A $23 million plan to transform a former manufacturing facility along the Wabash River into loft-style apartments is moving forward. The city’s redevelopment commission has approved declarations involving a tax increment financing district in the area and the transfer of the former ICON Transportation Co. Inc. building from the city to an Indianapolis-based developer.
The ICON building, which is near Indiana State University’s Gibson Track and Field stadium, was opened in the 1930s by American Can and has been vacant since the early 2000s. The TIF approval process will next head to the Vigo County Area Plan Commission Wednesday and if cleared, the city council will take a look. Terre Haute Economic Development Corp. Chief Executive Officer Steve Witt is hoping the process could be complete by Thanksgiving.
The Tribune-Star reports last year, former building owner ISU transferred the property to the redevelopment commission to streamline the transition to CORE Redevelopment LLC. The company, which also took on revitalization of the historic Deming Building in the city’s downtown, is planning nearly 180 loft-style apartments in the 186,000-square foot building. Regional leaders included redevelopment of the ICON building in the Wabash Valley pitch for the state’s Regional Cities Initiative.
The project is called One Sycamore. Mayor Duke Bennett said "repurposing the American Can building has been a long-term goal of Terre Haute’s for a very long time for a lot of different reasons. To finally achieve this goal, and to see hundreds of new downtown residents enjoying everything Terre Haute and the Wabash River have to offer, will be a proud day for everyone who worked long and hard to make this a reality."
The effort has been approved for as much as $4.7 million in Industrial Recovery Tax Credits from the Indiana Economic Development Corp. Work could be complete in 2018.