Partnership to Renovate Historic Structure

Posted: Updated:
(Image of downtown Shelbyville courtesy of Mainstreet Shelbyville Inc.) (Image of downtown Shelbyville courtesy of Mainstreet Shelbyville Inc.)

Massachusetts-based tax credit advisory firm Cherrytree Group LLC announced that it partnered with Purple Vetech Properties and received unusually large grants of tax credits to renovate a historic former school in Shelbyville. The firm, which funded $900,000 for the project, also secured $2.4 million in federal tax credits. 

The 107-year-old building is listed in the National Register of Historic Places and also with the Indiana State Historic Preservation Office. On top of that, it was converted into an apartment complex 25 years ago, making it not only a recognized historic structure but also a space with a past and potential future use as affordable housing for Indiana residents. 

This dual-use made the property eligible for large tax credits and special financing. The rehabilitation plan will update the building while staying true to the historic details from when it was the town’s high school from 1911 until the early 1990s. 

Using a fund opened earlier this year, Cherrytree partnered with developer Purple Vetech Properties of Santa Rosa, CA to renovate the building. 
Purple Vetech is using Federal low-income housing tax credits from the Indiana Housing and Community Development Authority, federal historic tax credits, IHCDA private activity bonds, and a State of Indiana Housing grant.

The finished building will be designated for low-income residents. Cherrytree President Warren Kirshenbaum said the company wants to make it possible for residents to live in modern, private apartments that will help create a more vibrant community.

  • Perspectives

    • Ahh…Yes! Turning a Hot Mess into a Cool Breeze

      "Problems cannot be solved by the level of thinking that created them," is attributed to Einstein over 75 years ago. This still holds true, particularly in challenging communications. Many people address conflict at the level it was created by rehashing and building more evidence for their ‘side’ of an argument. Repeating a position tends to intensify the separation of people.



Company Name:
Confirm Email:
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections


  • Most Popular Stories

    • The IU School of Informatics, Computing and Engineering will now be named for Fred Luddy for his $60M gift. (photo courtesy James Brosher/IU)

      $60M Gift to IU, Second Largest in School History

      An Indiana University alumnus who founded the information technology firm, ServiceNow, has given his alma mater $60 million to establish an artificial intelligence center. The university says the gift from cloud-computing pioneer Fred Luddy is the second largest in the history of the IU.

    • Bob Stutz

      New Role For Salesforce Exec

      After three years on the job, Salesforce Marketing Cloud Chief Executive Officer Bob Stutz is moving into a new role. Stutz, who will remain in Indianapolis, is now executive vice president of strategic partners at Salesforce (NYSE: CRM).  Since arriving in Indianapolis, Stutz has overseen the establishment of the company’s regional headquarters in downtown Indianapolis, which included the Salesforce name being placed atop the state’s tallest building.

    • Who Pays Debts After Death?

      If you have a mortgage on your house, what happens when you die?  What about a car lease or credit card debt?  Are your heirs required to pay off what you owe? What is the financial legacy that you will leave behind?  Your legacy could be the bequest of property or money, but it could also mean inheriting debt. It’s not uncommon for spouses or others to get bombarded with collection calls from creditors asking to pay the bills of a family member who has died.

    • POET ethanol co. announced in Aug 2019 it was closing the plant in Cloverdale. (photo courtesy: POET)

      Cloverdale Ethanol Plant Closes

      South Dakota-based POET LLC, the nation’s largest biofuels producer, is moving forward with a plan to shut down its biorefining plant in Cloverdale, leaving 50 Hoosiers without jobs effective Friday. The company tells Inside INdiana Business that it is not making any changes to the plans announced two months ago. 

    • Photo courtesy of Cummins

      Cummins Names Kennedy VP of Product Compliance

      Columbus-based Cummins Inc. (NYSE: CMI) has named Melina Kennedy vice president of product compliance and regulatory affairs. In the newly-created role, Kennedy will oversee engine emission certification, product compliance, and regulations related to Cummins products.