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March 11, 2014

Downtown housing project on schedule

Pedestrian portal at center of structure

TERRE HAUTE — Demolition of buildings fronting Wabash Avenue from Sixth Street west to Fifth Street is on schedule to be completed by the end of this month, with construction of a new five-story building to house Indiana State University students and retail shops starting in April, said Nicole King, marketing coordinator for Thompson Thrift.

Construction of the 126,500-square-foot building is scheduled to be completed in July 2015.

“The design of the new 500 Wabash building will contribute to the historic character of downtown Terre Haute,” King said. “High quality materials and detailing will define the façades, which will be primarily brick and cast stone.”

One unique aspect of the ground floor will be a pedestrian pass through at mid-block of Wabash Avenue. This will go to a small parking court on the north side of the building for employees of ground-floor retail businesses. In addition, outdoor seating may be placed inside the tunnel, depending on what retailer is located on the ground floor, King said.

“Outdoor seating is planned on the Fifth Street side,” she said.

The 22,000-square-foot ground floor is foreseen offering a mix of restaurants, shops and office space.

The second through fifth floors will contain about 104,500 square feet of ISU student housing, made up of 75 apartment units. The apartments will be one-, two-, three- or four-bedroom units and will feature private bedroom/bathroom suites.

“The apartments will also have a common area where students can gather to study or socialize. Laundry facilities will be located on each floor,” King said.

Paul Thrift, president of Thompson Thrift Development, said the company is “very pleased with the progress of the architectural plans. We continue to be more and more enthused with the impact this project will have on downtown Terre Haute. We have begun marketing efforts on the first floor commercial space and are hoping to secure tenants by the time the building opens for business in the summer of 2015.”

Thompson Thrift, a real estate development and construction company, has offices in Terre Haute, Indianapolis, Carmel and Houston, Texas. To learn more about the company, visit www.thompsonthrift.com.

 

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