By MICHELE HOLTKAMP-FRYE, Daily Journal of Johnson County staff writer
In 1997, an Indianapolis-based commercial real estate company was marketing land east of Interstate 65 on County Line Road. A new exit off the interstate was coming, and development was sure to happen within three years.
The property owners waited, but it didn't come.
Then, in 2006, a new Wal-Mart and strip malls opened on the west side of the exit. Again, the development didn't spread east of the interstate.
"We thought things would have taken off by 2000, a couple years after the interchange opened, but for whatever reasons, they didn't," said Scott Langdon of Langdon's Real Estate Services.
Finally, his company has brokered a deal to sell about 100 acres between Interstate 65, Graham Road and County Line Road to Cabela's, which plans to build a 125,000-square-foot outdoor retail store that doubles as a tourist destination. Part of the project includes Splash Universe, a 30,000-square-foot indoor water park with a 164-room lodge.
Both attractions are expected to open in fall 2008.
The companies believe the entire 100-acre farm field will be fully developed with more restaurants and shops within four years.
The value of the entire project is estimated at $102 million. Of that, Cabela's and the water park resort will be worth $60 million to $70 million.
A proposed master plan shows the Cabela's store will be built at the northwest corner of the property, closest to the interstate exit, with the water park and hotel sitting behind, or south, of the store, said Darren Robinson, real estate site acquisition manager for Cabela's Ventures Inc.
Cabela's and Splash Universe officials came to Greenwood on Tuesday to release more details about the development and put a face on the project Greenwood Mayor Charles Henderson and Langdon have been working on for years.
Greenwood wasn't the first Indianapolis-area site Cabela's considered. The company initially looked at a location on the northside, Robinson said.
Then the company found the land in Greenwood, Robinson said, and negotiations began. Langdon said he got Cabela's committed to the land and worked with the city to make the development happen.
The majority of the property, about 71 acres, is owned by County Line Partners LLC. The rest is owned by a family.
The owners were asking for $175,000 per acre, but the deal negotiated with Cabela's was for less per acre, although Langdon can't say the final selling price. The owners sold for less because they liked the proposed Cabela's development and knew it would spur additional development in the area and increase land prices, Langdon said.
Cabela's is in the midst of an aggressive retail expansion initiative, Robinson said. The stores attract groups on tour buses, school children on field trips and shoppers from other states.
Greenwood is an ideal site because of its location. The company also evaluates its catalog sales and other indicators, such as hunting and fishing licenses, to determine where a new store could best reach its customer base, Robinson said.
"Indiana is great for outdoorsmen and -women," Robinson said.
At its other stores, shoppers come from hundreds of miles away and spend three to four hours looking at the museum-quality wildlife displays and aquariums. The Greenwood store will include an indoor mountain, gun library and archery range.
To show the company's commitment to detail, Robinson pointed to a photo of bees that have been taxidermied as part of a display.
More than 3 million people are expected to come to Cabela's each year.
Cabela's will hire 90 full-time and 130 part-time workers and have an annual payroll of $5 million. Specific hourly wages aren't yet available, Robinson said.
Splash Universe will hire 150 employees.
Water fun
For about $20 a day, area residents can float down a 450-foot lazy river, play in the arcade or fly down a slide in the indoor water park.
Motorists will see enclosed slides that jut from the wall of the 30,000-square-foot park, and residents can get into the water park without paying for a hotel room on days the hotel isn't already full, said Robert D. Churchfield, vice president of development for Focus Hospitality Services.
Focus Group, based in Valparaiso, has a strategic partnership with Cabela's to open indoor water parks next to new stores. Cabela's customers may stay overnight at the lodge and go to the water park, or water park visitors who stay for several days may decide to venture into the outdoor retail giant, Churchfield said.
"We will help keep people and their children in the area for another day, or possibly two or three," Churchfield said.
More than 120,000 visitors should come to the indoor water park each year, Churchfield predicted, and the attraction will draw people from a 120-mile radius around Greenwood.
The water park will have four slides, one of which is a four-person raft slide, Churchfield said. An elevator will carry the raft to the top of the several-story park.
The indoor water park will have a capacity of 650 to 700 people and will be available to residents only when the resort is not full, Churchfield said. The resort also will feature an activities pool, a children's version of a hot tub, party rooms for birthdays and special events, snack bars, a gift shop, restaurant and lounge, he said.
Construction will begin in October on the $35 million indoor water park and 164-room resort. The attraction will open in October 2008.