RACER Trust to Seek New Proposals for Purchase, Redevelopment of Prime Property Near Downtown Indianapolis
INDIANAPOLIS — RACER Trust today announced it will, in collaboration with the City of Indianapolis, seek new proposals for the purchase and redevelopment of the former Indianapolis Stamping Plant property, a vacant, 102-acre parcel located just across the White River from downtown Indianapolis.
Approximately 50.5 acres of the property had been under contract to REI Investments, a Carmel-based developer, but the parties mutually agreed to terminate the contract. The centerpiece of REI’s proposed development had been a 10,000-seat amphitheater and expanded parking area for the Indianapolis Zoo.
RACER has maintained dialogue with City and State officials about potential alternative redevelopment scenarios for the property, and is prepared to move quickly to solicit new offers.
“REI Investments and its principal, Mike Wells, have been terrific to work with, and while we are disappointed that we are not able to consummate this sale, we have great respect for Mike’s contributions to the community,” said Bruce Rasher, Redevelopment Manager for RACER Trust. “However, Indianapolis is a thriving city with amenities that are second to none, and the size, location and access to our property make it uniquely positioned to attract the type of transformative development that can benefit the community and state for generations to come. RACER Trust will continue to work with Mayor Joe Hogsett and his team, Councillor Vop Osili, chair of the Council’s Metropolitan and Economic Development Committee, as well as with State of Indiana officials, to program the property for highest and best use and to attract investment that will create broad new opportunities. I am confident that we will achieve an outcome that aligns with the vision articulated by local stakeholders.”
“It is rare that a city gets the opportunity to re-imagine and participate in the transformation of such a large property so close to its downtown core and central business district,” Mayor Hogsett said. “The characteristics of this property present an almost unlimited range of possibilities, and we are excited to engage the community in creating a new vision for this historic site. I appreciate RACER Trust’s commitment to continued collaboration with the City in order to achieve a bold development plan that our near-westside neighbors, and every citizen of Indianapolis, can be proud of for years to come.”
RACER Trust took title to the former GM Indianapolis Stamping Plant property in 2011, following bankruptcy proceedings by the former General Motors Corp. After initially marketing the property with the manufacturing buildings intact, RACER determined in 2013 that the buildings were an impediment to redevelopment and initiated demolition of the structures. Upon offering the property as vacant land for redevelopment, RACER received five purchase and redevelopment proposals, ultimately selecting an offer from REI Investments. REI Investments initially was under contract to purchase the entire 102 acres, but the contract was amended to include only the eastern 50.5 acres after a proposal to build a consolidated city-county criminal justice center on the western acreage was withdrawn.
About RACER Trust
: RACER (Revitalizing Auto Communities Environmental Response) Trust was created to clean up and position for redevelopment properties and other facilities owned by the former General Motors Corp. before its 2009 bankruptcy. RACER is one of the largest holders of industrial property in the United States and is the largest environmental response and remediation trust in U.S. history. When the Trust was formed, it owned properties at 89 locations in 14 states, principally in the Midwest and Northeast. The Trust was created by a settlement agreement in the U.S. Bankruptcy Court between the U.S. Government, the 14 states where the former GM properties are located, and the St. Regis Mohawk Tribe, which owns land adjoining one of the properties in Upstate New York. For more information, please visit our website: www.racertrust.org