Revitalization of Historic Manufacturing Facility Planned

Revitalization of Historic Manufacturing Facility Planned

Core Redevelopment, in collaboration with Indiana State University and the Indiana Economic Development Corporation, announced plans to rehabilitate the vacant American Can Company manufacturing facility into loft-style apartments in Terre Haute. The redevelopment, which will provide more downtown housing, was included in the Wabash River Region’s Indiana Regional Cities Initiative plan and will be transformative for the city’s long-term efforts to activate community involvement and economic development along the Wabash River.

“Buildings like American Can were once important economic drivers and sources of civic pride for communities,” said Governor Mike Pence. “The redevelopment of this abandoned building will draw more residents and professionals to the downtown area, supporting the growth and vibrancy of Terre Haute and the Wabash River region. These types of projects are vital to Indiana as we work to make Hoosier regions the best places to live, work and play.”

The American Can Building, a 186,000-square-foot masonry structure now owned by Indiana State University, first opened in 1931 to make tin cans and other products and was later purchased by Pillsbury to make food products. ICON Transportation purchased the building in 1995 for storage use, but it has been vacant since the early 2000s.

Core Redevelopment plans to invest $23 million to rehabilitate the historic American Can building into 178 loft-style, market-rate apartments known as One Sycamore. Expected to open in 2018, One Sycamore will offer contemporary apartments with open, loft-style floorplans, industrial design elements and high ceilings.

“We love buildings like American Can,” said John Watson, Core Redevelopment managing partner. “We feel like they’re being entrusted to us, and bringing them back to life gives us a real sense of accomplishment. We’re not just helping cities like Terre Haute economically. We’re also helping them maintain a connection with their past. Every decision we make factors that in.”

The Indiana Economic Development Corporation will offer $4.7 million in Industrial Recovery Tax Credits in support of the project. The city of Terre Haute will consider material financial support in the form of tax increment financing.

“Repurposing the American Can building has been a long-term goal of Terre Haute’s for a very long time for a lot of different reasons,” said Terre Haute Mayor Duke Bennett. “To finally achieve this goal, and to see hundreds of new downtown residents enjoying everything Terre Haute and the Wabash River have to offer, will be a proud day for everyone who worked long and hard to make this a reality.”

The redevelopment of the American Can building will provide a major step forward in Indiana State University’s efforts to enhance its campus, specifically its athletic facilities, which are directly across the street from the vacant facility.

“The American Can building was acquired as part of a broader real estate strategy to give the university access to land needed to execute key portions of our campus master plan, especially as it related to athletics,” said Diann McKee, senior vice president of finance and administration and treasurer for Indiana State University. “The university issued a request for proposals is 2013 to solicit interest from potential developers in adaptive reuse of the building.  Core Redevelopment was the only respondent.  Since 2013 the University has been working with Core to repurpose the facility.  Once the American Can building is redeveloped, it will provide the new Gibson Track and Field venue with a look and feel that will be one-of-a-kind and impressive to Terre Haute visitors.”