City reports multiple development and housing initiatives; several projects tied to state decision

Director Jeff Howe told the Muncie Redevelopment Commission on May 15 that city staff are engaged on several development efforts spanning market-rate apartments, retail space, senior and affordable housing and the Muncie Mall area.

Howe said The Point, described as a mixed-use project, would include about 54 market-rate apartments, roughly 10,000 square feet of retail and about 5,000 square feet of restaurant space; the project remains contingent on an outside program decision he described repeatedly as “ready to dependent.”

He also reported continued planning work for Muncie Mall area redevelopment. That project, Howe said, is “deep in planning” and is expected to attract national retail and dining partners when it advances; staff estimate private investment at over $100,000,000 when complete, though timing is undetermined.

On housing, Howe said the commission and staff are pursuing multiple approaches: applications for tax credits to support senior and multiunit affordable housing, an intergovernmental agreement with Delaware County to obtain 20–25 tax‑deed properties to improve tax credit competitiveness, and negotiations to assemble property for both market-rate and affordable lease‑to‑own homes. He said two market‑rate projects under discussion would produce roughly 120 homes (projected price around $300,000) and a separate 39‑home project with likely price points in the $350,000–$400,000 range.

Howe cautioned that construction costs in Muncie can outpace what rents or sale prices will support in some cases, and the city may provide land, infrastructure or other risk mitigation rather than direct subsidy. “The cost to construct something new is more than a property is going to be worth,” Howe said. He described the city’s role as connector and risk mitigator rather than a primary developer.

Commissioners asked about the state REDI program; Howe said it was “rumored that we may hear something next week” but provided no firm timeline. He also noted that tax credit application windows for affordable housing are closing in the near term and that some property trades with the land bank are being explored to improve competitiveness for those credits.

There were no formal actions taken on the projects at the meeting; Howe said staff will return with specific agreements, funding requests or intergovernmental documents as proposals solidify.