IPS Board Likes $260M Redevelopment Plan

(Rendering courtesy of Hendricks Commercial Properties.)

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The Indianapolis Public Schools Board has approved a deal with a Wisconsin company proposing a $260 million development. The board has agreed with an earlier independent committee recommendation to sell a vehicle maintenance property, formerly a Coca-Cola bottling plant, to Hendricks Commercial Properties LLC for $12 million.

Hendricks’ was the largest of six proposals made by five different developers. Its plans include a hotel, expansive residential, retail and parking space, a daycare and a dinner movie theater. You can connect to the proposal by clicking here.

The plan still faces scrutiny from the Indianapolis Historic Preservation Commission and other organizations. Hendricks is not requesting tax breaks, such as Tax Increment Financing considerations, from the city. Earlier this month, the developer, the district and the city came to an agreement that calls for the city to buy the property from IPS for $12 million if the project agreement between Hendricks and the district falls through within a year.