Investment Property Advisors, LLC

Developer Pitches $60 Million Muncie Plan

Dan McGowan, InsideINdianaBusiness.com

Developer Pitches $60 Million Muncie Plan

A college housing developer from Valparaiso is looking to build a massive mixed-use complex near the Ball State University campus. Investment Property Advisors LLC, which is co-owned by Chase Sorrick, outlined the $60 million plans Thursday to the Muncie Redevelopment Commission.

A key piece of the proposal is a $5 million, more than 340-space parking garage that would be built and owned by the city, then leased to the developer.

IPA’s portion of the project would cost $54 million and wrap around the parking structure.

It would include a four-story apartment and commercial space that would take up nearly a block of space in the city’s restaurant, shopping and bar district known as “The Village.”

Plans call for the apartments to be ready by the start of Ball State’s 2014-2015 school year.

If all funding and permit clearances are met, demolition on existing structures in the redevelopment area could begin next month.

The company has also completed major student housing projects at Valparaiso University and the University of Louisville.

 

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Source: Inside INdiana Business