MT. COMFORT — A developer recently withdrew its plan to construct speculative buildings off Mt. Comfort Road as a lawsuit over the land continues.
Shear Property Group, an Indianapolis-based developer of industrial properties, is involved in a three-way dispute with Carvana, the online car dealer that has opened a facility in Hancock County; and Celadon, the trucking company that had planned to move its world headquarters to Hancock County before falling into financial distress in 2017. Carvana, which bought half of the Celadon property near Mt. Comfort Road and County Road 300N for its facility, is arguing it was cut out of a deal to acquire the rest of it.
Carvana filed the complaint against Celadon Realty in Hancock Circuit Court. The two parties had closed last May on the sale of about 70 acres and a building of about 90,000 square feet near Mt. Comfort Road and County Road 300N.
The purchase agreement between Celadon and Carvana allows Carvana to buy about 70 acres of adjoining land. According to the agreement, Celadon can offer that remaining parcel to another buyer, but if it does, Carvana has five business days to exercise a right of first refusal.
Carvana accuses Celadon of breaching the agreement by intending to sell the parcel to Shear Property Group without allowing Carvana to exercise its right of first refusal, according to the complaint.
Shear argues Carvana was properly notified and had ample opportunity to exercise its right of first refusal, according to lawsuit documents. Shear also accuses Celadon of being in breach of the purchase agreement over the land.
Shear’s plans were to develop four spec buildings totaling over 850,000 square feet on the property. The Hancock County Area Plan Commission was scheduled to consider a secondary plat for Shear’s plans late last month. The Hancock County Council last year signaled its willingness to approve property tax abatements for the property as an inducement to build the spec structures.
The county’s economic development council has long argued in favor of establishing an inventory of such ready-made buildings.
But the ongoing dispute has killed those plans for now; Shear asked planners to withdraw its petition.
Carvana, meanwhile, has opened a plant at the Celadon site to refurbish vehicles it will sell online. When it announced its plans last year, the company told county officials it expected to hold as many as 5,000 vehicles for refurbishing before they are shipped to customers. The facility is expected to initially employ about 200 people. At capacity, it could employ as many as 450 people, company officials told the county.
Representatives and attorneys for Celadon, Carvana and Shear did not respond to requests for comment.
