CLARKSVILLE, Ind. — New plans will revitalize a local landmark that has been a part of the Clarksville’s community for almost a century.

Clarksville’s former Colgate factory was once the center of town. It closed in 2007 and stood empty for twelve years.

“Everybody knows the big clock,” neighbor of the Colgate factory, Jason McIntyre said. “I remember when it closed down and everyone was really sad.”

Today, the iconic clock tower has a new purpose and future.

“It's no secret we've been talking about trying to redevelop this property near this waterfront in our community for over two decades now,” redevelopment director, Dylan Fisher said.

Fisher said the master plan on the almost one million square foot facility received approval.

“It will include apartments, condominiums, town homes as well as retail and restaurant opportunities,” Fisher said.

A new hotel is also in the proposal.

Neighbored by a handful of houses and a large empty field, residents said they look forward to the facility's overdue facelift.

“There are jobs and then there aren't jobs so it's going to bring the community up and lighten up the downtown area,” McIntyre said.

Planners said the clock will remain and they will preserve the local landmark's historic significance.

"People just act a little different and they appreciate their environment a lot more if it looks like it's there for the people,” resident Alan Bedford said.

Fisher said it is time to take advantage of opportunities.  

"At one point of time there was an estimate down the south Clarksville redevelopment of an opportunity for over 210 million dollars worth of development on these adjacent sites,” Fisher said. “It would be an access of over 200 million dollars worth of new investment.”

A timeline has not been released, but Fisher said work on the second part of the master plan could take 20 to 25 years.

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