About Economic Growth Corporation
Economic Growth Corporation (GROWTH) is a 501(c) 3 not-for-profit, community-based development organization dedicated to enhancing the overall image and economic vitality of rural and underserved communities. We're known for our innovative housing and mixed-use developments, among many other community and economic development initiatives that are all achieved through strong community partnerships. Our work focuses on providing affordable housing, generating jobs, revitalizing neighborhoods, and fostering long-term economic success.
As a mission-driven entity, GROWTH carefully plans its redevelopment initiatives well in advance of securing the capital needed to begin construction. This process typically takes approximately three years. Despite encountering significant external challenges—including the global pandemic, rising construction costs, labor shortages, and increasing interest rates, GROWTH’s work on the Shimer Square redevelopment reflects and advances our mission-driven values, as well as our determination and resilience in the face of adversity.
Since acquiring the site and beginning construction on August 21, 2023, GROWTH has successfully raised more than $37 million from over a dozen public and private funding sources.
To date, the former President’s home has been historically rehabilitated and converted into a Resource Center. McKee Hall, Hostetter Hall, and Dezendorf Hall have also been restored through adaptive reuse, creating 51 residential units, including studio, one-, two-, and three-bedroom apartments. Additional completed improvements include the full restoration of the front entry gate and the construction of a new childcare center.
Looking ahead, Letters of Intent have been secured for the next phase of development. This phase will include commercial spaces designed to support locally owned small businesses, activation of the campus quad following the installation of a fire lane, and an additional historic adaptive reuse housing development.
GROWTH's redevelopment of Shimer Square aligns with numerous strategies outlined in local, regional, and state planning objectives. This substantial investment not only enhances the physical landscape but also creates a newly established tax base, providing additional resources and benefits to the community as a whole.
As a mission-driven entity, GROWTH carefully plans its redevelopment initiatives well in advance of securing the capital needed to begin construction. This process typically takes approximately three years. Despite encountering significant external challenges—including the global pandemic, rising construction costs, labor shortages, and increasing interest rates, GROWTH’s work on the Shimer Square redevelopment reflects and advances our mission-driven values, as well as our determination and resilience in the face of adversity.
Since acquiring the site and beginning construction on August 21, 2023, GROWTH has successfully raised more than $37 million from over a dozen public and private funding sources.
To date, the former President’s home has been historically rehabilitated and converted into a Resource Center. McKee Hall, Hostetter Hall, and Dezendorf Hall have also been restored through adaptive reuse, creating 51 residential units, including studio, one-, two-, and three-bedroom apartments. Additional completed improvements include the full restoration of the front entry gate and the construction of a new childcare center.
Looking ahead, Letters of Intent have been secured for the next phase of development. This phase will include commercial spaces designed to support locally owned small businesses, activation of the campus quad following the installation of a fire lane, and an additional historic adaptive reuse housing development.
GROWTH's redevelopment of Shimer Square aligns with numerous strategies outlined in local, regional, and state planning objectives. This substantial investment not only enhances the physical landscape but also creates a newly established tax base, providing additional resources and benefits to the community as a whole.
