$7.5 million deal will bring new apartments, commercial space to downtown Muncie
MUNCIE, Ind. – The Muncie Redevelopment Commission approved a multi-million dollar economic development agreement with Roebuck, LLC for the former Sears Building and parking lot at Walnut and Main streets.
The $7.5 million mixed-use project will include 42 one to three-bedroom residential, market-rate housing units and more than 20,000 square feet of commercial space in downtown Muncie.
Under the terms of the development agreement, the Muncie Redevelopment Commission agreed to provide a commitment of TIF dollars generated from only the increased tax revenues.
These TIF funds will not be made available until as early as March of 2019 provided the project is substantially complete.
The plans include constructing approximately 44,500 square feet of new space, adding a cornice on the top of the façade of the former Sears Building – which will complement façade improvements funded through a 2013 Muncie Redevelopment Commission grant – and providing private, enclosed parking for residents and patrons.
Muncie Mayor Dennis Tyler said, “With the reconstruction of Walnut Street and the new hotel/training center, we know there is a bigger demand for downtown housing, which Roebuck will provide.”