Title: Plans to convert Missions Building continue
Date: July 8, 1998
Disciples News Service
Christian Church (Disciples of Christ)
Contact: news@cm.disciples.org
98b-40
INDIANAPOLIS (DNS) -- A huge obstacle was overcome June 30 that will allow redevelopment of the historic Missions Building to begin.
The Christian Church (Disciples of Christ) and Indiana Black Expo were granted $4.2 million in federal tax credits to convert the structure into housing for senior citizens. The Disciples vacated the 121,000-square-foot building on Indianapolis' Eastside in 1995. Securing the credits means "a huge roadblock (is) out of our way," said the Rev. Ryan D. Hazen, general manager, Christian Church Services. The project had virtually no chance of succeeding without the tax credits, he said.
The partnership with IBE is "turning out to be a win/win situation" for both parties, Hazen added."We're (the Disciples) sort of a rookie in the process." With IBE "we were bringing some expertise to the table that was badly needed."
Black Expo's economic development division has worked with the developer before and has experience with similar redevelopment projects, said Hazen. Mansur Real Estate Services of Indianapolis will oversee the development project.
With that obstacle bypassed, architects have begun work on the construction documents. Actual construction work will begin sometime in October. The building should be ready for occupancy in late 1999.
Upon completion, the project will be a joint venture of the Disciples of Christ and IBE. Joint ownership of the building, however, does not mean the denomination will be in the housing business, said Hazen. "Someone else will be managing it for us. That's not our mission."
A management company, which has not been identified, will assume day-to-day operation of the new facility. Original plans called for Missions Building to be given to a United Church of Christ-related organization, Retirement Housing Foundation. When RHF's redevelopment plans fell through, retaining ownership of the property was the best way of ensuring that the project continued, according to Hazen.
Proceeds from the project will be used to pay off construction costs and reimburse investors whose money made the tax credits possible.
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