Commonwealth to Build 35-Unit Affordable Housing Development
MUNCIE, Ind. — RACER Trust today announced it has come to terms with Commonwealth Development Corporation of America for the purchase of approximately 5.7 acres that Commonwealth plans to develop into 35 units of affordable housing.
The property is part of the 65.3 remaining acres of RACER Trust land in the city. It has frontage along 8th Street, extending west from its intersection with South Elliott Street. Commonwealth is expected to construct three buildings, two with 12 housing units and the other with 11, in a development to be named Fourteen91 Lofts.
“RACER Trust works closely with our community partners to identify and pursue locally supported economic development, and we’re pleased we could deliver a buyer that will contribute to the ongoing revitalization of the Southside of Muncie,” said Elliott P. Laws, of ELPLET, LLC, administrative Trustee of RACER Trust. “I thank Mayor Dennis Tyler and his administration for their support of this project, and look forward to contribution Commonwealth will make to improving housing opportunities for families in the community.”
“RACER Trust and the City of Muncie worked together to help us evaluate the opportunity at the former Chevy Plant, and it was clear that this was the right time and the right place to make this commitment,” said Kevin McDonell, Vice President of Development for Commonwealth. “The Southside and Downtown Muncie are in the midst of a resurgence, and we’re pleased to be a part of it. We are eager to become a part of the Muncie community.”
Commonwealth, founded in 2001, specializes in new construction, adaptive reuse and historic renovations. Its core business is the development, construction and management of affordable housing. It owns and operates more than 30 projects in Wisconsin. The Muncie development will be its fourth in Indiana.
“We are eagerly anticipating and are in full support of the development of Fourteen91 Lofts,” Muncie Mayor Dennis Tyler said. “This development represents a key component of neighborhood revitalization on our Southside, and will have a dramatically positive effect on the neighborhood directly adjacent to Downtown Muncie. New households will stimulate countless positive spin-off effects combined with the expansion of offerings at Ross Community Center and other development initiatives. The future is brighter once again for this area of our community.”
Elevation illustration: Fourteen91 Lofts. Provided by: Commonwealth Development Corp. of America
RACER Trust has completed two previous sales in Muncie — one to Ross Community Center, which is using the land to construct new ball fields and other recreational facilities, and the other to M&M Bus Co., Inc., for school bus storage.
RACER Trust took ownership of the property, the site of the former General Motors Manual Transmissions of Muncie manufacturing operation, in 2011. GM ceased operations at the site in 2006 and completed demolition of buildings in 2009. RACER Trust is marketing the remaining acreage for sale, and is seeking a buyer who will invest in redevelopment and job creation. Nearly all of the remaining acreage is located on the north side of West 8th Street, west of South Elliott Street, and is served by an active rail spur.
About Commonwealth Development Corporation: The Commonwealth Companies develops, acquires, builds and manages multi-family properties in a variety of geographically, economically and socially diverse neighborhoods. Since 2001, Commonwealth Development Corporation has developed real estate holdings valued in excess of $136 million. Its portfolio of award-winning affordable and mixed-income developments demonstrates expertise in structuring a development that is built as a long-term investment and an asset to communities. Its development team has extensive background in site selection, market research and structuring of debt and equity financing. For more information, please visit http://www.commonwealthco.net/development.
About RACER Trust: RACER (Revitalizing Auto Communities Environmental Response) Trust was created to clean up and position for redevelopment properties and other facilities owned by the former General Motors Corp. before its 2009 bankruptcy. RACER is one of the largest holders of industrial property in the United States and is the largest environmental response and remediation trust in U.S. history. When the Trust was formed, it owned properties at 89 locations in 14 states, principally in the Midwest and Northeast. The Trust was created by a settlement agreement in the U.S. Bankruptcy Court between the U.S. Government, the 14 states where the former GM properties are located, and the St. Regis Mohawk Tribe, which owns land adjoining one of the properties in Upstate New York. For more information, please visit our website: www.racertrust.org.
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