A blighted commercial site in the Reagan Park neighborhood on the city’s east side will be remediated and marketed for redevelopment.
The city’s Department of Metropolitan Development says it has been awarded a $345,000 revolving loan fund subgrant through the Indiana Finance Authority to overhaul the property.
The 1.3-acre site at 2408-2444 Winthrop Ave. was used by Colonial Baking Co. as warehouse storage, truck loading and truck repair from the mid-1950s through the 1990s.
The ground is contaminated with heavy metals and petroleum compounds, and has remained unused for decades. It is one of many abandoned commercial and industrial sites in the city now considered brownfields.
The buildings have been demolished and four underground storage tanks were removed years ago. But the soil remains contaminated, making redevelopment a challenge.
The city said the site will be remediated “to residential standards and marketed for redevelopment,” but did not disclose specific plans.
With the grant money, the city will remove 4,500 tons of soil, down to two feet below ground level, including removal of asphalt on the southern portion of the site.
The remediation is being handled by IWN Consulting Group LLC and should be completed by the end of September, the city said.