A $90 million outdoor shopping center in Greenwood would bring unique shops, restaurants and other businesses to a piece of property where two past development proposals have fallen through.

Greenwood Town Center would be built on 105 acres off Interstate 65 at County Line Road, with a goal of attracting passing motorists. That passing traffic is untapped customers for a new shopping center in an area primed for development, Greenwood Mayor Mark Myers said, and would help enhance an image of Greenwood as an upscale community.

“This is what we’ve been waiting for a long time,” Myers said. “This development makes perfect sense. We are very excited. ”

While Greenwood Park Mall and the surrounding area provide shopping and dining for residents, the only comparable shopping option along I-65 is Edinburgh Premium Outlets, 26 miles away.

Gershman Partners plans to begin construction on the 700,000-square-foot Greenwood Town Center in late 2016, the company announced. The center, southeast of County Line Road and I-65, would be modeled after Hamilton Town Center in Noblesville.

The city is considering approving $2 million in incentives to help bring the development to Greenwood, which would include upgrades to infrastructure in the area.

Greenwood Park Mall, which by comparison has more than 150 stores, is located about three miles away; but this center would include retailers different from the regional mall, Myers said. Think of stores such as shoe retailer The Walking Company, women’s clothing retailer Maurice’s and jewelry boutique store Charming Charlie, which are included in the center in Noblesville.

The new center will be much different from anything else in the city. Greenwood Town Center and the Greenwood Park Mall will be two, totally different types of shopping and dining destinations, Myers said.

At Greenwood Town Center, the idea will be to provide big name restaurant and retail chains that aren’t already at the city’s regional mall, Myers said.

Along with a movie theater, more restaurants such as Dave and Buster’s that cater to adults are the ideal fit for Greenwood Town Center, Myers said. A large box retailer the city doesn’t have could anchor the new shopping center.

Entertainment space

At Hamilton Town Center, an IMAX movie theater and box retailers such as Dick’s Sporting Goods and Bed Bath and Beyond serve as anchors for the shopping mall, which includes shops such as JC Penney Co. , a Sprint store, American Eagle and Finish Line. Chase and KeyBank, a Great Clips and an Earth Fare natural foods store also are located at the center. Greenwood Town Center will be similar to Hamilton Town Center but with more restaurant and entertainment space, Gershman spokeswoman Debbie Davis said. Plans for the property include a hotel, an anchor store and other retail stores, restaurants, a theater and either a pharmacy or a gas station and possibly a grocery store, according to Gershman’s website.Gershman Properties will own and manage this property after contractors are hired to build it, Davis said. Hamilton Town Center is run by Simon. A company spokeswoman said Simon is not involved in the Greenwood project. The 105-acre development will be on a property where a Cabela’s outdoor retailer, an indoor water park hotel, then years later a GoodSports fieldhouse and hotel were once planned. The development plans for the indoor water park and Cabela’s outdoor retailer were scratched in 2009, when the company pulled out of plans and relocated the development to the north side of Indianapolis. Plans for the GoodSports facility fell through in 2014 after the company couldn’t secure funding for the proposed $22 million hotel and fieldhouse.

‘A proven company’

While two previous development proposals for the property ended before beginning construction, Myers is not worried about Gershman Partners pulling out of this development. Gershman Partners came to Myers in March with the proposed plans after speaking with the property owner and reviewing the development site to ensure the new shopping center would work at the location, Myers said. “Gershman Partners has a proven track record. This is a proven company that has delivered some beautiful projects in the past,” Myers said. “The proximity to other amenities in Greenwood, access on and off the interstate and butting right up against Indianapolis. We want to be an upscale community, and this is going to fit right into our vision and help us move forward. ”At Greenwood Town Center, the details of which retailers, what type of restaurants and what kind of entertainment venues will go in haven’t been decided. The site plans are open to everything right now, Davis said. Despite being near other shopping destinations, such as Edinburgh Premium Outlets and Circle Centre Mall in Indianapolis, the company’s research and experience with development show an unmet need for restaurants, shopping and entertainment on the east side of I-65 in Greenwood, Davis said. Hamilton Town Center, which was built in 2008, is a 667,000-square-foot outdoor shopping mall located along Interstate 69. It features more than 90 restaurants and retail shops. The Noblesville center is visible and easily accessible for the thousands of motorists traveling on I-69 every day.

Infrastructure changes

County Line Road was made to handle the traffic flow that is expected when the new center is built. And when Cabela’s was planning to locate on the property, nearby Graham Road was modified to handle added vehicles heading north and south from the site, Myers said. The only traffic modification the city of Greenwood will need to make to accommodate more motorists will be installing traffic lights at the Graham Road and County Line Road entrances to the shopping center and at Graham Road and Main Street, Myers said. The developer has started putting up signs and talking with retail and restaurant chains about spaces for lease at the center. Before Gershman Partners can build anything on the property, though, the company has to go through the planning process with the city. Gershman Partners has not yet filed any pre-construction plans, Planning Director Bill Peeples said. The company will have to file a commercial site plan, which would detail the layout and infrastructure of the buildings, then file for construction permits. The plans also must be reviewed by the I-65 overlay committee, Peeples said.

Under a proposal the redevelopment commission would need to approve, the city would offer to pay up to $2 million in incentives. The money was approved when GoodSports planned to build its facility at the site in 2014.

The redevelopment commission still has the funds available from the GoodSports building plans. The $2 million will likely be used for drainage, sewer and stormwater modifications and additions that are needed at the site, Myers said.

At a glance

About the plan:

Gershman Properties wants to build a $90 million, 700,000-square-foot Greenwood Town Center, which would feature big name, chain retail shops and restaurants at County Line and Graham roads. The shopping and dining center would be built on 105 acres and could include a movie theater.

Similar centers:

Hamilton Town Center: A 667,000-square-foot outdoor shopping and dining location in Noblesville. The center was built in 2008 and features more than 90 restaurants and shops.

The Bridges in Carmel: A 250,000-square-foot outdoor retail shopping center in Carmel that features a grocery store and office and residential spaces, which was approved in 2011.