Jeffboat Property Wrangles Continue

Since American Commercial Barge Line closed its historic Jeffboat facility in Jeffersonville, Ind., in 2018, many have seen its 80 to 100 acres of prime Ohio River riverfront property as a tempting business opportunity. But plans to develop the property have run into local resistance, and ACBL is now offering to sell the property to the city.

ACBL has worked with the city, The Wheatley Group and developer Thrive Companies on plans for the site. Possible plans put forward have included residential housing, restaurants and retail, parks and green space, entertainment venues, a hotel and marina complex, walking areas and a riverfront boardwalk. Estimates have ranged from $185 million up to $1 billion.

But recently, Jeffersonville’s mayor, Mike Moore, has publicly complained about what he sees as the slow pace of progress. The (Louisville) Courier Journal headlined that projects for the site were “in limbo.” ACBL disputes that characterization and said that lining up the necessary permits, approvals and authorizations for what will be a complex project takes time, not to mention environmental remediation.

Indiana has awarded approximately $6.5 million in READI 2.0 funding to support the redevelopment, followed by a $20 million grant backed by Lilly Endowment Inc. The Indiana Economic Development Corp. warned that the lack of progress could cause the state to rescind its funding. State and local leaders have set a November deadline for construction progress, leading to the ACBL offer to sell the property to the city.

In a statement it sent to The Courier Journal, ACBL said it has completed surveys and environmental cleanup, obtained development funding and collaborated with community stakeholders for future projects.  “With those key steps completed, we felt it was the right time to step aside and return the property to the community where we live, work and have operated our business for more than 100 years,” an ACBL spokesperson said. “It is not clear to us what ‘hold-ups’ the Jeffersonville mayor has referenced publicly. Since presenting the property to the city in July, we have been awaiting the city’s decision-making process and have consistently worked in good faith to provide information, address concerns and make the transaction as straightforward as possible. Our discussions are ongoing, and we trust that they will be completed shortly.”