Redevelopment commission approves LOI for 420 South Main (Citgo lot), authorizes president to sign

The Zionsville Redevelopment Commission approved a substantially final letter of intent (LOI) for redevelopment of 420 South Main — commonly called the Citgo or Sitco lot — and authorized the commission president to sign the document once final, minor revisions are completed.

The LOI covers a proposed two-story, mixed-use building with ground-floor restaurant/retail frontage, office tenant space on the second floor, an outdoor patio and a rooftop deck. Adam Collins of Wallach Summers & Haas, presenting for the development team led by Mark Jaffe of Jaffe Realty, said the building footprint is about 25,000 square feet and the team estimates total project investment at roughly $12,000,000. Collins also said the team has received early interest from restaurant and office tenants.

Justin (Deputy Mayor, Town of Zionsville) and staff emphasized the project’s connection to a larger streetscape and road-improvement program for Sycamore near First and Main. Staff said portions of the town’s proposed right-of-way acquisitions and related utility relocations are linked to the project and that Town Council consideration of funding for the roadway work is expected in November; those approvals and utility schedules will affect the project timeline. Justin described the sequence as: right-of-way acquisition (which can be prolonged depending on owner engagement), utility relocation (noting dependence on Duke Energy for electric-line moves), site work and then construction, with most work projected to start in 2026 and continue into 2027.

Commission discussion focused on fit with downtown character, timing tied to road projects, public right-of-way needs and parking/constraints (including existing power lines and floodplain areas on the parcel). Commissioners noted the developer scaled the proposal to better match the village character.

Motion and vote: A motion to approve the LOI in substantially final form and to assign the commission president as signatory passed on a voice vote; those present responded “aye.” The motion was amended on the record to add the president as signatory before the vote.

Next steps: Staff said the LOI will be finalized and returned for signature in the coming days. The town’s purchase of small right-of-way parcels and any public incentives are contingent on Town Council action and on finalizing the LOI’s technical terms. The developer and staff continue to negotiate details including exact tax and rent projections; the estimated annual new property tax figure was described as preliminary and “to be refined.”

Speakers quoted: President Kittner presided over the vote. Adam Collins (Wallach Summers & Haas) and Mark Jaffe (Jaffe Realty) presented project details. Justin (Deputy Mayor, Town of Zionsville) discussed timing and dependencies.

Ending: Staff will finalize the LOI text and coordinate the signature; related roadway funding will be considered by Town Council in early November and will influence land acquisition timing and project sequencing.