Muncie taps New Jersey firm for $75M riverfront development
MUNCIE, Ind. (AP) — A New Jersey developer has been tapped to oversee the city of Muncie's planned $75 million redevelopment of its riverfront district.
Sora Northeast LLC signed an economic development agreement Thursday with the Muncie Redevelopment Commission calling for it to implement the three-phase project that will include apartments, commercial space and restaurants.
The Star Press reports the redevelopment of Muncie's White River Canal District will span several blocks and be built in part along a canal that moves storm water away from central Indiana city's downtown.
Mayor Dennis Tyler says the city would commit $9 million in bonds for the project after the developer has secured loans of $25 million for each of the three phases.
Tax-increment financing from the area will be pledged for the payment of those bonds.