New “affordable” housing to be built on former Muncie GM site
A new housing complex is set to be built in Muncie on land that once housed a General Motors plant. IPR’s Stephanie Wiechmann reports.
In a statement, RACER Trust announced it has sold about five acres of land on the city’s south side to a housing developer. Commonwealth Development Corporation of America says it will build three buildings that will, in total, offer 35 affordable housing units. It’s being called the Fourteen91 Lofts and will face 8th Street, near the intersection with South Elliot Street.
Commonwealth is based in Wisconsin and primarily builds and manages projects there. It says this will be its fourth project in Indiana. Earlier this year, the company received state tax credits to turn a former musical instruments factory in Elkhart into senior housing. Last month, Commonwealth applied for tax credit funding for its Muncie project. In its application, it estimated the total development cost of the Fourteen91 Lofts at about $13.5 million.
RACER Trust is still looking to sell nearly 60 acres of the former GM plant.
