Michigan-based RACER Trust has announced an agreement to sell nearly six acres of the former General Motors Manual Transmission plant in Muncie to Wisconsin-based Commonwealth Development Corp. of America. The company plans to redevelop the site into 35 units of affordable housing to be known as Fourteen91 Lofts.
The new development will include three buildings, two of which will have 12 housing units while the third will have 11. It will be the fourth development in Indiana for Commonwealth. The company has not set a timeline for construction.
"RACER Trust and the City of Muncie worked together to help us evaluate the opportunity at the former Chevy Plant, and it was clear that this was the right time and the right place to make this commitment,” said Kevin McDonell, vice president of development for Commonwealth. “The south side and Downtown Muncie are in the midst of a resurgence, and we’re pleased to be a part of it. We are eager to become a part of the Muncie community.”
Muncie Mayor Dennis Tyler says the development will be a key component of neighborhood revitalization on Muncie’s south side. The sale comes nearly one year after RACER Trust completed the sale of another six-acre portion of the site to Ross Community Center, which broke ground last month on the athletic fields and facilities it had planned for the property.
"This development will have a dramatically positive effect on the neighborhood directly adjacent to Downtown Muncie," said Tyler. "New households will stimulate countless positive spin-off effects combined with the expansion of offerings at Ross Community Center and other development initiatives. The future is brighter once again for this area of our community."
Earlier this month, RACER Trust sold a 1.2 acre lot, which had been leased for school bus parking, to bus contractor M&M Bus Co. Inc. RACER Trust still has more than 65 acres of the former GM plant site available for sale and says it is seeking buyers who will invest in redevelopment and job creation.