The city of Indianapolis has reached a key agreement with Indianapolis Public Schools regarding the major redevelopment proposed for a district-owned former Coca-Cola bottling plant property. The deal gives the city a say in the $260 million plan, but puts it on the hook for the property’s $12 million sale price should the transaction between IPS and Wisconsin-based developer Hendricks Commercial Properties LLC fall through.
You can connect to details about Monday’s 14-8 initial project agreement approval by clicking here.
The property is a school bus maintenance hub for IPS and for decades served as a bottling operation for Coca-Cola. The agreement includes provisions for environmental testing on the property.
Last month, IPS agreed with a prior working group recommendation to move forward with Hendricks as the developer. Plans include residential, hotel, retail and parking space, as well as a dinner movie theater and daycare.