Plans Call For Simon Estate Transformation
Paul Estridge (pictured left) and Michael Browning (pictured right) are teaming up on the Asherwood development.
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowTwo well-known names in central Indiana property development are partnering on major redevelopment plans for the former home of the late shopping mall magnate Melvin Simon. Paul Estridge Jr. and Michael Browning are proposing a more than 100-home residential community, private club and boutique inn on the 107-acre Asherwood property in Carmel.
Simon co-founded Indianapolis Simon Property Group Inc. with his brother and board Chairman Emeritus Herb Simon. Mel and Bren Simon acquired the former auto engineer Louis Schwitzer’s estate in the 1970s. Mel died in 2009 and the property hit the market several years later for $25 million. Asherwood includes an 18-hole golf course, 70,000 square-foot mansion and chateau.
The developers anticipate the the average home to go for $800,0000 to $2 million. Estridge says Asherwood will offer the "most exclusive and unique residential experience in Indiana – if not the entire Midwest."
"Asherwood will be a landmark and amenity to residents and corporations in Carmel and Indianapolis," said Estridge. "In addition to being an ultra-luxury experience for the residents and club members of Asherwood, it will be just one of the many attributes of what makes living, working, and visiting Carmel and Central Indiana truly unique. This will be the perfect place for corporate meetings, retreats, events, weddings, and other celebrations."
Additional planned accommodations include short and long-term suites in the mansion, chateau rental, future bungalows around the mansion. Plans have been submitted to the city of Carmel and the developers say they will meet with neighbors to lay out plans for the property. It will still need to be reviewed by the city’s plan commission and city council.