Business

Plans stall to turn Simon estate into luxury neighborhood

Posted December 19, 2017 6:00 am

The Associated Press

CARMEL, Ind. (AP) - Plans have stalled to redevelop the Simon estate in suburban Indianapolis into a neighborhood of luxury homes.

Home-builder Paul Estridge and developer Michael Browning last year announced the project. Asherwood, the mansion and Carmel property where the late mall magnate and Indiana Pacers co-owner Mel Simon lived with his wife, Bren, had been for sale before that time.

Estridge tells The Indianapolis Star that covenants by the late former owner and philanthropist Ruth Lilly limited development. Estridge says adjacent landowners wouldn't all agree to ignore the limitations.

Estridge and Browning wanted to build about 100 homes that would range in price from $800,000 to $2 million. The plan would have eliminated a golf course and turned the mansion and guest house into a luxury boutique hotel and community center.

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

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