Indianapolis airport carves up old terminal site
September 10, 2012 1:50PM
Updated: September 10, 2012 10:40PM
INDIANAPOLIS (AP) — Officials have divided the old Indianapolis International Airport passenger terminal and other land into four parcels in hopes of finding companies interested in redeveloping the sites.
One of the four is a 167-acre parcel including the old terminal and 121 acres of former long-term parking lots, the Indianapolis Business Journal reported in a story published Monday.
The airport authority has been looking for tenants since opening the new $1.1 billion passenger terminal in 2008.
“You do not want (prospects) to discount the property because it’s too large for them,” said Eric Anderson, the airport authority’s property director. “It’s always easier to ‘go up.’”
The airport’s land-use plan contemplates aviation-related, advanced manufacturing and logistics operations at the old terminal.
Work has started demolishing parts of the former terminal to make it easier for potential tenants to take over. The terminal’s 1,800-space parking garage is being preserved.
Anderson declined to identify current prospects, but said they include aviation, advanced manufacturing and transportation companies.
Anderson said at least one inquiry has been about leasing the entire former terminal site near the junction of Interstates 465 and 70 on the city’s southwest side.
“One entity taking the whole site would be a great boon to the city and the whole metropolitan area,” he said.
One drawback to the airport is that there’s still ample land available near the airport in Marion County and to the west in Hendricks County, said Ross Reller, a commercial real estate broker for Colliers International.
“We have not seen users who require (airport) on-campus presence,” Reller said.
Anderson said the airport is concerned about making the most of its finite supply of land accessible to runways and that the airport has to fulfill its obligations under federal grants used to acquire property over the years.
Information from: Indianapolis Business Journal, http://www.ibj.com