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.)
SHELBYVILLE -

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

    • Are You Sacrificing Your Retirement for Your Adult Kids?

      Based on statistics, you are! A whopping 63 percent of parents have actually sacrificed their financial security for the benefit of their children, while 72 percent say they’ve put their children’s interests ahead of their financial retirement needs. What does that look like in dollars? Parents contribute $500 billion to adult children annually - half of what they contribute to their own retirement accounts! Where Do the Dollars Go? According to a June 2018 survey conduc...
    More

Subscribe

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

Events



  • Most Popular Stories

    • Blue Buffalo makes natural cat and dog food and treats, which are sold nationwide.

      Blue Buffalo to Open $200M Richmond Facility

      Connecticut-based Blue Buffalo Pet Products (Nasdaq: BUFF) will Monday hold a grand opening for its $200 million manufacturing facility in Richmond. The natural pet food producer plans to create up to 165 jobs in Wayne County. Governor Eric Holcomb and Richmond Mayor Dave Snow will join company executives Monday morning for the grand opening. The facility, which includes a research and development center, is Blue Buffalo's second in the United States. When the company announced...
    • Are You Sacrificing Your Retirement for Your Adult Kids?

      Based on statistics, you are! A whopping 63 percent of parents have actually sacrificed their financial security for the benefit of their children, while 72 percent say they’ve put their children’s interests ahead of their financial retirement needs. What does that look like in dollars? Parents contribute $500 billion to adult children annually - half of what they contribute to their own retirement accounts! Where Do the Dollars Go? According to a June 2018 survey conduc...
    • Jones talked about the new offering on this weekend's edition of Inside INdiana Business With Gerry Dick.

      Academy Targets ‘Red Hot’ Cyber Job Market

      The founder of Fishers-based Eleven Fifty Academy believes two new course offerings can help fill a growing cybersecurity job market in Indiana and he plans on rolling out the curriculum in markets statewide.  Scott Jones says the full and part-time courses, which feature a “cyber range” to give students hands on experience, are the first of their kind in Indiana. "We teach it in twelve weeks and you come out with two industry certifications that virtually...

    • (photo courtesy Indiana FFA Organization)

      Indiana FFA to hold 90th Convention, Elect State Officers

      The Indiana FFA's 90th State Convention runs Monday through Thursday at Purdue University. The convention will include community service projects, competitions, workshops and the election of state officers.

    • Purdue Board Approves Tuition Freeze, Construction

      The Purdue University Board of Trustees has approved the previously-announced tuition freeze for the 2020 and 2021 fiscal years, as well as the university's 2020 operating budget. Purdue says the total cost of attending the university's West Lafayette campus will continue to be less than it was in 2012. The board also approved the fee schedule for both years with general fees being held steady, except for flight program fees. Two major construction projects also received approval...