INDIANAPOLIS — A proposed new development in Pike Township is getting a lot of pushback from neighbors in the Trader Point area.
Developers are looking to rezone former farmland from residential to commercial use.
The 200 acres sit just west of Interstate 465, between 79th and 86th streets.
Indianapolis-based Cornerstone Companies, along with GCG Investments LLC, is looking to develop the land with a $500 million project.
The plan includes a hotel, apartments, medical, retail, life science research and office space. It is being called the “Crossing at Traders Point.”
Developers say it could bring in millions for the local economy, but neighbors are making their stance clear with dozens of "No need, just greed" signs in the area.
“I think it is just too commercial for this side of 465,” said Mark Nordmeyer, with the Pike Township Residents Association.
On Wednesday, the Pike Township Residents Association officially voted to oppose the project after receiving the zoning petition back in April.
“We tried really hard to reach an agreement. It just wasn’t possible,” said Susan Blair, the president of PTRA.
The worry is the area could become too commercial, with many saying traffic is already a concern in the area.
“Creating this commercial development here is not going to fix that problem unless the infrastructure is fixed,” Nordmeyer said.
The PTRA said neighbors aren’t opposed to development in the area, but rather this specific type of development.
“As the developer even said, it is one of the last large pieces of property left undeveloped with Marion County. As time goes on, it’s going to get more and more attractive to developers. It’s making sure that we get the right thing,” Nordmeyer said.
There are still a lot of steps before any construction can start. The developers still need rezoning approval. That decision will go before the city’s Metropolitan Development Commission’s hearing examiner on July 27.