ICON Building One Step Closer to New Purpose

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A large building in town is getting an investment of 23 million dollars.

That money is being provided by Core Redevelopment to rehabilitate the historic ICON building.

Instead of a ground breaking on Monday, Rebecca Brumfield attended a “wall breaking” to signify the new life this building is about to receive.

The American Can building, now owned by ISU, first opened in 1931 to make tin cans and other products.

It was later purchased by Pillsbury to make food products.

ICON transportation bought the building in 1995 for storage use, but it has been vacant since the early 2000’s.

And now, it’s in the latest phase to become loft-style housing.

3, 2, 1… Sledge hammers hit concrete cinder blocks.

Clapping follows. 

And just like that, the old ICON building is on it’s way to becoming newly renovated, loft-style apartments.

“Years of abuse to this poor building…the building is getting some much needed love,” says John Watson, Core Redevelopment president. 

Multiple organizations and companies worked together to make this milestone happen.

Core Redevelopment plans to invest 23 million dollars to rehabilitate the historic building.

“This is going to be a difficult project,” says Watson. “Both to get- it was difficult to get going and it’s going to be difficult to complete.”

But with difficulties aside, the City of Terre Haute has their eyes on the bigger prize.

“Who knows what this leads to as we move down the road in the future here,” says Mayor Duke Bennett. “This is just going to be a catalyst for the Wabash River and the City of Terre Haute.”

“I think we all need to put our efforts together as a region, and start looking at incentives to bring people into Indiana for good jobs,” says Phil Roth, RDH chairman for Wabash Valley region. “[So they] stay here and create more economic development.”

The wall breaking signifies the next transition for the building and organizers are all excited to see this day finally come.

“Congratulations on this wonderful project,” says Elaine Beadle, Indiana Economic Development president. “I know that it will bring all of the benefits that you’re hoping for to this section of town as well as the redevelopment of the Wabash River. I think it will be a terrific opportunity for Indiana State as well as for the City of Terre Haute.”

Core Redevelopment says it will invest $23 million to turn the building into 178 loft-style, market-rate apartments known as One Sycamore.

It’s expected to open in 2018.   

The Indiana Economic Development Corporation will offer $4.7 million in industrial recovery tax credits to support the project.

Officials say it’s part of Terre Haute’s efforts to create more community involvement and economic development along the Wabash River.

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