Student Housing Project Lands Approvals
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowA plan to transform a low-income housing development into student apartments in downtown Terre Haute is moving forward. The Tribune-Star reports Core Redevelopment LLC has received tax abatement approvals on the Indianapolis-based company's $6 million Deming Center renovation plans. The abatement request still needs to clear the council during a regular session next month.
If approved, the company will close on the more than $800,000 purchase that was first announced in February and could begin moving in renters in July.
The Deming Center is currently owned by the Low Income Housing Development Corp., which is a nonprofit under the Terre Haute Housing Authority.
Core Redevelopment says most of the building's current tenants will be moved to another property managed by Low Income Housing Development Corp.
Source: The Tribune-Star
News Release
Originally Distributed February 25, 2014
TERRE HAUTE, Ind. – Core Redevelopment, an Indianapolis company that specializes in rehabilitating historic buildings for modern residential use, has purchased Terre Haute's downtown Deming Center.
The Terre Haute Housing Authority board of directors voted earlier tonight to accept a purchase agreement with Core for $800,000.
“We are excited about the opportunity to come over and give the Deming Center its next life,” said John Watson, CEO of Core. The company will start renovations as soon as the building is vacant, he said.
Watson told the board, which approved the sale without opposition, the building will be mostly utilized as housing for Indiana State University students. The ground floor will contain commercial businesses, he said.
Presently, the Deming Center, which is at Sixth and Cherry streets, contains 109 apartment units occupied by Housing Authority tenants. The building is officially owned by the Low Income Housing Development Corp., a not-for-profit arm of the Housing Authority.
Jeff Stewart, executive director of the authority, said Deming Center tenants should be moved out of the building by the end of the year or by the end of January 2015 at the latest. Most of the tenants will be moving to Warren Village, a new Housing Authority-managed property on North 25th Street.
Source: Core Redevelopment LLC