Plans call for turning Simon estate into luxury neighborhood

CARMEL, Ind. (AP) - Home-builder Paul Estridge and developer Michael Browning plan to redevelop the Simon estate in Carmel into a neighborhood of luxury homes.

Asherwood, the mansion and property where the late mall magnate and Indiana Pacers co-owner Mel Simon lived with his wife, Bren, has been for sale for $25 million for several years.

Estridge tells The Indianapolis Star (http://indy.st/2gt83TE ) that he and Browning have a deal to purchase the property from Bren Simon, pending approval of their development plans.

Estridge declined to name the sale price.

Estridge plans to introduce a proposal Jan. 17 to the Carmel Plan Commission to build about 100 homes on the property that will range in price from $800,000 to $2 million. Estridge said he would use all of the property's amenities except the golf course.

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Information from: The Indianapolis Star, http://www.indystar.com