RACER Trust Announces Agreement to Sell Former GM Indianapolis Plant Property to REI Investments
INDIANAPOLIS (08/04/2014)(readMedia)-- RACER Trust today announced it has reached an agreement to sell the former GM Indianapolis Stamping Plant property to REI Investments, an Indianapolis-based company that will prepare the property for redevelopment and reuse.
The property totals approximately 102 acres, and is located just across White River from downtown Indianapolis. The City of Indianapolis has identified approximately 56 acres at the western edge of the property as its preferred location for construction of a consolidated city-county justice center, and has an option to acquire that portion of the property. The remaining acreage will be developed pursuant to a development agreement to be reached between REI Investments and the city.
"REI is a well-established local developer with an excellent reputation and deep roots in the Indianapolis community," said Elliott P. Laws, administrative trustee of RACER Trust. "We're confident that REI and the city will agree upon a vision for beneficial reuse of the property, and pleased that the community will broadly benefit from its redevelopment. We congratulate REI and the city, and look forward to what promises to be an exciting future for this location."
"The opportunity to acquire and redevelop an iconic property like the Indianapolis Stamping Plant doesn't come along very often, and we're thrilled that RACER selected our firm to write the next chapter in its history," said Michael W. Wells, president of REI Investments. "This is a great property in a terrific location. We're eager to get started and to help create a new and prosperous hub for the community."
RACER announced last summer that it would market the Indianapolis property as vacant land for redevelopment. It invited 10 firms, including REI Investments, to submit redevelopment proposals. REI Investments was one of four from that group to submit a proposal. RACER will require the execution of a development agreement between REI Investments and the City of Indianapolis as a condition of closing.
About RACER Trust: The 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, which is independent, 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 Trust property in Massena, NY. For more information, please visit www.racertrust.org.
About REI Investments: REI Investments is a real estate services company based in Indianapolis. It owns approximately 1 million square feet of office space and operates more than 2.8 million square feet in the Indianapolis area alone, and has decades of experience working on major development and construction projects across the nation. It provides a full range of real estate services to local, regional and national clients, and seeks to build long-term relationships that build value for all parties involved. For more information, please visit www.reirealestate.com.