RACER Trust Sells Off More GM Property
MUNCIE - The Michigan-based RACER Trust has completed the sale of 5.7 acres of the former General Motors Manual Transmission property in Muncie. Financial terms of the sale to Commonwealth Development Corp. of America were not disclosed, however the property's new owners say they plan to develop the site into 35 units of affordable housing.
The Wisconsin-based developer says it will construct three buildings on the property, two of which will include 12 units with the third holding 11. The new development will be known as Fourteen91 Lofts. Residents will have the lease-to-own options with a portion of their monthly rent going toward the down payment.
"These homes will provide modern, affordable housing near excellent urban amenities to families on the Southside of Muncie," said Elliott P. Laws, administrative trustee of RACER Trust. "We commend Commonwealth Development for its investment, and the city of Muncie for supporting the sale and redevelopment of RACER property. We are working diligently to sell our remaining land in Muncie for beneficial reuse, and look forward to helping attract additional economic development to the community."
Construction on the project is underway and the first units will be available for lease in the fall.
RACER Trust previously sold portions of the former GM property in 2016 to Ross Community Center Inc. and M&M Bus Co. Inc. Kevin McDonell, vice president of development for Commonwealth, says the project will not only clean up a brownfield site, but will build on the momentum created by the previous sales.
"We are particularly proud of our Fourteen91 Lofts project, and the significant impact that the project will have on the community," McDonell. "In total, the project will preserve the historic Muncie Trade School, put a foreclosed property back on the tax rolls, and continue the tremendous progress that RACER is spearheading at the former GM plant, while creating a total of 72 units of affordable housing, including 35 units on the former RACER site."
RACER Trust acquired the property in 2011, which has approximately 60 acres remaining for sale.