The company has already master-planned the land, which is splitinto two parcels, with 83 acres zoned commercial and 40 acresindustrial. The 700-unit apartment complex, developed by Flaherty& Collins Properties, is behind the trapezoid-shaped property,with single-family residential further south.

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Mann is getting assistance from Resource Commercial Real Estateto sell the site in a sealed-bid auction. Blair Kiel with Resourcetells GlobeSt.com that the economy forced the sale. "People justaren't land-banking properties right now. Instead of a developerwanting to tie up the land quick, people are playing the waitinggame," he says.

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However, Kiel says Mann doesn't want to break up the property."They'd rather sell all 123 acres at a certain price.," he says.The company is looking for capital to expand into other areas, andthus the aggressive selling price, he says. "Someone could probablyget it for under $85,000 per acre," Kiel says.

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Mann is also trying to unload a 9-acre site just off of I-465and Victory Drive on the southeast side of Indianapolis. TheVictory Park site is also zoned for retail, office and industrialuse. The family-owned company has residential, commercial, retail,industrial and warehouse developments in Indiana and NorthCarolina.

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