55 W Water, Wabash, IN

A Rare Chance to Revitalize a Landmark in the Heart of Historic Wabash. Constructed in 1890 of rough-hewn Indiana limestone, the iconic Sposeep Building stands as one of the community’s most distinctive remaining industrial-era structures. Located on Water Street—just one block south of the downtown commercial district—this commanding 3-story building (plus full basement) offers approximately 3,276 sq ft per floor and showcases remarkable original features throughout: massive, exposed timber beams and columns, rustic limestone walls inside and out, original plank wood flooring, and ceiling heights ranging from 10–13 feet. Set on a prominent corner lot, the building’s expansive open floor plans provide exceptional flexibility for adaptive reuse—studio or workshop space, creative offices, gallery, mixed commercial concepts, or other visionary pursuits suitable to local guidelines. Its character-rich envelope and authentic industrial detailing make it an extraordinary canvas for a buyer committed to sensitive restoration and preservation. The property previously underwent IDEM-guided environmental remediation due to historic industrial use. Documentation, reports, and ongoing use limitations are available in the attached environmental and remediation records. Any acceptable purchase offer will require final approval from both the City of Wabash Redevelopment Commission and the Indiana Landmarks Foundation Board of Directors. The property will be subject to protective covenants & right of first refusal. This is a significant opportunity for a preservation-minded buyer to bring new life to one of Wabash’s most recognizable historic structures while contributing to the continued revitalization of the downtown district.