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Demo Set To Start Downtown On Thompson Thrift Project

Another step forward in a downtown building project between 5th and 6th streets on Wabash.

Friday Thompson Thrift Development Inc., said the company completed the purchase of about an acre of land from the city of Terre Haute and attorneys Mike and Kal Ellis.

The ground will be used to develop an $18.7 million public-private housing partnership project for Indiana State University. ISU will agree to lease a large portion of the project for student housing for the next 30 years.

ISU does have the option to purchase the housing portion of the structure at any point during the lease.

Three buildings currently on the property that are over 100 years old will have to come down to make way for the new structure.

Construction is set to be completed by July 2015.