The Near Eastside's 10th Street area will receive an estimated $3.5 million for revitalization over the next three years. The funds will target areas where investment can help the neighborhood reach its full potential.

IPS officials estimate the property is valued at $7.6 million. The developers each bid slightly over $2 million for the building.

The program's stated goal is to bring affordable housing, beautification and public amenities to an area while ensuring long-time residents benefit from the change.

A redevelopment plan was unveiled Tuesday for Sherman Park, an abandoned 50-acre lot that was once the site of the RCA plant on Indianapolis' near-east side.

The mayor says a new neighborhood will be selected for the program every year, through a data-driven and competitive process.

A new study will analyze the location of the demolished RCA plant, and high levels of contamination could make residential projects expensive.

A series of public input meetings about the redevelopment starts August 1 at the John H. Boner Community Center.