IEDC seeks sale of 51 acres at former GM stamping plant site
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The Indiana Economic Development Corp. is trying to sell its portion of the former General Motors stamping plant property in Indianapolis for redevelopment, including a parcel in the running for a $100 million federal technology hub.
The agency, in a request for proposals issued April 22, said it hopes to sell its 51-acre site along the White River by the end of September, most likely to a master developer that would oversee complete development of the site through its own projects and other partnerships.
The property, marketed as The Levee, is expected to be an up-and-coming innovation district seeking uses that advance “research and commercialization of cutting-edge technologies in the animal, bio and life sciences sectors,” according to the RFP, a copy of which was obtained by IBJ.
The effort to sell the property comes as Greenfield-based Elanco Animal Health Inc. continues development of its $200 million global headquarters on a 40-acre portion of the former stamping plant site and work continues on an eight-acre addition to White River State Park, carrying a price tag of $60 million from the state.
“As we continue building an economy of the future in Indiana, the IEDC is constantly evaluating what’s in the best interest of Hoosiers,” Erin Sweitzer, deputy chief of staff and vice president of communications for the IEDC, said in written remarks.
She said the state issued an RFP to “test the market and identify options for how to propel the site in the months and years to come. We look forward to seeing proposals that align with our goal of making the district a global destination for business and innovation.”
An undisclosed portion of the stamping plant site is under consideration for the One Health Technology Hub, a $100 million federal investment through the 2022 Creating Helpful Incentives to Produce Semiconductors and Science Act, also known as the CHIPS and Science Act.
The state is working on that project alongside the Applied Research Institute, a Bloomington-based not-for-profit that works with universities, industry and the government on technology and innovation issues.
Under the federal legislation, the U.S. Department of Commerce is expected to allocate $10 billion in funding over five years for the creation of 20 tech hubs across the country.
The request for proposals says the state wants the site to complement the Indiana University Indianapolis and Purdue University at Indianapolis campuses, as well as 16 Tech, with a focus on “creating scientific excellence that positions Indiana as the epicenter of international health care excellence.”
Limited information has been made available about the ARI application, but the IEDC said it will give respondents who complete a nondisclosure agreement additional details, as well as more information to those who complete the RFP process.
The IEDC has requested the following in responses to the RFP:
- Proposed purchase price;
- Detailed information about the organization;
- Description of contract structure, such as joint ventures and partnerships; contracts and other documents encouraged but not required;
- List of project partners and their roles;
- Response outlining how the proposal fits into the health, research and innovation goals of the site, including the One Health project, as well as vision for phasing the project, marketing the site for commercial, research and housing uses, and ability to establish an organization focused on maintenance and upkeep of the district;
- Detailed timeline for completing the development;
- Proof of ability to close on the purchase in September;
- Three or more recommendations from projects of similar scale and budget;
- List of any legal actions within last three years that list the firm or team member as debtor in bankruptcy, defendant in lawsuit for deficient performance, defendant in criminal action, or defendant in administrative action in deficient performance.
The IEDC said it does not plan to make any RFP responses part of the public record.
While the proposal request does not include a target price for the acreage, it indicates the price will be about 50% of its consideration, while a developer’s overall plan and its experience will be weighted at 40% and 10%, respectively.
The IEDC said it encourages respondents to form partnerships focused on creating a top-tier, mixed-use development that could include research and university applications, office space, laboratories, housing and other commercial uses.
“The viability and pace at which a selected respondent can develop the site will be evaluated based on the strength and depth of [its] partnerships,” the RFP reads.
The state did not indicate how quickly it plans to make a selection on a winning response, but emphasized that it wants to close on a sale by September.
The marketing effort comes three-and-a-half years after it the property was acquired from Indianapolis-based Ambrose Property Group as part of its bid to secure Elanco’s headquarters.
In the years since, the IEDC and the city have worked with the Valley neighborhood to develop a master plan for the property, which the IEDC’s Sweitzer said is key to the ongoing process.
“The master plan is still in the works,” she said. “We issued the RFP to bring in a partner who will help us bring it to life.”
In a statement, a spokesperson for the city of Indianapolis said the city is eager to work with the state on The Valley neighborhood site, “continuing unprecedented investment in an area of our community that was ignored for far too long.”
Aliya Wishner, chief communications director for the city, said when its paired with the Elanco, White River State Park and Henry Street Bridge projects, “this opportunity will help continue to transform the near-west side and better connect it with our bustling downtown, improving quality of life for all who call the area home.”
Another project in that area has been Eleven Park, a $1.5 billion, 20-acre development from Keystone Group set to be anchored by a professional soccer stadium. But the city is exploring its own alternative project to woo Major League Soccer to the city, proposing a site near the Indianapolis Downtown Heliport that could replace the work being done on the eastern bank of the White River.
While the city has said the Eleven Park property—formerly home to the Diamond Chain Manufacturing Co.—could still be used for the MLS endeavor, multiple sources have told IBJ that the heliport-area site is preferred. The city has put forth a new taxing district map focused on that area, with a deadline for local legislative approvals of June 30.
Several other uses have been proposed for the former stamping plant site since the facility closed in 2011, including as a new amphitheater and Community Justice Campus—which ultimately was developed on the east side—along with an early proposal for an Indy Eleven stadium and a separate billion-dollar development known as Waterside.