Illinois-based Vermilion Development is proposing to build a $22 million retirement home in Muncie. The three-story facility is planned for a former bowling alley property.
The Star Press reports the Board of Public Works and Safety has approved a contract between the city and Indianapolis-based Barnes & Thornburg LLP to handle the city’s side of issuing an economic development revenue bond for the project, which will be paid by the company.
Last year, the company detailed a $20 million senior living development in Kokomo. The four-story facility will be located at the former Southside Lumber Yard site.
The project in Muncie could be complete by the end of next year. Vermilion Development plans to acquire the land over the next six months and construction could take a year or more.
The company also has previously completed buildings on the campuses of Indiana State University and IUPUI. A $20 million, 115-unit senior living project in Michigan City is also in the works. It breezed through the city’s approval process, but drew some negative feedback from citizens.