The Fort Wayne Redevelopment Commission has agreed to acquire the PepsiCo (Nasdaq: PEP) warehouse site in a $4.5 million deal. The Journal Gazette reports PepsiCo plans to invest $19 million in a new warehouse and distribution center near Fort Wayne International Airport.
The goal for the commission’s purchase of the facility, located east of North Wells Street, is to advance riverfront development, according to the publication.
Fort Wayne Director of Community Development Nancy Townsend tells The Journal Gazette the city does not yet have a buyer for the nearly 6.5-acre site, but it will be “marketed for private investment.”
During Monday’s commission meeting, Darren Clark with PepsiCo said the company would retain jobs with the move but did not say if any new jobs would be created.
PepsiCo’s move is expected to be complete by 2023.
The acquisition still requires approval from the Fort Wayne City Council.
You can read the full story from The Journal Gazette by clicking here.