Panel Recommends $260M Plan For Old Coke Plant Property
(Rendering courtesy of Hendricks Commercial Properties.)
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowAn independent advisory committee has recommended Indianapolis Public Schools moves forward with a Wisconsin developer’s $260 million plan to redevelop a high-profile property. The former Coca-Cola bottling plant is on the far north end of the Mass Ave District and could net the state’s second-largest school district $12 million if all approvals are met.
Hendricks Commercial Properties LLC’s was the largest of the proposals presented by five development teams to IPS and the Real Estate Advisory Committee. The Hendricks plans call for a hotel, ample real estate space, more than 300 apartment and condo units, a theater and a large parking structure. The company is not asking for subsidies from the city. Hendricks is the same developer of the Ironworks at Keystone property near the Fashion Mall on the city’s north side. Construction is also underway on a more than $20 million "complimentary" development in a parcel adjoining Ironworks.
The old Coke building on the property currently serves as a maintenance and storage facility for districts-owned buses. The 11-acre site has been marketed by IPS since last year.
The IPS board is slated to consider the recommendation and vote on its preferred developer Thursday.
You can connect to the Hendricks proposal by clicking here.