The buildings that sat on the property were razed in January 2012 after the town agreed to pay the owners of the property, EBO, LLC, $25,000 to demolish them.

Citgo went out of business in March 2008 and sat vacant until the buildings were leveled. A public hearing and litigation preceded the demolition after the council wanted the buildings demolished by November 2011.

The owners filed a lawsuit against the town, but the lawsuit was dropped after the two sides came to an agreement to demolish the buildings.

The 2.4-acre property was listed on Cassidy Turley’s website for $1.35 million. Leffel did not comment on the final sale price because the deal is structured as a lease initially because of deed restrictions, but the parcel would be sold at a later date.