Proposed development one step closer to reality

REDEVELOPMENT

TERRE HAUTE, Ind. (WTHI) – Construction of Terre Haute’s first major residential development could begin in January.

On Wednesday, the city’s redevelopment commission approved bonds for the ICON project.  Core Redevelopment’s $23 million project would renovate the former ICON building into loft-style apartments.  It would also be the city’s first residential make-over of a former industrial facility, and it would also be the city’s first residential development next to a sports complex.

“This building will see the wrecking ball sooner or later, no doubt about it, if this project doesn’t go through,” said Steve Witt, who handles redevelopment for the city.

Witt said the state awarded what’s nicknamed “dinosaur tax credits” to this project.  Those credits require a match from the city. Witt said the city formed a single-payer TIF district for the ICON project, which will fund the city’s match.  The redevelopment commission approved bonds for this project, which Witt says Core will buy.  Of course, this is all pending city council approval.

Ironically, it was the ICON building that brought Core to Terre Haute several years ago.  Witt said the timing for this project didn’t work out, but Core did come across another project that did fit.

“They came across an opportunity at the Deming Center and did that project,” Witt recalled.

Now, it’s ICON’s turn, and if things go as planned, the new year will bring with it construction on the riverfront.