GM Stamping Plant Site Sold

The company that owns the old GM stamping plant near White River, downtown, is planning to sell the property.

Racer Trust is going to sell the 102 acres to Carmel based REI.  The financial terms of the deal are not being disclosed, yet.

Racer took control of the property in 2011 and Redevelopment Manager Bruce Rasher says the company was looking for a firm that would be able to redevelop the property in a way that would bring in new investment to the city.

"We are very, very pleased that the market has responded so well and so quickly," he said.  "Ultimately what it is going to mean is a revitalization of the site and most likely the surrounding areas which will be beneficial to the community."

The west half is for the proposed new criminal justice complex and REI will research what to develop on the east side, some believe it could be for an amphitheater.

The deal is contingent on REI and the city coming to an agreement on what is built.

Racer hopes to complete the sale of both parcels by the middle of next year.