Ball State moving forward with The Village revitalization
MUNCIE, Ind. (Inside INdiana Business) — The Ball State University Board of Trustees is advancing a comprehensive revitalization plan for The Village, located just off the Muncie campus.
The plan includes a multimillion-dollar performing arts center for university events, as well as as a $100 million mixed-use development that will include a hotel and retail, restaurant, innovation and residential space. The board has authorized Ball State President Geoffrey Mearns to sign a Memorandum of Understanding with Ohio-based developer Fairmount Properties to move forward with the project.
The Village has seen a slow and steady decline in recent years, according to the university, which made the revitalization a priority as part of its Destination 2040: Our Flight Path strategic plan.
Ball State says The Village has seen consistent vacancy and decreasing real estate assessed valuation, despite increased overall valuation for the city and Delaware County.
“This important revitalization on the edge of our beautiful campus will attract community members from throughout our region, enhancing the appeal of our University and our city,” Mearns said in written remarks. “For residents, this work will enhance the quality of place in Muncie. And for businesses, this work will promote talent retention and spur economic growth.”
The goal of the project is to create a commercial district driven by arts & culture, entertainment, and innovation. Ball State says its investment in the new performing arts center will leverage about $100 million in private investment.
The center will be constructed on a vacant space at the corner of McKinley and University avenues. It will include two performance venues for Ball State Theatre and Dance students and host more than 160 university performances each year. It will also host performances from local schools and arts organizations.
Fairmount Properties plans to invest $100 million to design and build the other half of the project, including the hotel, innovation spaces for offices and research, commercial space for retailers and restaurants, as well as apartments and townhomes.
The new additions, including the performing arts center, will be built on five sites in The Village.
Muncie Mayor Dan Ridenour tells Inside INdiana Business the project accelerates and reinforces Ball State’s place as an economic and entertainment driver in east central Indiana.
“We’re looking forward to what that entertainment venue and the rest of the development can do for driving more people to Ball State not just for the education component, but for the entertainment components that can come from that,” said Ridenour.
While Muncie remains a big manufacturing community, Ridenour says Ball State is still the city’s largest employer and the Village project will benefit the city as well as the university.
“It provides some additional opportunities in an area around their campus. It helps them with recruitment both of students and of faculty, and those are always good for the city of Muncie because they bring their revenue dollars and their tax dollars to our community,” he said. “So, we know that partnering with Ball State when we can and when it makes sense is a positive for the city.”
Ridenour says while this is a Ball State project, the city is ready to assist the university with whatever it needs to move the project forward.
Ball State says once the MOU is signed, the university will finalize a development agreement with Fairmount properties. Construction is tentatively scheduled to begin in 2024.
You can view the presentation to the Ball State Board of Trustees by clicking here.