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3/12/2002
Town Center project in Anderson still a go

By KEN de la BASTIDE

Anderson Herald Bulletin

Senior Reporter

Despite a change in its management structure, the president of Fortune Management said the Town Center project in Anderson is still moving forward.

Scott Pitcher, president of the Kokomo firm, said that vice president Andrew Gauthier left his position with the company last week.

"The Anderson project is still moving forward," said Pitcher late last week. "We will close on the loan next week and start purchasing property the week after."

The city of Anderson is expected to close on a $2.1 million bond anticipation note today, according to City Controller Leisa Julian.

Julian said once the city closes on the note, Fortune Management can begin drawing on the funds to begin the first phase of the project along Meridian Street.

The city is loaning Fortune Management the $2.1 million for two years with three one-year options available at the city's discretion.

A consortium of local financial institutions is negotiating with Fortune Management on an additional $2 million loan.

Fortune Management has already rehabilitated a number of buildings in downtown Kokomo and is currently working on several sites in Marion.

The Town Center concept involves the rehabilitation of the facades of several buildings in the downtown area to be purchased by Fortune Management.

The interior of the buildings will be rehabilitated into Class A office and retail space on the first floor and condominiums on the upper floors of the buildings.

As proposed the Town Center will be centered on a public square that can also be used as a parking lot at the site of the current J.C. Sales building near the corner of 12th and Meridian streets.

The city will purchase the building and pay for the demolition.

The first phase of the Town Center project will begin with the former Plaza Printer's building at the northwest corner of 11th and Meridian streets.

--End--

Related Stories:
• Fortune starts work in downtown Anderson




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