Demolition Begins on Major Muncie DevelopmentPosted: Updated:
Demolition is underway to make room for a $60 million mixed-use development in Muncie. The Star Press reports crews started taking down the former University Square building Tuesday and could begin construction on a six-story parking garage next month. An official groundbreaking on the project could happen within the next couple weeks. Muncie Redevelopment Commission Director Todd Donati tells the paper "90 percent" of the garage could be finished by November.
City officials have said the lease and tax increment financing funds will help finance the $5 million parking structure.
Investment Property Advisors LLC Co-owner Chase Sorrick, who is the developer of the $54 million apartment complex, told Inside INdiana Business plans call for it be complete before Ball State University's 2014-2015 academic year.
Sources: The Star Press, Inside INdiana Business