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Indianapolis suburb ponders 100-acre spec lake

GREENWOOD, Ind. – Officials in an Indianapolis suburb have started working on plans for a possible 100-acre recreational lake in hopes that it would help attract developers of high-end homes and businesses.

The reservoir could be added to development plans for the area around where a new Interstate 65 interchange will be built about 10 miles south of Interstate 465, Greenwood community development director Mark Richards told the Daily Journal (http://bit.ly/11eeK04).

City officials recently started discussing the idea, which would likely take three to four years to be designed and to attract local, state and federal approvals before being built, Richard said. Its estimated building cost is between $5 million and $10 million.

A lake also could add a scenic view for lakeside homes and businesses, which officials want for the area around the new interchange. The lake would help with drainage of new housing and business areas and provide a spot for fishing, swimming and kayaking, Richards said.

City Councilman Mike Campbell said having one large lake would leave more room for development than if multiple smaller retention ponds were built.

“This is the vision we hope for. Something that’s upscale,” Campbell said. “The idea for out there is something that’s new for Greenwood.”

The large up-front investment needed from the city would be the biggest drawback to the lake, but Greenwood could recover its investment through new houses and businesses built in the area, which would add new taxpayers to the city, Richards said.

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