Revitalization of historic ICON building officially underway – Indiana State University

Work to revitalize a vacant manufacturing building into trendy, excessive-finish residences officially began Monday, as officers ceremoniously broke floor on the venture that guarantees to proceed reworking the Wabash Riverfront in Terre Haute.

Core Redevelopment is investing $23 million to rehabilitate the historic American Can building into 165 loft-fashion, market-fee residences referred to as RiverFront Lofts. Anticipated to welcome residents in mid-2018, RiverFront Lofts will characteristic open, loft-fashion ground plans, industrial design components and excessive ceilings.

"We're tremendously excited to start work on what is going on to be an amazing venture - RiverFront Lofts. Today has been a very long time within the making, however by way of the tireless work and indefatigable assist of our companions - town of Terre Haute, Indiana State University and the Indiana Financial Improvement Company - it is all come collectively in a way nobody might have anticipated," mentioned John Watson, CEO of Core Redevelopment. "To avoid wasting and repurpose nice outdated buildings like ICON, whereas on the similar time bringing of us again to the Wabash River and offering Indiana State with a world-class residential amenity adjoining its campus, is strictly why Core is in enterprise."

The American Can building, a 186,000-square-foot masonry construction most lately owned by Indiana State University, first opened in 1931 to make tin cans. It was later bought by Pillsbury to make meals merchandise. ICON Transportation bought the building in 1995 for storage use, however it has been vacant because the early 2000s.

"We consider the RiverFront Lofts venture represents many ‘firsts' for our group," mentioned Steve Witt, president of Terre Haute Financial Improvement Company. "This growth would be the first main market-fee housing advanced on the banks of the Wabash River. Additionally, the proposed advanced would be the first vital market-fee housing growth inside a former manufacturing facility. Lastly, we consider that RiverFront Lofts would be the first main housing growth to be co-positioned at a serious sports activities venue - Indiana's State's new Gibson Monitor and Area venue."

The redevelopment of the American Can building will present a serious step ahead within the metropolis's Riverscape venture. The Gibson Monitor and Area advanced, a $four million facility on a 10-acre tract instantly throughout the road from the vacant facility, was the primary main contribution to the revitalization effort in fall 2015 - and marked a major level in campus growth on the west aspect of U.S. 41.

"Core Redevelopment's venture on the western boundary of ISU's campus is not going to solely add to native housing inventory, however it can additionally restore magnificence and usefulness to an deserted property," mentioned Diann McKee, senior vp of finance and administration and treasurer for at Indiana State. "We're lucky that Core has a monitor document of rehabilitating properties of this type - it saves an fascinating however unused construction and turns it into trendy residing area. Whereas that is Core's venture, we actually have been cheering them on as they rework the environs of Gibson Monitor and Area and rescue an outdated building."

The Indiana Financial Improvement Company provided $four.7 million in Industrial Restoration Tax Credit in assist of the venture. Town of Terre Haute has offered materials monetary assist within the type of tax increment financing.

"As Indiana's economic system continues to flourish, it's tasks just like the revitalization of the ICON building in Terre Haute which might be serving to to advance our state's financial progress by way of bettering high quality of place," mentioned Elaine Bedel, president of the IEDC. "This venture will assist the continued progress and vibrancy of Terre Haute and the Wabash River area."

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About Core Redevelopment

Headquartered in Indianapolis, Core Redevelopment is a full-service actual property growth agency specializing within the redevelopment of giant-scale business and industrial properties into market-fee residences. Further details about Core Redevelopment will be discovered on its web site at coreredevelopment.com.

About IEDC

The Indiana Financial Improvement Company leads the state of Indiana's financial growth efforts, serving to companies launch, develop and find within the state. Ruled by a 12-member board chaired by Gov. Eric J. Holcomb, the IEDC manages many initiatives, together with efficiency-primarily based tax credit, workforce coaching grants, innovation and entrepreneurship sources, public infrastructure help, and expertise attraction and retention efforts. For extra details about the IEDC, go to iedc.in.gov.

Images: https://photos.smugmug.com/Other/Media-Services/Media-Construction/Riverfront-Lofts-Groundbreaking-2017/n-dCFwrG/i-qhtffKM/0/X3/i-qhtffKM-X3.jpg -- As a substitute of shovels, Dan Bradley, president of Indiana State, Phil Rath, president of the Wabash River Regional Improvement Authority, John Watson, president of Core Redevelopment, Duke Bennett, mayor of Terre Haute, and Elaine Bedell, president of the Indiana Financial Improvement Company, use ceremonial sledgehammers on April 10. (Rachel Keys/Indiana State University Images Providers)

https://photos.smugmug.com/Other/Media-Services/Media-Construction/Riverfront-Lofts-Groundbreaking-2017/n-dCFwrG/i-bGcqBks/0/X3/i-bGcqBks-X3.jpg -- Indiana State University President Dan Bradley speaks on the groundbreaking on April 10. (Rachel Keys/Indiana State University Images Providers)

Media Contact: Libby Roerig, director of communications and media relations, Workplace of Communications and Advertising, Indiana State University, 812-237-3790 or libby.roerig@indstate.edu

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Revitalization of historic ICON building officially underway - Indiana State University