RACER Trust, Commonwealth Development Corporation of America Complete Transaction in Muncie, Ind.
Commonwealth to Build 35-Unit Affordable Housing Development
MUNCIE, Ind. — RACER Trust
today announced it has completed the sale of approximately 5.7 acres in Muncie to Commonwealth Development Corporation of America
, which plans to develop 35 units of affordable housing. Construction is under way, with the first units available for lease in the fall of 2018.
“These homes will provide modern, affordable housing near excellent urban amenities to families on the Southside of Muncie,” said Elliott P. Laws, of EPLET, LLC, administrative trustee of RACER Trust. “We commend Commonwealth Development for its investment, and the city of Muncie for supporting the sale and redevelopment of RACER property. We are working diligently to sell our remaining land in Muncie for beneficial reuse, and look forward to helping attract additional economic development to the community.”
The property purchased by Commonwealth Development is along West 8th Street and was part of the 65.3 remaining acres of RACER Trust land in the city. 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.
Residents will have lease-to-own opportunities, with a portion of monthly rent going toward the down payment. PathStone Corporation
, a local non-profit, will provide counseling and other assistance to residents to ensure a smooth lease-to-home-ownership transition. In addition, Commonwealth Development is partnering with Ball State University and Dr. Shannon Powers to provide programs for residents to promote healthy living choices and the opportunity to become certified in exercise instruction, opening potential career options.
“We are particularly proud of our Fourteen91 Lofts project, and the significant impact that the project will have on the community,” said Kevin McDonell, Vice President of Development for Commonwealth. “By redeveloping the former GM facilities, we are cleaning up a brownfield and building on the momentum that was created by the Ross Community Center’s purchases of the adjacent RACER property for conversion into recreational facilities. In total, the project will preserve the historic Muncie Trade School, put a foreclosed property back on the tax rolls, and continue the tremendous progress that RACER is spearheading at the former GM plant, while creating a total of 72 units of affordable housing, including 35 units on the former RACER site.”
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 50 projects across the country with a focus on providing affordable workforce housing. The Muncie development will be its fourth in Indiana.
“Muncie is a great place to live and work, and part of the reason is that we do not take private investment for granted,” Muncie Mayor Dennis Tyler said. “Our team in the city works very hard to attract the kind of investment and economic development that will broadly benefit our residents and businesses, and I am pleased that Commonwealth Development has chosen to be a part of our community and our growth. I thank Kevin McDonell and his team, as well as RACER Trust, for their collaborative efforts to bring this important development for Southside Muncie to fruition.”
RACER Trust has completed two previous sales in Muncie — one to Ross Community Center, which is near the future Fourteen91 Lofts, and the other to M&M Bus Co., Inc., for school bus storage.
RACER Trust took ownership of its Muncie 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 throughout the country, which has created hundreds of millions of dollars in economic activity. 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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1/20/2017 - RACER Trust, Michigan DNR Reach Agreement on Transfer of Riverfront Property in Saginaw
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11/22/2016 - RACER Trust, NorthPoint Development Reach Agreement for Sale of Lansing-Area Industrial Land
11/10/2016 - RACER Trust Completes Sale of Former GM Willow Run Property for Redevelopment as American Center for Mobility
7/27/2016 - RACER Trust Sells Property in Anderson, IN, to Tower Anderson, LLC
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7/18/2016 - Agreement Reached on Willow Run Purchase
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5/17/2016 - RACER Trust, George W. Auch Company Reach Agreement On Sale of University Drive Property in Pontiac, Mich.
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5/4/2016 - U.S. EPA Issues Community Update on Massena Cleanup
4/14/2016 - Ohio EPA Issues Covenant Not to Sure for Former RACER Trust Property in Ontario, OH
2/23/2016 - EPLET, LLC, to Continue Service as Administrative Trustee of RACER Trust
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11/17/2015 - RACER Trust, Ross Community Center, Inc., Reach Agreement for Sale of Land in Muncie, IN
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9/9/2015 - U of M Video Highlights Partnership with RACER
6/8/2015 - RACER Trust Announces Sale of Flint Warehouse; More than 200 Jobs Expected
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4/29/2015 - RACER Trust Completes Sale of Property in Anderson, IN; Site to be Used by Sirmax North America for Manufacturing
3/20/2015 - U.S. Commercial Service, AmCham Canada, RACER Trust Welcome Canadian Business Leaders for Reception
3/19/2015 - RACER Trust Hires Terradex to Provide Environmental Monitoring Services
2/24/2015 - RACER-Sponsored Student Design Team Wins International Recognition for Research on Sustainable Remediation
2/6/2015 - Resources from SelectUSA
01/15/2015 - Sharing in Good News for Anderson, IN
1/13/2015 - RACER Trust Sells Vacant Land for Redevelopment in Detroit
12/17/2014 - RACER Trust Reaches Agreement with IRG for Sale of Buildings and Land in Pontiac, MI
12/10/2014 - RACER Trust Reaches Agreement with Ashley Capital for Sale of Industrial Land in Livonia, MI
12/02/2014 - RACER Trust Announces Sale to Wayne State University
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11/10/2014 - RACER Trust, NorthPoint Development Agree to Terms for Sale of Industrial Land in Lordstown, OH
10/30/2014 - RACER Trust Announces 10-Year Lease Extension with Roth Global in Salina Industrial Powerpark
09/25/2014 - Brownfields 2015 Brings Focus on Sustainability and Redevelopment to Chicago
09/18/2014 - RACER Trust Honors Perras Environmental Control for Safe, Successful Remediation Work in Massena
9/11/2014 - Lennar Breaks Ground in Ewing
8/26/2014 - AMERICAN Cast Iron Pipe Company Begins Redevelopment of Buick City
8/7/2014 - M1 Concourse Completes Purchase in Pontiac
8/6/2014 - RACER Trust Completes Sale of Former GM CVO Facility to International Turbine Industries
8/6/2014 - CVO Remediation Team Earns EPA Honor
8/4/2014 - RACER Trust Announces Agreement to Sell Former GM Indianapolis Plant Property to REI Investments
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6/23/2014 - Yankee Air Museum Signs Deal for Part of Willow Run Bomber Plant
4/21/2014 - Rebirth of America's Dead Factories
4/1/2014 - Carl Garvey Named General Counsel of RACER Trust
3/6/2014 - RACER Trust Announces Sale of Former GM Livonia Powertrain Plant to Schostak Brothers & Company
2/4/2014 - Mayor Bert Steinmann and the Ewing Township Redevelopment Agency Announce Designation of Lennar Ewing, LLC as Redeveloper for Portion of Parkway Avenue Redevelopment Area
1/15/2014 - Statement from RACER Trust Regarding Donation of Land to City of Anderson, IN
12/09/2013 - RACER Trust Honors D.A. Collins Environmental Services for Successful Completion and 58,000 Safe Work Hours on Massena, N.Y., Project
11/13/2013 - AMERICAN Brings New Investment, Jobs to Flint, MI
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9/30/2013 - NorthPoint, RACER Trust Close Sale in Kansas City, KS; Development Projects Will Create Up to 2,000 New Jobs
09/05/2013 - Connected Vehicle Research Center Planned on Site of Former Willow Run Powertrain Plant
08/08/2013 - RACER Trust Seeking Proposals from Qualified Firms for Redevelopment of Indianapolis Stamping Plant Site
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08/01/2013 - 'Rosie the Riveter' World War Two Bomber Plant Needs $8 Million to Live on as Museum
07/31/2013 - Michigan Aerospace Foundation, Yankee Air Museum and RACER Trust Announce Extension of the Fundraising Deadline for Former B-24 Plant at Willow Run
6/7/2013 - Former Indianapolis Stamping Plant to be Marketed as Vacant Land
6/6/2013 - Fox-47 Coverage of RACER Community Meeting in Lansing, MI
5/23/2013 - M1 Concourse to Buy RACER Land in Pontiac, MI, Develop Destination for Car Enthusiasts
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4/24/2013 - RACER Trust Working with Yankee Air Museum On Deal for Portion of Willow Run Powertrain Property
04/17/2013 - RACER Trust, Ultimate Soccer Arenas Reach Agreement on Deal for Land in Pontiac, MI
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11/28/2012 - Plans 'On Track' for Sale of Former GM Plant
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10/19/2012 - Event showcases Massena to Canadian companies
9/28/2012 - Marketplace Highlights RACER Mission
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8/17/2012 - GM Pact Signed, Work Begins to Bring 1,100 Jobs
8/17/2012 - Ontario Council Signs GM Site Development Pact
8/17/2012 - New Plans For Previous GM Plant
8/17/2012 - Ohio Company To Buy Former GM Plant, Bring 1,100 Jobs to Area
8/16/2012 - Major Development Firm Reaches Agreement On Purchase Of Former GM Facility
8/16/2012 - RACER Trust Announces Deal to Sell GM Stamping Plant in Ontario to Brownfield Communities Development Co.
8/16/2012 - Developer Has Big Plans for GM Site in Ontario
8/16/2012 - Filling Building Will Generate Tax Revenues
8/16/2012 - Purchase Agreement Signed for Ex-GM Plant
8/16/2012 - Real Estate Firm to Buy Ex-GM Ohio Plant
8/16/2012 - Richland County: Redeveloped GM Plant to Bring 1,100 Jobs
8/16/2012 - Firm Heading Former GM Site Redevelopment to Sell Ohio Stamping Plant
8/16/2012 - Sale Of Former Ontario General Motors Plant Announced
8/16/2012 - Brownfield Communities Development Buys Ex-GM Facility in Ohio
7/30/2012 - Potential Advantages of Reusing Potentially Contaminated Land for Renewable Energy
7/27/2012 - Repurposing Former Automotive Manufacturing Sites
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7/18/2012 - RACER Trust and Goodwill’s Green Works, Inc., Partner to Promote Recycling and Create Job Opportunities in Southeast Michigan
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6/27/2012 - Former Bay City Official Joins RACER Trust Team
6/22/2012 - 'Rosie the Riveter' Bomber Plant in Michigan for Sale
6/21/2012 - Ex-GM Plants for Sale; Must Create Jobs
6/21/2012 - AnnArbor.com: Open House Showcases Former GM Properties
6/21/2012 - Forbes, Jalopnik.com highlight RACER
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6/19/2012 - RACER Trust Open House Wednesday at Willow Run Features U.S. Government’s Jay Williams, Mathy Stanislaus
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5/10/2012 - RACER Trustee Elliott Laws Presents at Federal Reserve Bank Conference "Reinventing Older Communities"
2/14/2012 - RACER Trust's Bruce Rasher named Chairman, President and CEO of National Brownfield Association
2/13/2012 - Spotlight: Anderson Plant Lighted the Way For GIs
2/8/2012 - RACER's Bruce Rasher appears on Green Sense Radio Show
1/17/2012 - RACER Trust Honors Brandenburg Industrial Service Co. for Safe Work Performance at Massena Site
1/16/2012 - Spotlight: From Red Brick Factory Walls to Golf Course Green
12/26/2011 - Flint Journal reports: Multiple companies discussing buying part of Buick City
12/8/2011 - NY Times Story: Developers Revive Closed Auto Plants
12/8/2011 - Spotlight: Syracuse Industrial Powerpark - From Parts To Multi-Manufacturing
12/5/2011 - RACER Trust Engages Tetra Tech to Continue Ontario Property Cleanup
11/3/2011 - Former White House Aide Joins RACER Trust Team
11/1/2011 - Industrial Contractor Buys Former
GM Facility in Pontiac to Expand Operations
10/24/2011 - RACER Official to Lead National Conference Panel on Investment Opportunities
10/12/2011 - Spotlight: Ewing Plant Built Avenger Bombers
9/13/2011 - Spotlight: Rosie the Riveter Worked at Willow Run
8/12/2011 - Massena Incident Won't Slow RACER Progress
8/9/2011 - Crain's Detroit Business Profile of RACER Trust
7/25/2011 - Former GM Property in Pontiac to be Redeveloped
7/8/2011 - MEDA Annual Meeting
7/6/2011 - RACER Sells Facilities in Ohio, Michigan
6/28/2011 - Former MI Official Selected for Key Role at RACER
6/20/2011 - Veteran Economic Development Leader Directing RACER Redevelopment Initiative
6/20/2011 - Rasher to address Michigan Economic Developers Association Conference
6/13/2011 - RACER Participates In Mayor's Automotive Coalition Webinar
5/10/2011 - Bruce Rasher Provides Expert Analysis
4/29/2011 - Important Announcement Concerning Environmental Contractors
4/5/2011 - Laws Presents at Brownfields
3/31/2011 - RACER Trust Formation Announced
10/20/2010 - US: Settlement with GM on Environmental Liabilities
10/20/2010 - US Settles With GM on Environmental Liabilities
10/20/2010 - White House Announces Trust to Cleanup and Repurpose 89 Former GM Properties