$12 Million Development Moving ForwardPosted: Updated:
An artist housing initiative in northwest Indiana has secured $10 million in federal tax credits. The $12 million Uptown Artspace Lofts project involves transforming the historic Warren Building in downtown Michigan City into a mixed-use development with nearly four dozen live-work spaces. The state announced last week the project has also been approved for around $1 million in credits from the Internal Revenue Service.
March 3, 2014
MICHIGAN CITY, Ind. - Michigan City, Indiana has received the long awaited news regarding federal tax credits for the Michigan City Artspace project.
And it's good news!
The Uptown Artspace Lofts at the Warren Building project was awarded an estimated $10 million dollars of federal tax credits that will move the project into the construction stage later this year.
The proposed project will be a full historic renovation of 44 affordable artist live-work spaces and commercial retail and gallery space.
A team made up of representatives of the national non-profit developer Artspace, working side by side with Michigan City officials, received the news Thursday morning at an Indiana Housing and Community Development Authority meeting.
"This award confirms what we have believed throughout this journey, that Michigan City, Indiana is the next great economic opportunity on Lake Michigan," Mayor Ron Meer said upon hearing the news.
"I would like to thank Governor Pence, Lt. Governor Ellspermann, and the IHCDA for this award of tax credits and for recognizing the important revitalization opportunities in downtown Michigan City," Meer said. Meer was also quick to point out help from State Senator Jim Arnold who continues to be a strong advocate for downtown Michigan City.
"This was a team effort. We are beaming with pride in Michigan City to be the first Artspace project in the State of Indiana," Meer continued.
The project will infuse an estimated $12 million dollars in funds to redevelop the iconic Warren Building, a six story vacant structure on historic Michigan City's main downtown thoroughfare, Franklin Street.
Councilman Tim Bietry made the initial call to invite Artspace to Michigan City in 2008, which led to a pre-development contract with Artspace, the largest non-profit developer of artist spaces in the country.
A City team that included Bietry, Mayor Ron Meer, former Mayor Chuck Oberlie, Redevelopment Commission President Ken Behrendt, Councilman Rich Murphy, and City Planning Director Craig Phillips worked with Artspace representatives for more than three years to achieve the tax credit award.
Bietry said on Thursday, "This is an example of what can be achieved when talented people who want the best for their community step forward and work together."
Artspace President Kelley Lindquist acknowledged the very competitive process for obtaining the tax credits.
"With 44 tax credit applications filed and only 15 funded in this round, we're thrilled to be able to move to the next step in this process and grateful to the IHCDA for recognizing the value of this project," Lindquist said. "We're proud to be part of Michigan City's commitment to redevelop downtown and are confident that this project and the arts will contribute greatly to those efforts."
Artspace is the nation's leader in artist-led community transformation, with 35 projects in operation across the country and another dozen in development, representing a unique, $600 million investment in America's arts infrastructure. With headquarters in Minneapolis and ofﬁces in Los Angeles, New Orleans, New York, Seattle and Washington D.C., Artspace is America’s leading developer of arts facilities and has served as a consultant to hundreds of communities and arts organizations nationwide. To date we have completed nearly 2,000 affordable live/work units for artists and their families as well as more than a million square feet of non-residential space for artists and arts organizations. Additional information is available at www.artspace.org.
Source: The City of Michigan City