Indy Redevelopment Company Buys Deming Center for $800K
Arthur Foulkes | TRIBUNE-STAR
Core Redevelopment, an Indianapolis company that specializes in rehabilitating historic buildings for modern residential use, has purchased Terre Haute’s downtown Deming Center.
The Terre Haute Housing Authority board of directors voted earlier tonight to accept a purchase agreement with Core for $800,000.
“We are excited about the opportunity to come over and give the Deming Center its next life,” said John Watson, CEO of Core. The company will start renovations as soon as the building is vacant, he said.
Watson told the board, which approved the sale without opposition, the building will be mostly utilized as housing for Indiana State University students. The ground floor will contain commercial businesses, he said.
Presently, the Deming Center, which is at Sixth and Cherry streets, contains 109 apartment units occupied by Housing Authority tenants. The building is officially owned by the Low Income Housing Development Corp., a not-for-profit arm of the Housing Authority.
Jeff Stewart, executive director of the authority, said Deming Center tenants should be moved out of the building by the end of the year or by the end of January 2015 at the latest. Most of the tenants will be moving to Warren Village, a new Housing Authority-managed property on North 25th Street.