February 10, 2009
The leadership of the Indiana State University Foundation announced today (Feb. 10) plans to build new offices for the foundation that will include a partnership with Barnes & Noble and the university. Vermilion Development Corp. of Danville, Ill. is the project developer, and this venture represents the first investment in downtown Terre Haute by a national retail outlet in more than 20 years.
"This project represents the strength of both private investment and the partnership between city leadership, the University and the Foundation to continue the transformation of downtown Terre Haute," said Gene Crume, president of the ISU Foundation. "Most importantly, this serves the students of ISU because it provides them with a high quality bookstore that is also a destination for faculty, staff and the community."
The proposed two story facility will house a new Barnes & Noble store on the first level, and foundation offices on the second story. The bookstore will be a magnet for students, alumni, faculty, parents and shoppers of all kinds. The 30,000-square-foot structure highlighted by brick and glass will add another important feature to the makeover in progress downtown.
The bookstore and the ISU Foundation will have distinct entrances into the facility. Barnes & Noble is Indiana State University's bookstore partner, and plans to relocate from its current location in Hulman Memorial Student Union. The new location will be a significant increase in retail space and will include the addition of new product lines, services and extended hours. The expanded bookstore will also add new jobs to Terre Haute.
The ISU Foundation is currently located on campus in Gillum Hall. The project represents an important step forward in accomplishing the new vision for the organization that was approved by the Foundation Board last year.
Specifically, the new Foundation offices will represent another "front door" to the University for alumni, donors and visitors. It will also make the organization more accessible for visitors, and it will help consolidate all of the Foundation functions located in Terre Haute.
The project has been in the planning stages for several months and recently received a positive recommendation from the Vigo County Area Planning Commission. The recommendation included support for the project from Tax Increment Finance (TIF) district funding. That recommendation is scheduled to go before the Terre Haute City Council on Thursday, Feb. 12, as a resolution for approval.
There are still numerous details that will be worked out by Vermilion, Barnes & Noble, the Foundation and the university before the final design is approved and a groundbreaking is announced. However it is expected the facility will open late this year or in early 2010.
"We are excited to be a part of this important project for Terre Haute," said Dave Cocagne, President of Vermilion Development. "Our experience with developing other projects such as these is that they do have a significant impact in the quality of life aesthetic of a downtown as well as foster other business investment in the area.
With offices in Chicago and Danville, Ill., Vermilion Development is a regional real estate development company that develops transformative, mixed-use projects on college and university campuses. Its projects enable universities to realize their vision for individual land parcels, important gateway sites, and entire campus-town corridors. Vermilion brings both private sector expertise and capital to these public-private partnerships, adding value in terms of the tenant mix, deal structuring, and the project's financing. The firm has projects at various stages of development in Urbana, Ill.; Terre Haute, Ind.; Moline, Ill.; Green Bay, Wis.; Raleigh, North Carolina; and other communities.
About the ISU Foundation: The Indiana State University Foundation inspires others to become involved in the life of Indiana State University and secures the resources to ensure the University's growth and success. The foundation has been designated as the receiver and repository of gifts to Indiana State University. Since its establishment in 1928, the function of the foundation is to promote the welfare of the ISU. It serves as the fundraising arm of the university, manages the university's endowment, engages in resource development initiatives and oversees the alumni relations and constituent development programs to benefit the institution.
Contact: Kim Bloch, communications coordinator, Indiana State University Foundation, 812-237-8875, or email@example.com
The ISU Foundation has announced plans to build new offices in a two-story building in downtown Terre Haute that will include a partnership with Barnes & Noble to house a new bookstore to serve the campus and the community.