INDIANAPOLIS — At the May Agenda Review and Action Sessions, the Indianapolis Public Schools Board of School Commissioners discussed and took action on various district initiatives, including the sale of the former Cocoa-Cola bottling plant.
At the May 22 Review Session, the Real Estate Advisory Committee recommended Wisconsin-based firm Hendricks Commercial Properties LLC as the preferred buyer of our SCIPS property, the former Coca-Cola bottling plant on Massachusetts Avenue.
Hendricks, which would buy the 11-acre site from IPS for $12 million, has proposed a $260 million development for the plant. The mixed-use space would include a hotel, apartments, a movie theater, office and retail space, a daycare and a furniture store.
In Indianapolis, Hendricks is known for the Ironworks development at 86th Street and Keystone Avenue.
The Commissioners previously approved a partnership with the City of Indianapolis to collaborate with the potential buyer. The mayor’s office had expressed interest in a potential land transfer. Through this plan, the City will take the lead on the sale of the property and give the proceeds from the sale to IPS.
Hendricks has a year to enter into a project agreement with the City. If it does not close on the purchase of the property by the deadline, the City will buy the property from IPS.
The Board will require, in the purchase agreement, that the Developer enter into a project agreement with the City within 365 calendar days from the award date.
If the developer does not close on the purchase of the property within 365 days of the award date, the City agrees to purchase the property from IPS at the purchase price of the property as submitted in the bid selected by the Board, but not to exceed $13 million.