May 25, 2022 - As part of the vision to create a dynamic riverfront transformation, the Fort Wayne City Council approved an agreement with P-Americas, LLC, a wholly-owned subsidiary of PepsiCo, Inc, (Pepsi) to acquire its 6.4 acres located in the heart of the Riverfront area.
The acquisition of the 6.4 acres, which includes the distribution facility, located at 1207 N. Harrison St., will be for $4.5 million. The Redevelopment Commission’s vision for the property is utilize it to attract new private investments that will bring additional revenue to the city, providing a more compatible use to the adjacent neighborhoods and public investment in the Riverfront public space areas.
“The Harrison Street property is among the most strategically-located and valuable sites in the community,” said Fort Wayne Mayor Tom Henry. “The site is large enough to accommodate multiple projects, which will bring more people, businesses, and vibrancy to the north side of the river. Redeveloping the site with pedestrian-oriented development will also dramatically improve connectivity between the riverfront, the Wells Street Corridor and the Bloomingdale neighborhood.”
The source of funding for the property acquisition will be the Riverfront local income tax rate (LIT), which requires City Council approval.
The Redevelopment Commission will take possession of the 6.4 acres when Pepsi moves to a new distribution facility near the Fort Wayne International Airport that will be constructed by the developer, ET Fort Wayne IV, LLC for more than $19 million. The City Council today approved a tax incentive on the new distribution center property to be constructed for Pepsi to assist with the relocation. Construction of the new Pepsi facility is expected to begin summer 2022 and be completed mid-2023.
“Pepsi recognized the opportunity to be a good corporate citizen and maintain our strong prescence in Fort Wayne as we have for the past 80 years. We are excited to be able to facilitate the ongoing redevelopment of the riverfront, while retaining all of our existing employees and reinvesting in the community,” said Sean Bishop, Vice President of Sales for PepsiCo Beverages North America North Division.
The project was facilitated by the Fort Wayne Community Development Division. “During our conversations with Pepsi over the past year, it was clear how much they valued being part of the Fort Wayne community and it is demonstrated by their plans to be part of a new large investment that keeps them and their employees here in the city,” said Nancy Townsend, Fort Wayne Community Development Director.
About Riverfront LIT: In 2017, City Council passed an ordinance that set aside a portion of the local income tax revenue to be used in the Riverfront area for construction of public space, such as Promenade Park, for property acquisition, riverbank stabilization, and public private partnership opportunities. Use of the funds in the Riverfront LIT set aside does not impact planned neighborhood and other public infrastructure improvements.
PepsiCo products are enjoyed by consumers more than one billion times a day in more than 200 countries and territories around the world. PepsiCo generated more than $79 billion in net revenue in 2021, driven by a complementary beverage and convenient foods portfolio that includes Lay's, Doritos, Cheetos, Gatorade, Pepsi-Cola, Mountain Dew, Quaker, and SodaStream. PepsiCo's product portfolio includes a wide range of enjoyable foods and beverages, including many iconic brands that generate more than $1 billion each in estimated annual retail sales.
Guiding PepsiCo is our vision to Be the Global Leader in Beverages and Convenient Foods by Winning with PepsiCo Positive (pep+). pep+ is our strategic end-to-end transformation that puts sustainability at the center of how we will create value and growth by operating within planetary boundaries and inspiring positive change for planet and people. For more information, visit www.pepsico.com.