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Local News with Jeff Lane

(Richmond, IN)--A high-profile piece of property on National Road East in Richmond has reverted back to the bank that held the mortgage.  It’s the 11 acres owned by Eastside Commerical Park, LLC, just west of the former Quality Inn Hotel.  Nine years ago, 17 business leaders invested $2.2 million to convert the property to retail development.  The group recently decided it did not want to put more money into the property and it reverted back to West End Bank.  One investor, Dan Stamper, said that three slots are being held for different businesses.  Those businesses include a Panera Bread, a Hardee’s, and a car wash.  Even though the land just west of the former Quality Inn Hotel has reverted back to West End Bank, 17 business leaders still own 32 acres at the rear outright, and that land is still being marketed.  In the last month, an Illinois developer was looking at both the empty land and the hotel to bring a larger retailer.  The developer was going to tear out the new road that divides the parcels.  The company decided just a couple of weeks ago against pursuing the venture.

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