The next step in the Indianapolis
Public Schools real estate plan is a big one! IPS has started the process to
sell the former Coca-Cola Bottling plant property located at 850
Massachusetts Avenue, known in IPS as SCIPS.

 

SCIPS anchors the east end of
the vibrant Mass Ave Cultural District on an 11-acre site and has extensive
frontage on three streets. Add 360-degree views of downtown, and you have one
of the prime real estate development opportunities in the Midwest. 

 

Such a unique property requires
extra care applied to the sales process. The IPS leadership team and our Board
of School Commissioners believe the sale of this property has potential to
bring significant financial gains to our district and it will contribute to the
continued growth of the Mass Ave district of downtown Indianapolis. So, they’ve
decided to hold a Request for Qualifications (RFQ) for its acquisition
and repurposing to obtain information about the nature of proposed bids.

Abbe Hohmann, President of Site Strategies
Advisory, LLC, and part of our district’s Real Estate Review Team said, “The
SCIPS sale is more complicated than previous district real estate offerings. It’s
a large property for an urban area. It’s visible and complex and part of a
historic district, so we wanted to have the RFQ process to really get a better
sense of who is interested, who their team would be and what their ideas for
developing the property are.”

The RFQ responses will be reviewed by the
district’s expert Real Estate Review Team, a committee of industry experts and
local leaders, with the following goals in mind:

  • Creating a
    positive impact for the surrounding properties, the neighborhood, the City
    of Indianapolis and IPS
  • Increasing
    the economic vitality of the Mass Ave corridor with high quality jobs and
    amenities for a demographically diverse community
  • Demonstrating
    creativity and skill in adaptive reuse, mixed use and sustainability
  • Providing
    uses which encourage families with school age children to live downtown
  • Showing a
    knowledge of and willingness to address the elements of the
    Chatham-Arch/Massachusetts Avenue Historic Area Plan

After the RFQs, Hohmann said, “We’ll have
a much better understanding of what interested parties are offering in their
bids.”

Responses to the RFQ must be provided by 4:00
p.m. local time on August 27, 2015. More information, including the Notice of
RFQ and due diligence materials, can be found at myips.org/realestate or by
emailing Abbe Hohmann at abbe@site-strategies.com.

We’re happy to continue our process to
become a leaner and more efficient school district, and through that to be in a
position to return such a valuable piece of property to the community and the
tax rolls. We’re even more proud to have in place a thoughtful approach to
divesting our real estate that will ensure the best outcome for our district,
community and city!

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