Ball State approves contracts and agreements for Village revitalization project

Ball State is moving forward its revitalization plan for the near-campus Village business district by approving contracts and agreements allowing it to buy properties to begin construction.

Much of the plan has already been released.  Five sites will get new development, including a performing arts center, near-100-room hotel, restaurants, innovation center, event plaza, retail space, and residential townhomes and condos.

A “Center for Innovation” will sit close to other academic buildings and house various campus and community programs. (Provided by Ball State University)

For a new performing arts center and hotel building and a “center for innovation,” Ball State will use what’s called a “build operate transfer” agreement, where partner Fairmount Properties will build the buildings, then deed them to Ball State.

Ball State says construction on both those buildings will begin this year and wrap up sometime in 2026.

Among the details of the deal is a 75-year-lease to the hotel operator and a proposal to vacate Dill Street near the new townhomes for green space and amenities.

Because Ball State is a state university, the Indiana Commission for Higher Education will have to sign off on some parts of the plan.

In December, Ball State announced it was receiving a $35 million grant from the Lily Endowment to support the project.  The school also says it’s the largest single gift in the Muncie school’s history.

Earlier this month, the project also got a boost of local investment by the Muncie Redevelopment Commission.  The body committed to contributing $400,000 each year for the next five years.

Stephanie Wiechmann is our Managing Editor and “All Things Considered” Host.  Contact her at slwiechmann@bsu.edu.