[IndianaTrails] speculative property values near future trails

[Kevin Heber]

Stories and statistics about increasing property values along trails  
are now everywhere.  Now we're starting to see speculative property  
value increase along trails not even yet built -- see below article.

The most potential for economic benefit seems to come in areas that  
manage to connect commercial districts and downtown areas.  Connecting  
between parks and neighborhoods, and staying on the fringes of city  
limits, is usually the quickest way to get trails on the ground, but I  
would strongly encourage cities to get at least a spur route  
(comfortable, wide, and well-signed) into their downtown areas; it  
will make all the difference.

Kevin Heber
Greenways Foundation
Communications Chair

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http://www.indystar.com/apps/pbcs.dll/article?AID=2007705120339

Future greenway link sparks interest in land
Speculation focuses on development near trail
By Tania E. Lopez
tania.e.lopez at indystar.com

Several properties along Range Line Road north of the Old Town  
District are going to the highest bidder -- and interest is high for  
land that runs along the spur of a future trail that will connect to  
the Monon Greenway.

The popularity of the Monon Greenway (above) has spurred new  
development, and Realtors say the same may happen for property along  
Cool Creek North Trail. Construction on the new trail is expected to  
begin in July along Range Line Road. - John Severson / The Star 2004  
file photo

The future Cool Creek North Trail -- which includes a 3,500-foot spur  
that will connect to Carmel High School's football stadium, Carmel  
Clay Public Library and Main Street -- will run from the Monon to  
146th Street.
The spur and trail has Realtors speculating that development  
opportunities are about to open up in the area.
G. Ross Reller, the Realtor who's selling the Ritter's Frozen Custard  
at 860 N. Range Line Road, says the 4.5-acre site where Ritter's  
stands "will soon become 'beachfront' property."
"The value is in the land," Reller, vice president of Meridian Real  
Estate, said in an e-mail. Reller is also selling Ritter's stores in  
Fishers (on Allisonville Road), Indianapolis and Mooresville.
"We assign little value to the buildings," he said. "My contention is  
that the property will be worth more because of the trail."
Construction on the trail is expected to begin July 1. Funding of the  
$2.8 million trail will come from a 2006 city bond issue. Work on the  
spur is expected to begin in 2008 and is funded by a $469,000 federal  
grant.
Reller said the Ritter's site was put on the market for $850,000  
within the last two weeks. Heartland Bank of Franklin put the property  
up for sale after Ritter's defaulted on its mortgage.
Reller predicted the best use of the site would include mixed retail  
office and hotels.
Another "for sale" sign was spotted at Northside Trailers, across the  
street from Ritter's at 969 Range Line.
Owner Kay Lancaster said she put the 5-acre site up for sale more than  
a year ago because the company was running out of space. The city's  
strict zoning rules hindered it from expanding.
Ryan Beesley, a CB Richard Ellis broker, is handling the sale.
"I think it's poised to be hot in terms of redevelopment," said  
Beesley. "There's been a lot of interest just by virtue of where it is."
Beesley said the site's price tag is $2.3 million.
Ric Jones owns Decor 4 Kids at 911 N. Range Line.
"Somebody told me a year ago that this is the ghetto of Carmel and I  
was like 'what?' " Jones said.
His shop has been in Carmel for seven years, and he's recently opened  
a store in Noblesville. Jones said Realtors have approached him about  
selling.
"But that's all," said Jones. "If someone came in with an offer and it  
was the right price, we might consider selling."