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Monday, August 8, 2011

The New East Suburbs

Source: Realestate Bisnow

Latitude Commercial and NRC Realty are auctioning 200 acres of development-ready land and looking for just the right developer to help give Northwest Indiana a boost on its way to becoming the next suburban hot spot near Chicago. How much would you bid? Just kidding, it's a sealed bid auction.

Here's Latitude's Aaron McDermott showing us the available Silverstone site in Hobart, which he tells us could be the next sports arena (we could use a professional bowling team) or major retail center in the city 45 minutes southeast of the Loop. Indiana has been gaining ground as Cook County and Illinois taxes make doing business in Chicago more expensive. The auction for the Hobart land ends on Aug. 30 and Aaron hopes the next developer will want to take advantage of the county TIF already in place for the site, as well as the available municipal TIF.

We took the Bisnow chopper up to get this pic (and were surprised by all the retail logos down below). Minimum bid on the project is $3M, but it already has $6M in improvements from the county TIF, including roadways and sewer systems. Its former developers moved on to other projects and saw the potential for a more experienced, larger developer to create a mixed-use project, which could include seniors living, restaurants, retail, or entertainment uses, according to its zoning. Aaron hopes the development can bring Indiana to the forefront as a good place to do business. Interested parties can take a look at or bid on the planned unit development here.