Overview

In the summer of 2023 a private developer, 500 Sycamore LLC, purchased the historic Oddfellows building in Thorntown. The developer intends to completely restore the building to its original, economic and civic viability. The project will be rather extensive with a total estimated cost of around $810,000. The developer understands that this price tag will make it very difficult to see any immediate return on investment and has asked the town for some economic development assistance. The Town Council voted unanimously to commit $100,000 of Thorntown ARPA Local Fiscal Recovery Funds as local match/assistance to fund a portion of the total scope to restore the building and bring back its economic vibrancy. The project that will be funded with private developer fund, local ARPA funds and READI funds has an estimated cost of $300,000. The READI funds are specifically budgeted toward window replacement/rehabilitation. In addition to the exterior project, the remaining scope with an estimated cost of $510,000 will include the construction of market rate, quality apartments on the 2nd and 3rd floors and a large retail space on the ground floor (interior renovations). The project is anticipated to begin in late Q1 2024 and complete in Q1 2025. Boone County is rapidly growing and needs housing, particularly multi-family housing. Matching funds will be provided by the Town of Thorntown and Sycamore Thorntown LLC.