GREENWOOD, Ind. -- A $40 million sports & entertainment complex will not move forward in Greenwood after the city and financial backers were unable to reach an agreement, according to Mayor Mark Myers.
The project, a more than 50-acre complex that was to be located along I-65 south of County Line Road, was going to be funded in part by Indy Fuel owners Jim and Sean Hallett.
It was announced in June 2017 as a replacement for a 115,000-square-foot iceplex, which was also being backed by the Halletts.
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On Tuesday, however, Myers announced that the city had received word from the Hallett family that the project would no longer move forward.
In a statement, Myers said the decision was the result of “circumstances outside of our control:”
The City of Greenwood has been informed by the Hallett family, developers of the proposed Sportsplex along I-65, that the project will no longer move forward. We have exhausted our efforts in an attempt to facilitate a successful project. It is unfortunate that circumstances outside of our control have created an unworkable deal structure. As those in commercial development know, with many parties working together, one wrinkle has the ability to create significant ripple effects.
Working closely with the Greenwood Redevelopment Commission (RDC) my staff and I have pursued each project at this location with rigor, diligence and the motivating spirit that drives us every day, Pride and Progress. With that said, it is time to move forward, roll our sleeves up and get back to work.
The City of Greenwood and I may have critics, but even the critics can’t question our persistence. Our persistence built Freedom Springs, saved Old Town Greenwood, and our persistence has Greenwood in the driver’s seat toward future growth and prosperity. We will not let this, or anything else, divert us from that goal.
Thank you for your support to our wonderful community. As always, it is truly an honor to serve as your Mayor.
RTV6 reached out to Indy Fuel co-owner Jim Hallett about the announcement. He responded with the following statement: "After switching initial sites and months and months of negotiations, with the incentives that we were going to get at the second site and the cost of construction – financially the model simply did not work for us.”
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