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.


Mann is getting assistance from Resource Commercial Real Estateto sell the site in a sealed-bid auction. Blair Kiel with Resourcetells 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.


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.


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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