Westfield Washington Schools in Westfield, Indiana, has sealed a deal that will allow it to construct new buildings for a middle school, elementary school and transportation department. The school district recognized the importance of expansion to the west of town, where population growth has been projected.
The deal is expected to have a major impact on the school district and future development in the area. A team of local real estate professionals selected the land sale as the winner of the 2024 CoStar Impact Award for sale of the year for Indianapolis. The area, supported by the new schools, is expected to become prime ground for residential builders and commercial development.
"The acquisition of 200 acres by Westfield Washington Schools allowed for public investment that provided economic benefit to surrounding properties, making it a high-impact acquisition," said Sara Coers, associate director of Indiana University's Center for Real Estate Studies.
Pete Alveal, a broker with Premier Commercial Real Estate, said the effect on the school system and the city of Westfield was a win-win situation.
About the Deal: Following the land sale, development is set to begin in the spring of this year.
What the Judges Said: "The potential investment in infrastructure will be catalytic," said Aletha Dunston, director of Indianapolis Economic Development. Lora Moore, executive managing director of ALO Property Group, added that the "ability to navigate the obstacles involved in this transaction alone is award-worthy."
They Made It Happen: Curt Whitesell with WKRP Indy Real Estate; Wayne Timberman, the head of Wayne Timberman Real Estate; and Randy Zentz of Commercial Links real estate services arranged the large land sale.
CoStar Market Manager Darius Anderson contributed.