MUNCIE, Ind. – The Muncie Redevelopment Commission is looking to increase different types of housing in the city, hoping to reap the benefits of what could be an influx of residents with new manufacturing announcements. The committee discussed the housing projects at its monthly meeting on Thursday.
The county saw one of its biggest economic development announcements in decades as CANPACK Group, a subsidiary of Giorgi Global Holding Inc., announced plans to build a state-of-the-art aluminum can manufacturing plant. technology at the corner of Fuson and Cowan roads. over the next year.
The new facility in Delaware County would represent an investment of $ 380 million and create more than 340 jobs.
In May 2020, INOX Market North America, a stainless steel cutting and forming company, announced it would build a new facility along Cowan Road, just south of the Ivy Tech campus.
The North American headquarters in Delaware County has made an investment of more than $ 15 million in machinery and the construction of a new 139,800 square foot facility and the creation of 100 local jobs.
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Two new housing projects were announced in March. The city was able to take 21 properties from the Muncie Redevelopment Commission that were demolished by scorching demolition and sell them to potential developers.
Project City View Homes is expected to build 48 new housing units, with a mix of single and multi-family housing. According to the city, the developer plans to build 21 single-family homes and 27 townhouses of at least two to four bedrooms.
These new homes will be built on vacant lots in the Industry, South Central, Old West and Blaine neighborhoods in Muncie. The planned investment for the plan is over $ 10 million.
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Store development is progressing
One of the main areas for the construction of new housing will be the area around the old Storer Elementary.
The city agreed in 2018 to buy the property, have the building demolished and continue with the new development of the site. The demolition finally started in 2019, but encountered multiple complications that slowed down and even stalled at one point.
Currently, the city is still trying to work with developers, although rising construction prices have had a chilling effect on new buildings across the state.
The Storer lot, only 32 plots when divided, is normally too small for many large companies who might try to build a “neighborhood” size development like in other areas of Delaware County.
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To start selling the lots, the city had to go through an appraisal process to set a price.
An appraisal was $ 704,000, which would give each lot approximately $ 32,000. A second appraisal left lot values ranging from $ 19,000 to $ 25,000 in lot prizes.
According to the commission’s lawyer, there isn’t a ton of flexibility on the pricing of the lots to begin with. The MRC can make a public notice of the minimum price of the lots, which is the average of the two evaluations. This kicks off the process for potential builders to purchase the properties they want.
If there are lots left from the sale period, this is when the MRC will be able to negotiate prices more freely.
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One thing that remains to be done for the project is the infrastructure for the new housing. All road infrastructure should be in place this fall.
It is still unclear when new housing may start to be built around this area.
The Muncie Town Planning Commission is in the process of making rules regarding mailboxes, fences and more. It is not expected that an association of owners will be established for the development area.
Miller-Valentine is moving towards a second housing project
Miller-Valentine, a nationally listed affordable housing developer, is looking to initiate additional affordable housing projects in Muncie, the Old West End and McKinley neighborhoods.
The company is responsible for the renovation of the old Roberts Hotel, now The Lofts at Roberts, an apartment complex for adults aged 55 and over.
The MRC agreed to sell nearly 60 properties to the company on Thursday, the first step towards two separate projects. The global purchase contract for all affected properties is approximately $ 600,000.
The properties are split between the Old West End and McKinley neighborhoods. The MRC owns a lot of properties in this area due to vacant housing and projects in the Muncie Sanitary District.
Mayor Dan Ridenour said the projects planned by the company will be for more infill housing and senior housing. A certain percentage of housing, about 25%, must be below a specific income level for tax credit requirements.
The actual development is not yet underway, but the purchase contract is the first step in starting the project. This fall, the company will request the tax credits necessary to support the project.
City officials said it was likely Miller-Valentine could start building no earlier than late summer 2022.
White River Lofts are still looking towards phase two
With the recent announcement that the YMCA would build a new downtown facility at Muncie Central High School, city officials have rekindled the drive to initiate the second phase of the city’s riverside development – also known as of White River Canal District – ongoing.
►NEW Y: YMCA plans to build new downtown facility at Muncie Central High School
Ridenour told the MRC that the developer behind the White River Lofts, WS Property Group, has expressed renewed interest in phase two of the downtown development.
WS Property Group told officials it wants to complete up to five phases of expansion in downtown Muncie.
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The first phase was the upscale apartment complex along West Washington Street which is still under construction. The complex will have 55 luxury apartments and 2,000 square feet of retail space. The approximately $ 9 million investment in lofts is associated with a city-funded $ 1.5 million river walk.
Phase two is expected to be a further expansion of downtown housing options, likely focusing on the area around a shopping center on the corner of North High Street and North Franklin Street.
There are only three tenants left in the mall. Since the city owns the property, it has phased out existing businesses so that the site can be demolished when the time for the next phase of development arrives.
There are currently no demolition plans, as city officials have said the property developer is still securing funding. The city’s obligations, mainly public service infrastructure upgrades, have already been completed in 2019-2020 for both phases.
Development in this area could be matched with the future development of the old Delaware County Jail in the downtown area. County officials said anonymous developers have expressed interest in the site for future projects.