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Property Description
The Spring Mill Phase III is one part of a multi-phase 9.75 acre development project in Westfield, Indiana.
Situated on five acres of land along the southern corners of Spring Mill Road and Spring Mill Depot Drive, the project includes the ground-up construction of a 34,000 square foot neighborhood retail center that will be anchored by Ace Hardware and two free-standing retail buildings totaling 14,400 square feet.
161 Spring Mill Partners, LLC was the original entity created to purchase 9.75 acres of land along 161st Street and Spring Mill Road. Acquired in 2021, plans called for the project to go through many phases of development which included preparing the land for new buildings and construction, selling parcels and properties, and holding assets with long-term lease agreements to generate income.
As of January 2024, Phase I of the project is nearing completion and has signed leases with six tenants that include As of May 2024, Phase I has signed leases with tenants that include Face Foundrie, B’s Bagels, Chi Nails, and My Gym.
Market Data & Demographics
The Spring Mill project is located in Westfield, Indiana which was named one of the Best U.S. Suburbs to move to in 2021 by Homes.com.
The Spring Mill project is located in Westfield, Indiana which was named one of the Best U.S. Suburbs to move to in 2021 by Homes.com.
Within a 5-mile radius of project site, the median household income exceeds $116,000, consists of 43,233 households with a total population of 116,246 people.
With an average daily traffic count of 7,744 vehicles traveling along Spring Mill Road and 11,220 vehicles traveling along E. 161st Street, the project will have high visibility and benefits from close proximity to a nearby Kroger-anchored shopping center.
Population in 2022 | 1 Mile | 3 Miles | 5 Miles |
|---|---|---|---|
Total Population | 9,740 | 50,593 | 116,246 |
Daytime Population | 2,694 | 24,839 | 82,831 |
Households | 3,354 | 18,019 | 43,233 |
Median HH Income | $109,447 | $112,236 | $116,392 |
Average HH Income | $118,293 | $128,579 | $141,664 |
