Mizak-Terre Haute LLC plans a hybrid dorm/residential edifice catering to Indiana State University students, as well as young adults, for the former Terre Haute police station property at 12th and Wabash. This image is from an October 2021 presentation to the city. The Terre Haute Redevelopment Commission approved the deal Wednesday afternoon. Submitted image
Mizak-Terre Haute LLC was chosen Wednesday by the Terre Haute Redevelopment Commission to take over the property where the old police station stood.
The company will build a hybrid dorm/residential edifice catering to Indiana State University students as well as young adults on the property.
The company, created by WDG Construction Group as a separate corporate agency to handle this project, submitted a bid similar to the one it offered in May of 2022.
Its proposal was accepted then, but the group could not locate financing for the project at 1211 Wabash Ave. and the Redevelopment Commission had to start over from scratch.
Jamie Amodeo, First Farmers Bank & Trust’s vice president of Senior Commercial/ Agricultural Lender, said, “It’s the same project, same drawings, same development from the last time.
“… Last time, they couldn’t find the equity partner to get the last piece done. Since this has gone on during the year, they’ve been able to get that under control.
“This was the final hurdle,” he added. “We sat down with the Mayor and Redevelopment earlier this year to get the ball rolling and be able to resubmit the project formally.”
During the meeting, Commissioner Karrum Nasser expressed concern over the continuous delays that hampered the company’s project in 2022.
Amodeo told him that the project’s timeline was assured.
“They are ready as of yesterday,” Amodeo said.
He said the edifice would be completed in eight to 10 months, hoping to be ready before Indiana State University’s fall semester 2025 begins. Mizak-Terre Haute pledged an investment of $12.4 million on the current project. Its last offer stipulated that it would acquire the parcel of land for $1, but would ask for no other tax abatement.
Flaherty and Collins Properties also bid on the project.
Jordan Marvel, Terre Haute Redevelopment Commission executive director, said Mizak-Terre Haute’s proposal “made more sense from a fiscal standpoint.”
“I kind of latched onto this project because of where it was going, what I think it could do for downtown,” Amodeo said. “This will increase the value for everybody and be great for downtown. It’ll really beautify Wabash.”
© 2024 Community Newspaper Holdings, Inc.