American Can Building Getting $23M Facelift

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TERRE HAUTE -

An 85-year-old building in Terre Haute that has stood vacant since the early 2000s is set to undergo a major transformation. Indianapolis-based Core Redevelopment plans to invest $23 million to revitalize the building that originally served as a manufacturing facility for the American Can Co. 

Core Redevelopment is looking to redevelop the building, which is currently owned by Indiana State University, into 178 loft-style apartments, to be known as One Sycamore. The project is part of the Regional Cities Initiative plan in the Wabash River region.

"We love buildings like American Can," said John Watson, managing partner of Core Redevelopment. "We feel like they’re being entrusted to us, and bringing them back to life gives us a real sense of accomplishment. We’re not just helping cities like Terre Haute economically. We’re also helping them maintain a connection with their past. Every decision we make factors that in."

The IEDC says it will offer $4.7 million in Industrial Recovery Tax Credits for the project. Terre Haute Mayor Duke Bennett says finding a new use for the building has been a long-term goal for the city. The city will also consider using tax increment financing to support the project.

"The American Can building was acquired as part of a broader real estate strategy to give the university access to land needed to execute key portions of our campus master plan, especially as it related to athletics," said Diann McKee, senior vice president of finance and administration and treasurer for Indiana State University. "Once the American Can building is redeveloped, it will provide the new Gibson Track and Field venue with a look and feel that will be one-of-a-kind and impressive to Terre Haute visitors."

The American Can building opened in 1931 and was later purchased by Pillsbury to make food products. It was then purchased in 1995 by ICON Transportation to be used for storage.

Eric Seal with Core Redevelopment says he believes demand will be strong for the apartments.
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