Groundbreaking is set for Friday on a $9.5 million redevelopment project involving four vacant buildings in downtown Greensburg. “Historic Greensburg Square” is slated to open in 2015. May 20, 2014

News Release

GREENSBURG, Ind. – Thrive Alliance and Flaherty & Collins Properties announced today the Groundbreaking of Historic Greensburg Square to be held Friday, May 23, at 10am local time. The event will be held at 225 North Broadway, Greensburg, IN 47240.

Historic Greensburg Square is an adaptive reuse of four vacant historic buildings, in close proximity, for uses that benefit the community of Greensburg by providing community services and increasing downtown housing opportunities. The redevelopment enhances and celebrates the historic character and charm of downtown Greensburg.

The project is a collaborative effort between Isaac Larrison, Thrive Alliance, Flaherty & Collins and the city of Greensburg. Thrive Alliance serves as developer, and Flaherty & Collins will serve as partner, guarantor, general contractor and property manager. Studio Three serves as the architect & engineer, and McKinley Development as finance consultant.

“We are thrilled to kick off this exciting project and to officially announce the start of construction on our Historic Greensburg development,” said Duane Miller, Vice President of Community for Flaherty & Collins. “We are looking forward to what this development will do not only for the downtown area, but the entire Greensburg community.”

Historic Greensburg Square is scheduled to open in the spring of 2015. Apartment units are designed to hit a high efficiency standard throughout the buildings. We expect energy use to be 20 percent less than conventional construction. Historic Greensburg Square is located in the heart of downtown Greensburg, which affords it immediate access to many local downtown amenities.

Historic Greensburg Square will be funded by Alliant Capital, Indiana Housing & Community Development Authority, The Federal Home Loan Bank of Indianapolis, City EDIT Funds, Alma Taylor Foundation, and deferred development fees. First Merchants Bank and MainSource Bank are participating in the construction bridge loan for the development.

About Flaherty & Collins Properties

In business since 1993, Indianapolis-based Flaherty & Collins Properties is a developer, builder and manager of mixed-use, multifamily properties. For more information about the company, go to www.flahertycollins.com or call 317-816-9300.

Thrive Alliance provides information, care planning and management, and supportive services to people over the age of 60, people of all ages with disabilities, and caregivers. These “home- and community-based” services help people live safely at home among family and friends. Services are organized around 4 dimensions of age-friendly communities – Basic Needs, Physical and Mental Health, Improving Independence, and Community Engagement. For more information about the company, go to: www.thrive-alliance.org or call 812-372-6918.

Source: Flaherty & Collins Properties

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