Local News Politics

Colgate Plant’s Buyer Remains Unknown, Foreign Investments Sought For Development

Details surrounding last month’s sale of the old Colgate plant in Clarksville are sparse, but the property is slated for redevelopment, and the project could be funded largely by foreign investors.

The plant’s buyers remain publicly unidentified since the sale is not yet final,  but they have asked the Midwest Center for Foreign Investment to raise $150 million in foreign investments toward a new development that involves the plant.

“I know that they’re going to do a lot of redevelopment and a lot of job creation on that property,” says center Chief Operating Officer Katherine Johnson, who could not reveal the buyers’ identity.

It’s possible that money would also go toward the larger Clark’s Landing project, which would cover much of Clarksville’s riverfront, including the plant. City redevelopment director Rick Dickman says he’s working with the plant’s would-be owners,  and he suspects they will eventually hire a master developer for the entire Clark’s Landing project.

“That would be the best idea for any kind of a project of this scale. You would look for some sort of a developer, master developer,” he says. “And I think the very first step might very well be to do some sort of a master plan.”

Dickman would not disclose who purchased the plant, but he says he hasn’t heard any discussion of a casino being part of Clark’s Landing.

Local News

Colgate Plant Sold To Undisclosed Buyer

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.