After false starts and abandoned deals, the old Colgate Plant in Clarksville, Indiana has been sold. Specifically, it’s been sold the to the Boston Development Group. We reported last month that Clarksville officials were anticipating BDG to purchase the property.
After confirming he’s been told the nearly 60-acre complex has been sold to a group led by Jayesh Sheth, a geriatric specialist who lives in New Albany, town Council Member Bob Popp said, “I hope their expectations from the town aren’t too high.”
“The sale is the easy part,” Popp said, explaining that estimates of a $4.5 million purchase price may sound like a great deal of money, but redevelopment of the nearly-60 acre site, with nearly 1 million square feet of buildings, some of them very old, may take hundreds of millions of dollars over many years.
Katherine Johnson, chief operating office of Midwest Center for Foreign Investment, in which Sheth is a partner, confirmed the Colgate property has been purchased by Boston Development Group LLC, of which Sheth is a managing partner. She said the Midwest Center obtained financing for the project.