Revitalizing Auto Communities Environmental Response (RACER Trust) was established to coordinate the redevelopment of old General Motors Corporation properties following the auto manufacturer’s bankruptcy proceedings.
As recently as a year ago, it appeared set that a $30 million, 10,000-square-foot amphitheater would occupy the eastern half of this 102-acre downtown Indianapolis, Indiana site.
Then-Mayor Greg Ballard’s planned $500 million criminal justice center would occupy the western portion.
But the criminal justice project unraveled last summer amid City-County Council opposition, and that parcel went back on the market. However, the lack of availability of the entire site dampened developer interest.
On June 21, 2016, owner RACER Trust terminated its contract on with REI Investments, the Carmel-based developer that had planned to build an outdoor concert venue on about half the land, but couldn’t secure financing.
Now that the whole site is available, “there is intense interest in the property,” said Bruce Rasher, RACER’s redevelopment manager. “I don’t want to be in a position to miss market timing because of the economy or access to capital markets that could change.”
Rasher plans to issue a call for offers before the end of the year.