FORT WAYNE, Ind. (WOWO): The City of Fort Wayne is set to acquire the PepsiCo facility near downtown for future riverfront development.

As part of the city’s vision to create a dynamic riverfront, Fort Wayne City Council approved an agreement with P-Americas, LLC, to acquire its 6.4 acres located in the heart of the Riverfront area. The acquisition of the PepsiCo facility, 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 source of funding for the property acquisition will be the Riverfront local income tax rate (LIT), which requires City Council approval.