The demolition phase has successfully been completed on the former Indiana Steel & Wire property in Muncie and the Kitselman Pure Energy Park (KPEP) has the green light to enter into the construction phase, says the developer.
The development is part of the larger Kitselman Gateway initiative, which also includes the State Highway 32 bridge replacement, the Kitselman Trailhead development and the redevelopment and installation of historic Bridge 85, or the Albany Bridge.
“The work done to this point has been laying the groundwork for a successful construction phase and we are excited for the site to begin its transformation,” said KPEP owner Mark Peters. “Once complete, we will have taken an unsightly, underutilized piece of land and created a mixed-use space that breathes new life into this corridor of Muncie.”
The Energy Park will include a five-megawatt solar power plant, community center with educational classrooms, headquarters building for DD Dannar and mid-sized hotel. There will also be public greenspace and electric charging stations, among other elements.
KPEP and its partners say they plan to invest more than $60 million to rehabilitate the area. In June, KPEP was granted the largest Industrial Recovery Tax Credit (DINO credit) in the state to support the project’s future. These funds are available from the Indiana Economic Development Corporation (IEDC) as an incentive for companies to invest in former industrial facilities requiring significant rehabilitation or remodeling expenses.
The old Indiana Steel & Wire property first opened in the early 1900s. It was most recently owned by GK Technologies, a subsidiary of General Cable Corp., before being sold to KPEP in 2015.