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Stephanie Wiechmann
Storer Estates has 34 lots and Muncie Mayor Dan Ridenour says home builder D.R. Horton, headquartered in Arlington, Texas, will buy all of them for just over $1 million.  That’s a purchase price of $30,000 per lot. As the Muncie Redevelopment Commission voted unanimously to approve the purchase agreement, president Jeff Howe said the price for the lots was fair and the builder had the funds to do the project.

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Jeff Howe
The need for housing is amplified, while the source of housing has not. And so we need to - I think it makes sense to to move on this.

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Stephanie Wiechmann
When Storer Estates was first announced in late 2021, the city wanted to sell lots individually. At least one lot was purchased, but the city had to buy it back last December, when delays on materials for the subdivision streets meant the lot owner couldn't begin construction when they wanted. Ridenour told the Muncie Redevelopment Commission he tried to get local home builders interested.

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Dan Ridenour
Multiple phone calls, multiple meetings and have requested builders do this. The local builders made the decision. I think interest rates have a part to play in that. But they we didn't get any offers.

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Stephanie Wiechmann
D.R. Horton lists projects in about two dozen Indiana locations, including Pendleton and Fortville. In Muncie, Stephanie Wiechmann, IPR news.