70 Acres Wetland Transaction
MARION COUNTY – A 70-acre parcel located in Marion County, Indiana had been on the market for several years with little to no interest from potential buyers due a number of obstacles. The parcel was comprised of 40 acres of floodplains and wetlands, leaving only 30 acres usable for development. The usable land was split between opposite corners of the site in two different zoning districts. Ten acres of the site had previously been sold to another entity who had utilized wetlands in a nearby area. That land had become government regulated as part of the wetlands mitigation trust, leading to further difficulties with sign-off. Additionally, a portion of the site was also deemed potentially environmentally hazardous as it was previously used as a recycling center.
Due to the complex nature of the land, the value was incredibly difficult to determine and an interested buyer in the site was hard to come by.
The seller hired Bradley Company broker, Mike Horrigan, Senior Vice President and Director of Land Services, as the listing broker on the site. One of the opportunities Mike identified was that there was potential value creation for the property owner just north of the site. Mike collaborated with the other entity’s attorney and facilitated communication on both the buyer and seller’s behalf, along with the entity responsible for the trust, in order to resolve the challenges presented by the wetlands mitigation trust. He also worked diligently with the buyer and seller to ensure the proper parties signed legal releases claiming responsibility in order to resolve the potential environmental issues.
Mike’s facilitation between the parties and tenacious work ethic resulted in a successful transaction for all parties within a year of taking over the listing. His determined spirit and unparalleled expertise in the land sector served him and his clients well.