For weeks, we’ve known that someone was trying to buy the old Colgate Plant in Clarksville.
An unidentified bidder tentatively agreed to pay $4.5 million for the property in an auction in the fall, but the deal fell through in late December. It was a mysterious case. The buyer was trying to line up international investors for a redevelopment project, with a likely eye toward starting work on the Clark’s Landing project, which would redevelop much of Clarksville’s riverfront.
The speculation over who wanted the property ended, though, when the possible buyer backed out. That buyer was never identified, but records obtained by WFPL indicate that the Boston Development Group (though possible not this BDG) was likely behind the failed purchase.
The sentence “Colgate is being purchased by the Boston Development Group” appears in the notes from a meeting held on November 17th. The notes further indicate that a plan to disclose the sale to the public was discussed, as were the financing options for the development.
An employee of the Boston Development Group could not confirm or deny the firm’s interest in the property. Messages left with other employees were not returned.
While the knowledge that Boston Development Group may have been involved in the process is less valuable since the sale has fallen through, it is interesting to see how the plans for the property were coming together. The documents show that a 5-star hotel, warehouses (short-term, possibly for UPS), a technology center, a lifestyle center and a medical center. These plans, however, would start with $500,000 in immediate investment, which is about what was sought from foreign investors last month.
Further, the developers had a few concerns about the property. Clarksville officials were planning to meet with the Bridges Authority about the lack of a nearby offramp in the ORBP. There was also language in the notes about how those involved “would love to see light rail come to the area and through Colgate.”