The former Colgate plant in Clarksville, Indiana was sold at auction Tuesday, but the plant’s buyer and the buyer’s plans for the property are unknown.
The plant was owned by Active International, a media firm that bought the land from Colgate and planned to sell it to a developer. That developer was expected to work with Clarksville officials to build Clark’s Landing—a retail and residential development.
But the economic decline delayed the sale, and Clarksville redevelopment director Rick Dickman says the sale price dropped.
“It was $13 million, then it went down to 9 and there were several offers kicked around that were less than that. But finally, I think Active was seriously considering an offer that fell through, in and around the price of 4.5 to 5 million,” he says.
The plant’s buyer has not yet come forward, but will have to soon to close the sale. Dickman says some version of the project will likely go forward.
“I do not have the slightest inkling as to what new owners would want, but I just cannot imagine you would spend that kind of money on that piece of property unless you had an idea of how you would go about development,” he says.